Category: All About Airbnb

Airbnb Rules in Honolulu, Hawaii

Post author By Robyn Peña
Post date October 7, 2022

Hawaii’s beautiful scenery and sweet climate have made it to the record of being one of the most visited states in America. With over 9.4 million visitors, property investors have been eyeing great property deals and the Airbnb business has been a great source of income. In order for future hosts to successfully start an Airbnb business in Hawaii, it’s important to learn about its legality, step-by-step process, and most of all – profitability!

In this article, we featured Airbnb regulations in Hawaii, along with the new Airbnb laws in O’ahu. Continue reading and learn more about the Airbnb laws in Hawaii.

Is Airbnb legal in Honolulu, Hawaii?

To cut the story short, yes – Airbnb is legal in Hawaii! While short-term regulations have been regulated since 1989 in the City & County of Honolulu in Hawaii, there have been recent restrictions and upcoming regulations. Here’s what you need to know before you invest in an Airbnb in Honolulu:

1. Based on Bill 41 (21) CD2, or Ordinance 22-7, the registration for new short-term rentals has been temporarily suspended until further notice.

2. Only the hosts with a registration number are able to publish listings on the platform.

How much can I make by running an Airbnb in Honolulu?

Currently, there are 3,664 Airbnb listings in Honolulu, with 90% of entire houses earning up to $4,886 a month. The Average Occupancy Rate in Honolulu is 89% and the average daily rate is $151. According to vacation rental market analytics source Airbtics, a 2-bedroom apartment in Honolulu can make up to $47,987 annually. Check out our Airbnb Profit Calculator!

New Short-term Rental Laws in Honolulu

Ordinance 22-7 (Bill 41) limits rental bookings lasting fewer than 90 days to designated areas and will take effect on October 23, 2022.
Vacation rentals in designated resort areas, including Ko Olina, Turtle Bay, and parts of Waikiki are NOT included in Ordinance 22-7.
Non-conforming use certificates (NUCs) must comply with the new annual renewal after their existing renewal period expires.
All STRs must provide registration or NUC number & tax map key on advertisements.
Any advertisement of a rental or dwelling unit that is not a registered STR may not include daily or less than three-month rental rates and must include the statement: “this property may not be rented for less than 90 consecutive days. Rental prices will not be reduced or adjusted based on the number of days the rental is actually used or occupied.”

New Rules for Vacation Rentals in Oahu, Hawaii

Since the announcement of the City & Council of Honolulu regarding Ordinance 22-7, many vacation rental owners and hosts have filed lawsuits against the said law.

According to Bill 89, also known as Ordinance 19-18, there will be a limit on Bed and Breakfasts (B&Bs) on the island. Specifically, no more than 0.5% of the total number of dwelling units in each regional area on O‘ahu can be used as B&Bs.
The new laws also dictate that new B&B owners can rent two bedrooms to guests. The business owners are also expected to reside at home with guests by law.

Hosts & Property investors in Hawaii

Since the announcement of the City & Council of Honolulu regarding Ordinance 22-7, many vacation rental owners don’t see the point of calling it a “short-term rental” business because of the minimum 90-days law. According to one of the local real estate agents in the area, they had to return lease arbitrages in Waikiki to the lessor because there are way too many hotels and STRs are being overlooked.

“ Honolulu has been very aggressive in their efforts to limit the available inventory of short-term rentals. In my opinion, even without this new law, it is not a great market because the numbers don't pencil out. There are way too many hotels on the island.”

- Mark Waite

Real Estate Broker in Wailea, Hawaii

Conclusion

To summarize, knowing the Airbnb rules & its potential profit in Honolulu is still important before investing in an Airbnb within the area. While gauging the personal experiences of various local hosts should also be considered in your decision-making process, accurate data should still be the foundation of your investment.

In my personal opinion, the biggest advantage of running a short-term rental is high return! I’ve talked to hundreds of Airbnb hosts over the past years and frequently met hosts making 15 – 30% gross rental yields, and 10-20% net. It’s also fun to do!

Tags Airbnb Rules & Regulations, lat_21.304547, lng_-157.855676

Airbnb Rules All About Airbnb

Airbnb Rules in New Orleans

Post author By Robyn Peña
Post date October 7, 2022

With the new Airbnb rules in New Orleans, Louisiana, this article explains the regulations & profitability of short-term rentals in the area.

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With the new Airbnb rules in New Orleans, Louisiana, this article explains the regulations & profitability of short-term rentals in the area.

