Ever wondered why Airbnb doesn’t help you set better prices for holidays, or show you how your property is performing compared to your neighbors? Wouldn’t it be nice to know what the typical cleaning fee is for your type of place, or what the average occupancy rates are in your area? I’ve decided to fill the knowledge gap, grab the data, and answer all of the questions I’ve encountered running an Airbnb business over the past two years.
By collecting data from Airbnb and doing extensive analysis, I’ve been able to answer questions such as:
- Can I make more money by increasing my weekend rates?
- What exactly are my neighborhood’s high, mid, and low seasons?
- Does charging a deposit lower my chances of getting bookings?
- What is the average cleaning fee for a two bedroom apartment?
- How many more inquiries will I receive with a 5 star rating vs. a 4 star rating?
- What is the average occupancy rate in the summer for my city?
- What is the standard discount for weekly and monthly bookings?
With this data I’ve been able to craft my listing, pricing, and fees to maximize my occupancy and daily price. Resulting in an efficient, optimized, and hugely profitable Airbnb business.
Live Data as of June 6th, 2014
As well as better understanding the big picture, I’ve gained countless insights into the pitfalls many hosts are falling into. Did you know that 66% of hosts in Los Angeles never change their daily pricing for holidays? Can you imagine how much revenue airlines would miss out on if they didn’t increase their prices around Christmas? Can you believe that 21% of hosts don’t charge any type of cleaning fee?
With the growth in the sharing economy comes an army of new micro-preneurs ready to realize huge benefits from big data.
What questions have you had about your property? Leave a question here and I may just have the answer.