Homestay is a popular form of hospitality and lodging whereby visitors sleep at the residence of a local of the city to which they are traveling. The length of stay can vary from one night to over a year and can be provided for free, in exchange for monetary compensation, in exchange for a stay at the guest's property either simultaneously or at another time (home exchange), or in exchange for housekeeping or work on the host's property. Homestays are examples of collaborative consumption and sharing. In cases where money is not exchanged in return for lodging, they are examples of a barter economy or gift economy.
Farm stays are a type of a homestay, in which the visitor stays on a working farm.
The terms of the homestay are generally worked out by the host and guest in advance and can include items such as the type of lodging, length of stay, housekeeping or work required to be performed, curfews, use of utilities and household facilities, food to be provided, and rules related to smoking, drinking, and drugs.