August 7, 2023

Louisiana’s beautiful city of New Orleans is not only known for its famous creole & unique dialects, but also for profitability on Airbnb! In this article, we featured Airbnb regulations in New Orleans, along with its profitability based on Airbnb’s key metrics. Continue reading and learn more about the Airbnb laws in New Orleans.

Is Airbnb legal in New Orleans?

To cut the story short, yes – Airbnb is legal in New Orleans! As of August 2022, there are 42,294 nights available in New Orleans from Airbnb alone. Sextant Stays manages 244 listings, while Sonder and Sam operate 66 and 64 respectively.

Airbnb Profitability in New Orleans

Currently, there are 4,057 Airbnb listings in New Orleans, with 83% of entire houses earning up to $3,769 a month. The Average Occupancy Rate in New Orleans is 66% and the average daily rate is $163. According to short-term rental data source Airbtics, a 2-bedroom apartment in New Orleans can make up to $77,033 annually. Check out our Short-term Rental Estimator to know how much profit you can make with Airbnb!

Short-term Rental Laws in New Orleans

According to the New Orleans government website, it is necessary to use new application forms and obtain both an Operator permit and Owner permit(s) for the unit(s) you will be renting out if your STR permit was issued before December 1, 2019, and has expired.
Short-term rentals in New Orleans are allowed to operate depending on zoning areas. STR is prohibited in the Garden District, Riverfront Overlay, Bywater, and Marigny sub-districts.
Hosts are required to obtain an owner and operator short-term rental license and display their license numbers on their listing page if they want to offer short-term stays (less than 30 consecutive nights at a time).
If your listing is in a residential zone, you’re the property owner, and you have a valid homestead exemption, you may be eligible for an RSTR license. There are 3 different types of RSTR permits: RSTR-Partial, RSTR-Small, RSTR-Large. The type you’re eligible for depends on how many units and how many rooms you want to rent out.

License types in New Orleans

Based on Airbnb in New Orleans, here are the types of short-term rental (STR) owner licenses divided into two categories: Residential STR (RSTR) and Commercial STR (CSTR).

1. Residential Partial Unit (RSTR- Partial)

RSTR-Partial licenses allow property owners to rent up to 5 guest bedrooms to up 10 guests in 1 dwelling unit such as a townhouse, single-family home, apartment, or condo.
Hosts must have a valid homestead exemption in their name and live on the property. Only property owners can get this license. Renters can’t get this license. The fee for this license type is $250. A host is limited to 1 RSTR-Partial license.

2. Residential Small (RSTR – Small)

RSTR-Small licenses allow property owners to rent up to 5 guest bedrooms to up 10 guests in 1 dwelling with no more than 4 dwelling units (i.e. an apartment building with no more than 4 apartments or a single-family home with a separate mother-in law unit).
Hosts must have a valid homestead exemption in their name and live on the property. Only property owners can get this license. Renters can’t get this license. The fee for this license type is $500. A host is limited to 1 RSTR-Small license but can have 1 RSTR-Partial license in the same building.

3. Residential Large (RSTR-Large)

RSTR-Large licenses allow property owners to rent up to 6 guest bedrooms to up 12 guests in 3 dwelling units in a dwelling with more than 4 dwelling units.
Hosts must have a valid homestead exemption in their name and live on the property. Only property owners can get this license. Renters can’t get this license. The fee for this license type is $500. A host can get up to 3 RSTR-Large licenses.

4. Commercial (CSTR)

Property owners or renters in non-residential zones can apply for a CSTR license.
CSTR licenses allow hosts to rent up to 5 guest bedrooms to up to 10 guests in any building where fewer than 25% of the total dwelling units are currently licensed for STRs. The fee for this license type is $1000. There is no limit to how many CSTR licenses a host can get.

Conclusion

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Airbnb Rules All About Airbnb

Airbnb Rules in Virginia Beach

Post author By Robyn Peña
Post date October 7, 2022

Before you invest in a property in Virginia Beach, it’s essential to know its legality, step-by-step process, and profitability for a successful investment. In this article, we featured Airbnb regulations in Virginia Beach, along with the new tax collection and remittance law in Virginia. Continue reading and learn more about the Airbnb rules in Virginia Beach.

Is Airbnb legal in Virginia Beach?

