Determining Airbnb Feasibility

[Dave Poeppelmeier]

I have heard great things about Airbnb and short term rentals. I live in a suburb of Toledo, OH and have come across a property that has a great 3/2 house that would be a long term rental, but on the property it has a separate building with a 1 bed/bath apartment above a finished garage with a full kitchen that would be a fantastic Airbnb. However, when doing some looking there aren't too many Airbnb in my area. I would think there would be demand since it is close to highways, population centers, The University of Toledo, and hospitals and it's in a nice quiet neighborhood. How have people determined location and pricing if there isn't a lot to compare to?

[Michael Elefante]

@Dave Poeppelmeier Check out Airdna - you can use their rentalizer for at least one property for free. It pulls data form that area, occupancy rates, avg nightly rate etc. I would also search on Airbnb and VRBO for the surrounding area - look how much each of those properties charge throughout the year and see how much they are booked out and see what length of stays most of their guests are booking for. This should be a good starting point. Outside of that, you could look at the local hotels and call and ask what their vacancy is, and get a rough idea of the travel in the area...