Determine How Much Your Home Will Earn on Airbnb With This New Tool
Airbnb loves to shape its offering as a kind of global community that brings travelers and hosts together for a life-changing experience. But we know the real reason why you open your apartment or extra bedroom to strangers : to get money! However, before you open the guest bedding and start taking photos ready to print, you need to do a little bit of math. What’s the right price for your place?
Airbnb has a built-in evaluator , but it’s pretty vague. (Obviously the site doesn’t want to make any promises – and it’s also obvious that you should only be an Airbnb host if it’s kosher under your lease and local laws !) Enter the area or city, whether it’s a private room or a shared room. , or the whole apartment, and the number of guests. Airbnb then gives you a weekly average along with the caveat: “Your actual income may vary based on your prices, ad type and location, season, demand, and other factors.” (It probably also depends on how good your photos are .)
Fortunately, the data scientists at Eliot & Me have introduced a calculator that takes into account the more specific details (such as the number of bedrooms and bathrooms) that Airbnb’s tool misses, and also offers a lot more information. According to The Next Web , the Eliot & Me appraiser uses artificial intelligence to not only offer a reasonable rental price, but also show how that price is likely to change over time, and set aside certain high-demand weeks and weekends.
It’s reasonable to assume that Airbnb is downplaying its predictions – after all, it caters not only to hosts, but also to guests – but a quick comparison doesn’t pay off, at least not for predictions before you sign up for the hosting. For a two-bedroom apartment in Crown Heights, Brooklyn, Eliot & Me offered a higher weekly rate for renting a full apartment ($ 1,120 versus $ 864 on Airbnb), but a lower rate for a private room ($ 380 versus $ 458) …
You can triangulate against other Airbnb calculators , but Eliot & Me’s estimator gives you the most reliable results we’ve ever seen. (If you decide to start hosting, subscription services like Everbooked and Beyond Pricing can help optimize your rates.) By becoming an Airbnb host, you can top up your rent (and, well, help strangers have a great time visiting your city. ), it’s also an investment of time and money, so make sure you know what you’re getting into. And indeed,make sureit is legal where you live.