To cut the story short, Airbnb is legal in Virginia Beach! However, operating a short-term rental in Virginia Beach depends on your property’s category. Based on a recent ordinance implemented by the City Council of Virginia Beach, property owners should meet the following criteria to operate Airbnb:

The property should be located in the Sandbridge Special Service District
Properties in Sandbridge may operate as STRs “by-right” as long as they meet the regulations and obtain an annual zoning permit.
The property should be located in the OR (Oceanfront Resort) Short-term Rental Overlay District
Oceanfront Resort properties need to obtain a conditional use permit before operating as an STR. Once approved for a CUP, these properties must also obtain a separate annual zoning permit.
Be grandfathered in the following:
– Grandfathered properties must have been registered with the Commissioner of Revenue and pay transient occupancy taxes before July 1, 2018.
– Grandfathering runs with the land and is valid until the property ceases to be run as an STR.
Have an approved short-term rental conditional use permit (CUP) that was obtained before September 7, 2021
All conditional use permits expire five years from the date of adoption. CUP renewal is overseen by the Planning Department and will require the property to be compliant with all regulations and codes. If a property has a CUP, it may be subject to other regulations and restrictions in addition to the ones listed below.

To supplement this data, here are accurate findings from Airbtics. As of August 2022, there are 18,049 nights available in Virginia Beach from Airbnb alone. Ypb manages 28 listings, while Ms. Koch and Sheppard operate 26 and 25 respectively.

How much can I make by running an Airbnb in Virginia Beach?

Currently, there are 1,072 Airbnb listings in Virginia Beach, with 53% of entire houses earning up to $3,918 a month. The Average Occupancy Rate in Virginia Beach is 56% and the average daily rate is $202.

According to short-term rental market analytics source Airbtics, a 2-bedroom apartment in Virginia Beach can make up to $82,048 each year. Check out our Short-term Rental Estimator to know how much profit you can make with Airbnb!

Short-term Rental Policy in Virginia Beach

It is required to get an annual short-term rental zoning permit to operate in Virginia Beach.
A structural safety inspection report is required to be submitted for properties with exterior stairways, decks, porches, or balconies.
For rental property owners or hosts who want to host a gathering of between 50-100 people, you’ll need to get a special event permit. Each property is only allotted up to three of these permits per calendar year.
It is required to have liability insurance for $1,000,000 on your property. Proof of insurance must be provided and kept with the Zoning Office.

New Tax Rules for Rental Property in Virginia

Airbnb recently extended its support to Virginia’s new tax collection and remittance law which began on October 1, 2022. Moving forward, the local government of Virginia will continue to recognize short-term rental businesses to entice more tourist arrivals in the long run.

“Those of us who have been playing by the rules and supporting our local municipalities benefit with less paperwork each month. Those who have been skirting by and not paying their taxes will now have to pay their fair share whether they like it or not, providing more tax revenue for marketing efforts to further drive tourism.

Here in the Shenandoah Valley, most jurisdictions are very STR-friendly as tourism is a key driver of our economy, and this agreement with the Commonwealth of Virginia has now solidified that even further.”

– Chase Hoover
Real Estate Owner in Virginia

Conclusion

With the recently implemented tax rules in Virginia, the primary benefit for short-term rental owners is that their businesses are recognized as an asset in the local community. Aside from the fact that Airbnb is profitable in most areas of Virginia, there’s no denying that it will be a great place for an Airbnb investment.

In my personal opinion, the biggest advantage of running a short-term rental is the high return! I’ve talked to hundreds of Airbnb hosts over the past years and frequently met hosts making 15 – 30% gross rental yields, and 10-20% net. It’s also fun to do!

Tags Airbnb Rules & Regulations, lat_36.8529841, lng_-75.9774183

All About Airbnb Hosting Tips

Airbnb Hosting Tips: How to Prevent Gaps in Airbnb Calendar

Post author By Robyn Peña
Post date September 27, 2022

Managing listings and setting up your property’s availability using an Airbnb calendar could be an easy task once you get used to it. However, one of the challenges that are often overlooked by hosts is getting gaps in your Airbnb calendar. During the first few months of starting an Airbnb business, it’s certainly exciting to see your calendar full of reservations.

But what happens to the actual date with a gap in the midweek? For instance, if your property is booked by a guest from Sunday – Tuesday, and another guest booked from Thursday to Saturday, then Wednesday is caught in the middle with no chance of getting booked.

It’s truly important to maximize your Airbnb revenue and there are ways to prevent these kinds of gaps in an Airbnb calendar. Continue reading to learn more!

Airbnb Calendar

In order to get the bookings that you want to be filled in your Airbnb calendar, it’s a must to keep your calendar settings updated from time to time. Syncing your Airbnb calendar is also important to avoid cancellations, double bookings, and penalties. As long as the calendar that you’re manually syncing supports the iCalendar (iCalendar) format, it will automatically sync.

