Best/Most reliable STR data source?

Question

I’ve been using the free AirDNA data/reports and find it to be unreliable. Especially since the projections for 2024 are based on historicals from 2023 and 2022, where the STR market saw declines. If 2024 is set to continue a similar trend of decreased STR rentals and revenues, what is the best data source to use? I even find that “actual rent rolls” from sellers do not paint an accurate picture of future expected revenue. Does anyone find AirDNA to be a trustworthy source of accurate date they can rely on for forward-looking deal analyses, or how about Airbtics? I also came across a service called BNBCalc that looks promising (they pull their data from Airbtics it appears), but first wanted to ask you all.

Thanks!

Brian

Brian Estes · Answer

Thank you, David. Very helpful and I'll take a look at Price Labs. I just wish there was a way to pay for market data a la carte vs. needing to commit to the annual subscription. Please let me know if you know of a way. Thank you!

John Mausteller · Answer

Echoing what others have said.   I use AirDNA - (subscribed) as a starting point - but looking at listings on Airbnb and VRBO lets you get an idea of what others are charging in the area.   AirDNA is using historical data - and yes revenue has gone down but any source that is projecting 2024 at lower revenue is just an educated guess (even if they may be spot on)

Multiple sources - and a little trial and error :)

Glen Wiley · Answer

AirDNA is very useful as one of your sources but their can't be used exclusively because there are gaps in their data.

We consolidate data from multiple sources when setting our STR nightly rates and when evaluating deals to buy an STR property:

1. AirDNA - we always buy the neighborhood data and comb through every single page of aggregated data.

2. We spend a lot of time looking up properties in VRBO and AirBNB to see what other hosts are actually offering.

3. Check facebook to see if there is a local STR operator group - those often have active conversations about the area.

4. Talk to realtors and local property managers, many are generous with the data that they have, you would be surprised at what they can give you.

Brian Estes · Answer

Thank you, John. Much appreciated.

Brian Estes · Answer

Thank you, @Glen, very helpful! With respect to #1, do you need to be subscribed to the Basic Plan before you're able to purchase market data a la carte? If not, do you know the link to get to that section of Air DNA? I'm having difficulty locating it directly.

Thanks for #s 2, 3, and 4 as well. Much appreciated.

David Sandvig · Answer

I like using AirDNA as a starting point.  Then if the numbers look good there, then I'll decide if it's worth it to pull actual comps from Price Labs.  I also like to just look at AirBNB and see if actual listings seem to be booked and roughly match what AirDNA says.

Best/Most reliable STR data source?

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