Some management companies are utilizing the NAA lease with has an addendum restricting the option of a resident subletting for short periods of time, including Airbnb. However, for student housing properties, especially when close to the campus and have huge football programs, we used Game Day Rentals and rented out Model Apartments for those weekends. This brought in the potential of $5-6,000 income per game. We did not allow the students to do so because we needed control of who was admitted to the property.
For another community where there was less turnover, I kept one unit available to short term leasing only and usually it was full 12 months of the year, and we made extra income off the short term fees. Residents could also reserve it for their families if it was available for certain times of the year (holidays).
Advertising costs were covered by the rent.