Prevent Gaps: Tips on Setting up Airbnb Calendar

To set a schedule that matches your availability for guests, here are some of the effective strategies to set up your booking settings:

1. Change Pricing Based on Demand

If there are upcoming festivals or major events within your Airbnb property’s area, it might be an ideal option to update your pricing. Using an Airbnb calculator, you can easily look at your property’s demand and peak season. This data-driven insight will help Airbnb hosts like you to price smartly using a dynamic pricing tool.

Source: Airbtics Dashboard

2. Set a Minimum and Maximum Length of Stay

Avoiding short stays is a preventative pricing strategy for having gaps in your Airbnb calendar. During peak season, it’s advisable to set a week or longer length of stay to maximize your property’s profitability.

3. Discounts on Open Calendar

As an Airbnb host, it could be stressful to have an open calendar and feel the pressure of not getting any bookings in between dates. This is why providing a 50% discount is a practical strategy. For instance, if you have the entire first and second week booked in your Airbnb calendar, you can provide a 50% discount a day before the open date. Through this proactive pricing strategy, more people will be able to see your listing and be enticed to book.

Conclusion

Now that you have a brief summary of preventing gaps in the Airbnb calendar, don’t miss out on greater opportunities and set your Airbnb price fairly using Airbtics. It’s important to have the assurance that your hard-earned money will be profitable by utilizing accurate Airbnb analytics data. Step forward to long-term profitability and stand out among your competitors with Airbtics!

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All About Airbnb Hosting Tips

Airbnb Hosting Guide: How to Become an Airbnb Host

Post author By Robyn Peña
Post date September 27, 2022

Since Airbnb’s launch in 2008, more and more Airbnb hosts from all over the world continued to sign up because of its profitability. To date, Airbnb has an overall total of over 4 million hosts. Whether they are doing Airbnb for their main source of living or passive income, it’s certainly worth it to discover how to become one and start earning profit yourself!

If you simply want to try doing Airbnb with a minimal budget, you can definitely do so by putting up a spare room at home or subletting a property via rental arbitrage. In this article, we’ll provide a step-by-step guide on how to become a successful Airbnb host. Continue reading to learn more.

Tips for New Airbnb Hosts

Before anything else, let’s start by understanding what to expect when becoming an Airbnb host. If this is something that you’d like to pursue in the next few years, then it’s important to make sure that you’re doing it right.

Here are a few tips to consider before starting your Airbnb journey:

1. Where to start an Airbnb?

When deciding to start an Airbnb business, you have to think of the property’s potential revenue and target market. If you prefer to do Airbnb near a tourist attraction or a business center, then you have to figure out your guests’ preferences.

For instance, it is more likely that if your preferred location for starting an Airbnb is nearby the tourist attractions, then an entire home or a 2-bedroom apartment is an ideal preference for your guests. In order to make sure that this is what most Airbnb guests prefer to book during their visit, you can either conduct market research manually or use an Airbnb market research tool like Airbtics.

EXPLORE AIRBNB PROFITABILITY IN AUSTRALIA!

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2. How are your Airbnb competitors performing?

As an Airbnb host, it’s crucial to offer another property that has no unique selling point or any exciting feature that encourages guests to book. For this reason, it’s a must to check how your competitors are performing (monthly revenue, occupancy rates, etc.) and what kind of Airbnb amenities they offer.

3. Who are your potential Airbnb guests?

Although Airbnb hosts have the option to enable Instant Booking or review their guests’ profiles before approving their booking, it’s important for Airbnb hosts to know whether their potential market is domestic or international travelers. This will give you an insight into how you can best serve them and market your Airbnb property accordingly.

Creating an Airbnb Listing

Once you have decided to finally create your listing on Airbnb, here comes the exciting part! It definitely takes effort and time to create a successful Airbnb listing, but you can tell that it’s worth it when you start earning profit.

Before you begin, don’t forget to verify your Airbnb profile and complete all the necessary details for hosts. Moving forward, here are the necessary steps that you should take:

Take photos that highlight your Airbnb property & amenities
When taking Airbnb photos, it’s important to take note that you can always use a smartphone as long as it takes clear photos of your property. Airbnb’s requirements for photos should meet the minimum resolution size of 480 x 720 px at 72dpi. In addition to this, each photo should be at least 1024px x 683px with no heavy filters or logos.
Write a catchy title & detailed description of your property
By writing a detailed caption for each photo on your listing, your guests won’t need to imagine what your property actually offers.
Price your Airbnb property
Setting an Airbnb pricing strategy will help new Airbnb hosts like you to price fairly. After all, you won’t want to overcharge and not receive bookings for being too expensive or earn a cent for pricing too cheaply!
Set up your check-in and check-out details and cancellation policy
In order for your Airbnb business to run smoothly, setting up your house rules including check-in and check-out time is necessary. This will also help you make sure that your property is prepared to welcome new guests.

