Airbnb is the largest vacation rental site out there, with millions of listings available worldwide, many of which are owned by regular people rather than big property managers. In fact, Airbnb launched in 2007 when its now-CEO Brian Chesky inflated three air mattresses to make what was the first-ever Airbnb listing (and you can actually still book a room in Chesky's own house, though it's rarely actually available to book).

This popular peer-to-peer vacation rental platform certainly transformed the travel industry — and it can be a cost-effective way to travel.

Before you book an Airbnb, here's what you need to know.

What is Airbnb?

Airbnb is an online platform that allows you to book places to stay. While most famous for providing vacation homes, you can also book private rooms, shared rooms and even hotel rooms using Airbnb.

The properties available on Airbnb are mixed; some are owned by private individuals, while others are led by property management companies.

The Airbnb booking platform has many different filters so you can choose a property that suits your needs. This can include pet-friendly places, stays of longer than a month and the inclusion of a pool, among other options. You can also choose to filter your stay by nightly or monthly rates.