Figure Out How Much Your Home Would Earn on Airbnb With This New Tool
Airbnb loves to frame their offering as a kind of global community, connecting travelers and hosts for life-changing experiences. But we know the real reason you'd
open your apartment or spare bedroom to strangers
: to get paid! But before you bust out the Ikea bed and camera, you've got to do some math. What's the right price for your place?
Airbnb has a built-in estimator , but it's pretty vague. (Obviously, the site doesn't want to make any promises-and obviously, you should only be an Airbnb host if it's kosher by your lease and local laws !) Enter a neighborhood or town, whether it's a private room, shared room, or entire apartment, and the number of guests. Then Airbnb gives you a weekly average, along with a disclaimer: "How much you actually make may vary with your pricing, type and location of listing, season, demand, and other factors." (It likely also depends on how good your pictures are .)
Luckily, the data scientists at Eliot & Me have debuted a calculator that takes into account more specific details (such as the number of bedrooms and bathrooms) that the Airbnb tool skips over, and offers a lot more information as well. According to The Next Web , the Eliot & Me Estimator uses artificial intelligence to not only suggest a reasonable price for your rental, but to show how that price will likely vary over time, and to highlight specific weeks and weekends of high demand.
It's reasonable to speculate that Airbnb lowballs its predictions -it serves guests as well as hosts, after all-but with a quick comparison, that fails to pan out, at least for the predictions before you sign up to host. For a two-bedroom apartment in Crown Heights, Brooklyn, Eliot & Me suggested a higher weekly rate for a full-apartment rental ($1120 vs Airbnb's $864), but a lower rate when calculated for a private room ($380 instead of $458).
You can triangulate against other Airbnb calculators , but the Eliot & Me Estimator provides the most robust results we've seen. (If you decide to start hosting, subscription services like Everbooked and Beyond Pricing can help optimize your rates.) While becoming an Airbnb host can be a great way to supplement your rent (and, okay, help strangers have an awesome time visiting your city), it's also an investment of time and money, so make sure you know what you're getting yourself into. And, really, make sure it's legal where you live.