How to Do Airbnb without Owning a Property

Can you make money from Airbnb without owning a property? The answer is simple: yes, you can! Through Airbnb rental arbitrage, you can certainly make a profit and it’s legal as long as you adhere to local rules and regulations within your area.

Rental arbitrage refers to the practice of renting one or more properties for the sole purpose of subletting them on Airbnb & other similar short-term rental platforms. While there are many hosts who prefer to purchase and find rental arbitrage properties, not everyone is financially capable of doing so. You can find landlords for Airbnb rental arbitrage and propose your idea – with charm!Using a rental arbitrage calculator, it will be easier for Airbnb hosts to have an overview of their potential revenue and check out emerging markets within their preferred area.

How to Be an Excellent Airbnb Host

Being an excellent Airbnb host is essential to keep the business running when you get more bookings and reservations in the future. Here are a few takeaways to take note of:

Stay responsive
As an Airbnb host, maintaining a high response rate is crucial to improve your rankings and will eventually help you get more Airbnb bookings. If you have more than one property to manage, using an automated messaging tool will help you become more organized, respond to guests’ inquiries, and avoid double bookings.
Provide quality service & ask guests to leave reviews
Don’t forget: guests’ feedback matters! If you can consistently provide excellent quality service, warmly welcome guests, and provide their needs – reviews will eventually speak for themselves. You can also ask your guests to leave feedback if you don’t have any reviews yet.
Never stop improving your listings
Airbnb’s trends are consistently changing and it’s important to stay updated to stand out from your competitors. By taking new photos, redecorating your rooms, and adding the best Airbnb amenities, your listing will not fade & be on the last page of Airbnb’s search results.
Become an Airbnb Superhost
If you want to have repeat guests and stay fully booked for an entire month, then achieving a superhost status is certainly the best way to do so! Some of the requirements include maintaining a cancellation rate of at least 1% or lower, achieving an average hosting rate of 4.8-5%, and having at least 10 trips in a year.

Conclusion

Now that you have a step-by-step guide to becoming an outstanding Airbnb host, don’t miss out on greater opportunities in the market. Learning more through market research and getting the most accurate data available using a precise STR analytics tool like Airbtics will certainly help your Airbnb business grow and have long-term profitability.

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All About Airbnb Hosting Tips

Airbnb Promotion: Effective Ways to Get More Airbnb Bookings

Post author By Robyn Peña
Post date September 27, 2022

Starting an Airbnb business is certainly exciting when you have an overview of your property’s potential revenue and are more than ready to welcome guests. It could be a real challenge for Airbnb hosts to promote Airbnb listings and still see no results after doing all the hard work.

While it takes time, patience, and perseverance for your property to get booked, there are certain reasons why there’s a delay – and the best ways to overcome them!

If you have successfully listed your property on Airbnb and are only getting a few bookings than expected, don’t worry. In this article, we’ll explain some reasons for getting a few bookings, along with proven-effective ways to get more bookings on Airbnb and improve your listing’s ranking.

How to Get your First Airbnb Booking?

It’s important to note that Airbnb uses a similar algorithm as Google and other search engines in order for listings to rank on its platform.

Therefore, the higher you rank, the more bookings you will get! Here are some of the factors that you have to consider improving to get your first booking on Airbnb:

1. Airbnb Title & Description

If you were to book an Airbnb property, you certainly wouldn’t book a place that only says ‘one-bedroom beachfront’ with no other detailed descriptions. As a host, it’s important to be as accurate and detailed as possible by taking the best Airbnb photos and highlighting your Airbnb amenities. This is the perfect time to market your property!

For instance, this listing’s title & description are well-written because it features the following:

The number of bedrooms
Nearby tourist attractions & views
Architectural design
Amenities offered
Property’s capacity
Extra charges per person
Furniture & other equipment

2. Set a Competitive Daily Rate Price

By pricing smartly, you’ll be able to stand out among the other available listings within your area. If you are new to Airbnb, it’s important to set your daily rate a little lower than the average price depending on your property type or use a dynamic pricing tool for a more accurate pricing strategy.

