The hotel industry is getting some serious competition from Airbnb.

Founded in 2008, the company provides an updated version of couch surfing, connecting travelers with people who want to rent out spaces in their home. To date, more than 11 million people have used the service.

However, it's sparking debate in the hotel world because users are bypassing certain hotel taxes. There have also been eyebrow-raising instances of prostitutes, meth addicts and party animals employing the service for a quick-fix stay that leaves tenants furious.

Here are a few things you should know if you're considering using the site to book a spot for your next trip.

Things to Know Before Renting From Airbnb

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