Real Estate Broker · Kill Devil Hills, NC · Member since 2016 · 8 posts · 1 vote
Are there any tools that help you do a rental projection for a possible AirBnB out there? I live on the Outer Banks North Carolina where vacation rentals and companies that manage them are huge. The rental companies can give you rental projections (about how much you can make renting per year) based on how many bedrooms, your location, how close you are to the ocean and amenities. I am wondering if AirBnB has a tool for that too (being local, I would self manage of course) and use them for booking. I know a lot of the locals have turned to AirBnB because you get more rentals and the management fees can be upwards of 40% with the hands off companies.
Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
6y
You can give AirDNA a shot, but the best tool to use is Airbnb itself. Just put in the search parameters for what you'd be looking to rent out and see what others in your area are charging, then check their calendars for availability.
Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
6y
You can give AirDNA a shot, but the best tool to use is Airbnb itself. Just put in the search parameters for what you'd be looking to rent out and see what others in your area are charging, then check their calendars for availability.
Real Estate Agent · Sevierville, TN · Member since 2015 · 1k+ posts · 1k+ votes
6y
@Jason Riddick AirBNB gives garbage predictions in my opinion, right now it's telling me my Smoky Mountains listing that accommodates 4 people will make me $1710/mo and LOL it's AT LEAST twice that, I know from personal experience with multiple properties.
VRBO, Evolve, Vacasa and others will provide projections as well, but I think AirDNA and Mashvisor are going to give you more accurate data. They're not perfect tools (and there's no way to know for sure what your property will do, it's as dependent on management as anything else) but are better than those super basic freebie tools.
Investor · Kill Devil Hills, NC · Member since 2015 · 27 posts · 13 votes
6y
Hey Jason! I own and operate several AIRBNBs and know lots of people who do as well. What sort of listing are you looking at? If you give me some specs on the property and location I can help you get more specific.
But just an FYI, there are MANY people jumping into this space and the prices are getting more competitive.
Hatfield, PA · Member since 2012 · 1k+ posts · 629 votes
6y
Your first year you can learn a lot less for several reasons. And even in a town or city there can be big differences between locations that these utilities cannot detect.
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
6y
Hey @Jason Riddick, for my area, I found AirDNA to be unreliable. For the area you are looking at, it might be more accurate.
It relies on the number of rentals to project a nightly rate and expected occupancy. The more in the area, the more accurate the guess will be. And it is a guess.
I would take a look at the place you are looking at buying, then make a list of all the places that have similar attributes. It doesn't have to be exact, just similar. Most people will adjust their wants based on other things both tangible and intangible.
That will give you the most reliable indication of possible performance. Do this on both AirBNB and VRBO/HomeAway.
Rental Property Investor · Arlington, TX · Member since 2016 · 706 posts · 611 votes
6y
Airdna.co & Mashvisor.
I personally just get on Homeaway & Airbnb. Type in your listing comps and see what those listings are renting for on a nightly basis. This way is a bit more tedious but it has always worked for me.
The reason I do this is because I opened up about 6 condos in a particular area and Airdna's numbers ended up being completely bogus.
Investor · Kill Devil Hills, NC · Member since 2017 · 33 posts · 10 votes
6y
@Jason Riddick, Hey Jason, I just wanted to add that when some people are suggesting using AirBnb to help you determine competitive pricing to maximize your rental income, I don't believe that they are suggesting using the AirBnb automated pricing tool. The best way to price your listing effectively is to look up other comparable Airbnb/VRBO listings in our OBX market (size, bedrooms/sleeping capacity, bathrooms, town/neighborhood, proximity to beach/sound, pool/spa, amenities, elevator, etc) and price your property with competitive/similar pricing. Good luck this season!