3. Activate Instant Book

Airbnb’s Instant Book is often automatically enabled for guests to have a smooth booking experience, however, it’s important to check if it’s enabled on your end. While other hosts prefer to inspect every guest’s Airbnb profile before anything else, Airbnb’s algorithm prefers to rank listings with an activated instant book.

4. Set up Automated Messages

By immediately responding to guests’ inquiries and concerns, Airbnb recognizes you as a responsible host and your listing tends to appear on the top search. It’s also important to consider sending Airbnb message templates and using Airbnb hosting tools such as Host Tools or Hostify to automate your messages.

5. Promote your Listing on Facebook & Google ads

Based on my observation, the majority of Airbnb hosts are also promoting their properties for rent on social media. This highlights their credibility as hosts and even boosts their bookings through paid ads.

The best part though is that if you don’t want to spend a lot of money on advertisements at the moment, you can always adjust the timeline of promotion per day according to your budget.

Off Season: No Airbnb Bookings

Although low seasons are unavoidable, it’s essential to know when these days are so that you can expect them and be able to provide seasonal discounts. For instance, if your property is situated by the beach and the rainy days are approaching, you can always promote a rainy season discount 2 weeks prior.

In addition to this, you can also expect to eliminate extra charges when there is low demand and calculate your potential profit using an Airbnb calculator.

Source: Airbtics Dashboard

Not Getting Enough Bookings on Airbnb?

If you have applied all the necessary tips and techniques mentioned above but are still not getting enough bookings on Airbnb, then you should definitely consider listing your property on another platform.

This will maximize your listing’s exposure to other similar online platforms such as Booking.com, Trip Advisor, VRBO, and the like. It’s possible that your current listing has a greater potential to be fully booked in a different platform, and Airbtics is designed to help you figure that out using the channel integration feature.

LOOKING FOR PROFITABLE AIRBNB LOCATIONS?

Discover the best cities for rental income properties in Canada!

Conclusion

Getting more Airbnb bookings is no longer a difficult task in the current digital era. With so many Airbnb hosting tools available, hosts can easily look for alternatives and strategies to maximize their listings’ exposure to different online platforms aside from Airbnb.

Now that you have an overview of the 10 effective ways to get more Airbnb bookings, take the next step by applying them with a happy heart! As you strive to reach your path to success, there will still be uncertainties along the way such as a decrease in occupancy rates or lower monthly revenue.

Fortunately, with the help of an accurate Airbnb Data Analytics Tool, you no longer have to worry about any of that! Designed to showcase accurate data, not only does the app help you optimize your listing, but it can also provide useful data for simulating cash returns using the Airbnb Calculator.

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All About Airbnb Hosting Tips

A Complete Guide for Hosts: How to Buy an Airbnb Property

Post author By Robyn Peña
Post date September 26, 2022

Have you ever tried to book an Airbnb in the past and imagined if you were to become a host? It’s certainly a sweet reward to welcome guests, decorate rooms, take cool photos, promote them on social media, and of course – earn money! It’s a known fact that investing in an Airbnb property requires a huge amount of effort, time, and money. Therefore, to make sure that every penny that you’ll spend is worth it, this article will provide insights for Airbnb hosts like you through a step-by-step guide on how to purchase an Airbnb property. Continue reading to learn more about how to buy an Airbnb property.

What to Consider When Buying an Airbnb Property

Let’s break down the step-by-step procedure of purchasing a rental property for Airbnb and discuss the primary factors to think about.

1. Budget & Finance

Before getting started, securing your source for financing your Airbnb property investment is important to make sure that you don’t drown in debt in the long run.

In the case of other hosts who try Airbnb for the first time, they usually rent out their spare rooms at home or even do rental arbitrage in order to save money for purchasing properties. Some of the options to finance your Airbnb property are personal savings, bank loans/mortgages, or private lending companies.

2. Airbnb Location

Similar to real estate investing, the rule of thumb is to find the right location for your Airbnb. This should consider situations such as the property’s close proximity to tourist destinations, popularity to tourists or business travelers, accessibility to public transportation, and seasonality.

If you are targeting a specific suburb or neighborhood, or even a major city, an Airbnb calculator can certainly provide accurate insights such as your potential revenue which is advantageous for hosts. For instance, let’s say you’re targetting the United Kingdom, with the help of analytics tools like Airbtics, you can easily find the best rental areas in the UK.

Through this, you can easily determine whether your target area will bring you profit or not – and save time before you move on to the next steps.

3. Airbnb Rules & Regulations

Once you have finalized your preferred location to start an Airbnb business, let the research continue! Although most of the short-term rules and regulations are often found on government websites, you can also visit your nearest local city hall and inquire about requirements for operating an Airbnb.

