How Much Could You Make on Airbnb? This Calculator Will Tell You.Who can say no to a little extra money every once in a while?
ByRose Leadem•
Opinions expressed by Entrepreneur contributors are their own.
Considering renting your home out on Airbnb? You're not alone. This platform and others like it have grown rapidly over the last decade. In fact, Airbnb nowhas more listing across the globethan the top five hospitality brands combined.
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Of course, letting strangers into your home can be nerve wracking. Home rentals aren't legal in everymunicipalityand while rare,nightmare guestsdo exist. But a new tool can help you better weigh your options and see if the potential hassle might be worth the extra cash. While Airbnb has long offered a built-inestimator, that tool doesn't take into account factors such as season or demand.
Related:What You'll Really Earn on Uber, Airbnb and TaskRabbit Every Month
The startupEliot & Merecently launched an AI-powered calculator that will give you a more accurate renting price for your Airbnb and a better sense for what you could make.
After inputting your address, Eliot & Me will automatically pull other details about your home, like the number of bedrooms and bathrooms and the maximum number of guests it could accommodate. Using data from historical trends, local competition, the busiest and highly-demanded dates and more, Eliot & Me will present the average daily, weekly and monthly renting prices over the past year and offer rate suggestions.
The tool isn't just a fit for potential hosts. Business travelers looking to plan a trip can check if a unit is overpriced. It could also help them save money or hassle by traveling around busy seasons that might not always be obvious, especially when travelling to smaller cities across the country.
