Last updated on August 16th, 2023
Airbnb Pricing Strategy during Nashville Events: Troubled with Airbnb pricing strategy when demand is high in Nashville? Then granular Airbnb data analytics will guide you!
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Troubled with Airbnb pricing strategy when demand is high in Nashville? Then granular Airbnb data analytics will guide you!
- Last updated on
- August 16, 2023
As an Airbnb host in Nashville, you want to maximize your revenue during peak season while also staying competitive. After all, Nashville is known for its music festivals and other events that draw crowds from all over the world. One way to achieve this is by analyzing Airbnb historical prices.
In this blog, we’ll discuss the benefits of using Airbnb historical data and how it can help you make smarter pricing decisions during exciting Nashville events.
How much does the average Airbnb make in Nashville?
According to Airbtics, the average annual revenue of a 1-bedroom with 78% occupancy is $46,424. Hosts in Nashville can charge an average nightly rate of $159 for this property size. The booking lead time for all 7,692 active Airbnb listings in Nashville is 75 days. So you can be assured that your Airbnb unit is booked at least 2 months in advance!
If you’re planning to be an Airbnb host in the city with very minimal investment, you should consider rental arbitrage in Nashville. This way you can see if Airbnb is the way for you to earn passive income without spending hundreds of thousands of dollars!
Airbnb Pricing Strategy During High Demand in Nashville
During peak season, it’s important to stay competitive with other Airbnb hosts in Nashville. Historical data can help you analyze how your prices compare to those of your competitors, allowing you to adjust your pricing strategy to stay competitive and attract more bookings. In this section, we will see how much Airbnb hosts earned during the peak season in Nashville in 2022. This will give hosts an idea of how much they can cash in this year.
With its newest cutting-edge feature, Airbtics offers a tool that allows you to dive deeper into daily, weekly, and monthly data – enabling you for an accessible and comprehensive granular analysis.
Aided by the ever-reliable Custom Market feature, we can check the average nightly rate and other important data from various Nashville Airbnb markets that cater to tourists during happy affairs in the city.
1. CMA Fest
- Attendees: 80,000
- Airbnb Market: Downtown Area
- When: June 9 – 12
- Booking Lead Time: 122 days
- Occupancy Rate: 60%
- Average Nightly Rate: $551
2. Tomato Art Fest
- Attendees: 20,000
- Airbnb Market: East Nashville
- When: August 13
- Booking Lead Time: 81 days
- Occupancy Rate: 33.7%
- Average Nightly Rate: $258
3. Americanafest
- Attendees: 23,000
- Airbnb Market: Downtown Area
- When: September 13 – 17
- Booking Lead Time: 93 days
- Occupancy Rate: 51%
- Average Nightly Rate: $522
4. Nashville Film Festival
- Attendees: 43,000
- Airbnb Market: South Nashville
- When: September 29 – October 5
- Booking Lead Time: 83 days
- Occupancy Rate: 38%
- Average Nightly Rate: $219
5. Nashville Big Bash
- Attendees: 200,000
- Airbnb Market: Germantown
- When: December 31
- Booking Lead Time: 44 days
- Occupancy Rate: 23.3%
- Average Nightly Rate: $416
Conclusion
We get it, it’s tempting to significantly raise your nightly rate during peak periods in Nashville. Sadly, there’s a trade-off. Overpricing your listing could result in missed booking opportunities, while underpricing could mean lost profits during high-demand periods. It’s crucial to strike a balance that is fair to both you and your guests.
By conducting research and analyzing market demand in detail using granular data, you can price your Airbnb listing competitively to attract guests while also ensuring a reasonable profit margin. You can also explore other top Airbnb cities in the US to compare their profitability. This way, you won’t miss out on better opportunities.
Check if you’re pricing your STR unit right from this accurate and accessible Airbnb Income Calculator!
Bird’s-Eye View then Dive into the Granular Data of Nashville Airbnb Market!
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