By being aware of the Airbnb laws in your area, you’ll be able to make sure that you won’t breach any of them and operate the Airbnb business smoothly.

4. Taxes, Legal Fees, and other costs

Taxes and other upfront costs vary on your preferred area to do Airbnb. therefore, learning about ongoing costs including mortgages and legal fees is important to give you an insight into your overall expenses.

5. Local Airbnb Competitors

By looking at how the competitors are performing in your area, you’ll get an absolute picture of their Airbnb experience including if they have struggles with occupancy rates or what amenities they offer. This will help your process in purchasing amenities and prioritizing your guests’ needs.

Source: Airbtics Dashboard

What is the Best Property Type for Airbnb?

In summary, the best property type for Airbnb depends on your preferred location. For instance, if you would like to buy an Airbnb property in the city centre, condominiums or a studio-type apartment might be an ideal option because the majority of your guests are probably business travelers or entrepreneurs.

However, if you want to invest in a more friendly neighborhood with green spaces or a beachfront view, an entire home or a 2-bedroom property might be a more suitable vacation home for guests with families or honeymooners.

But here’s the bottom line for Airbnb hosts: the best property type for Airbnb is the one that has more profit! So it’s important to calculate your potential return on investment before deciding to purchase a particular type of property.

Conclusion

Now that you have an overview of the major considerations before purchasing a property for Airbnb, it’s important to have the assurance that your hard-earned money will be profitable by utilizing accurate Airbnb analytics data. Step forward to long-term profitability and stand out among your competitors with Airbtics!

Tags Hosting Tips

All About Airbnb Hosting Tips

How to Set Airbnb Pricing Strategies: Mastering Revenue Management

Post author By Robyn Peña
Post date September 26, 2022

Whether your Airbnb business is your primary source of living or a passive income to achieve financial freedom, the key to success is learning about pricing strategies.

It could be a real challenge not to make a profit if you don’t set your pricing fairly since there are also competitors in your area who are trying to make a profit. Fortunately, there are many options available to avoid this from happening.

In this article, we will discuss how hosts can master revenue management and Airbnb pricing, along with useful pro tips and Airbnb dynamic pricing tools.

Continue reading to learn more about Airbnb pricing strategies and become a pro in revenue management.

Airbnb Pricing: How much should I charge for my Airbnb?

The best way to assure that you are offering a fair price for your Airbnb property is to look for similar properties within your area and check their market-based pricing. Your pricing should depend on the following factors:

Airbnb Property Type

What kind of property type are you offering? Is it a 2-bedroom apartment that can accommodate 4-6 people or an entire home suitable for 10 people? By doing market research and looking at similar Airbnb properties within your area, you can certainly get a grasp of their prices according to their property type.

Airbnb Amenities

If your property offers the top Airbnb amenities and has a more unique space in comparison to other listings, then your overall price should also vary accordingly.

Additional Fees

Before you decide to charge your final Airbnb price, don’t forget about guest service fees and other additional costs including cleaning services, taxes, or extra guest fees. Your final price will vary depending on these factors.

Source: Airbtics Dashboard

What is Airbnb Dynamic Pricing Strategy?

Known as a make or break factor to successful Airbnb business, dynamic pricing strategy refers to setting up flexible pricing according to seasonality, actual sales in the market, or day-of-week trends.

Although there are short-term rental tools that can help you simplify perfect pricing, there are a few hosts who still risk manually setting their prices and, therefore, earn lesser profits.

Therefore, if you are handling more than 1 property, it is recommended to automate your Airbnb pricing by using effective tools. This will certainly help you save precious time and you can forget about manual checking!

Top-Ranking Airbnb Dynamic Pricing Tools

Although Airbnb already offers Smart Pricing, there are still many hosts who prefer to use a third-party dynamic pricing tool because Airbnb suggests to keep lowering their prices. When looking for the best Airbnb dynamic pricing tool, it’s important to note that the tool should have a flexible setting to meet your expectations. Here are the current dynamic pricing tools that are available in the market:

1. Airbtics Bright Pricing

2. AirDNA

3. Wheel House

4. PriceLabs

Pro Tips to Optimize Airbnb Revenue

There are three essential components of Airbnb’s pricing strategy that should be closely monitored: demand, supply, and occupancy. Since these are related, it’s important to realize that the following pro tips will help you understand the process better.

1. When to raise your Airbnb prices?

If you have less occupancy on weekends and have a few positive reviews on your listings, it’s practical to raise prices to match the demand in your area. It’s also good to note that competitive pricing helps your listing rank searchability.

2. Drop prices only when needed

The best time to strategically lower your Airbnb listing’s price is when you have an open date that has not yet been booked.

3. Set monthly discounts

If you are new to Airbnb, it’s ideal to give a discount to guests who are booking longer stays. Some of the discounts that hosts can offer include early bird discounts & 50% discounts for smaller groups in an open calendar.

Conclusion

Now that you have an overview of Airbnb pricing strategies and dynamic pricing tools, don’t miss out on greater opportunities and set your Airbnb price fairly using Airbtics. However, if you want to save time switching and learning new tools, you should take a look at whether they support all of your listings, whether they have integration with your PMS and if they allow overriding your current pricing strategy on top of their software.

Tags Hosting Tips

All About Airbnb Fully-booked Airbnb

Fully Booked Airbnb City: Barcelona

Post author By Robyn Peña
Post date September 22, 2022

Barcelona is recognized worldwide for its excellent architecture and world-class gastronomy. A recent report on Barcelona tourism, this beautiful city welcomes more than 27 million visitors annually.

Can you imagine the number of visitors that have booked their respective accommodations in a span of one month? We have one word to describe it: Fully-booked!

Some of the most famous attractions in Barcelona include La Sagrada Familia, Park Guell, La Rambla, and many more.

Property investors who want to start an Airbnb business in Spain should certainly do thorough research about rules and regulations as they vary per city. For instance, hosts should know that one of the Airbnb rules in Barcelona requires a Tourist Use House license to operate.

Continue reading to learn more about Airbnb’s long-term profitability in Barcelona, Spain.

Is Airbnb Profitable in Barcelona?

The New Yorker confirms that Airbnbs are all over Barcelona and have continuously increased occupancy rates. Airbtics shows that an average host can earn an average of €44,326 yearly for a 1-bedroom apartment/condo in Barcelona.

These Airbnb metrics are necessary in order for property investors to have an outlook of potential revenue and avoid losing hard-earned money. Knowing your preferred area’s occupancy rates, average daily rates and annual revenue is important in starting an Airbnb business to achieve success.

By using an accurate short-term rental calculator, you’ll be able to confirm that Barcelona is one of the best places for investment. It’s important to take note that there are indeed plenty of high-return investment opportunities in Barcelona.

Source: Airbtics Dashboard

What is the Average Occupancy Rate for Airbnb?

An excellent Airbnb occupancy rate should be around 65% with a remarkable increase monthly. The good news is that for Barcelona, the occupancy rate should not be doubted at all. Based on Airbtics, the YoY change in Barcelona increases by 188.78% and has had a 100% occupancy rate since April 2022. Talk about profitability!

Since Barcelona is also one of the popular digital nomad cities, many remote workers try to live and work in this beautiful city. In addition to this, Barcelona is one of the Airbnb cities with the highest occupancy rates vary depending on their respective peak seasons.

Is Barcelona a Good Place to Invest in Real Estate?

Before purchasing an investment property in Spain, it’s important to have knowledge of the various kinds of mortgages, ongoing and upfront costs, and other fees associated with real estate. In order to track the Airbnb performance of your preferred neighborhood in Barcelona, it’s practical to take advantage of smart technology. By using a precise short-term rental calculator, you’ll be able to consistently monitor the demand & supply and spy on your competitors located within the area – and stand out among the rest.

What are the Airbnb Rules in Barcelona?

If you are worried about strict Airbnb rules in Barcelona, the good news is that there is no minimum or maximum term for short-term contracts. Here are the rules to take note of:

A Tourist Use House licence is necessary to operate.
Apartment-types in Barcelona include anything with rental duration of fewer than 31 days.
Short-term stays are allowed for 30 days or more.

Top 3 Neighborhoods in Barcelona for Airbnb Investment

In order to properly identify which particular area is best for investment in Barcelona, here are the top 3 neighborhoods with the highest occupancy rates:

1. Gothic Quarter

Gothic Quarter features Barcelona’s most iconic gothic architecture including Catedral de Barcelona and Basilica de Santa Maria del Pi. The streets of Gothic Quarter are usually filled with walking tours for visitors.

Average occupancy rate: 77%
Annual revenue: €46,829
75% of the listings are allowed to operate short-term rentals with a local license.

2. El Raval

This neighborhood in Barcelona has one of the most diverse communities with plenty of chic restaurants and retail stores.

Average occupancy rate: 73%
Annual revenue: €41,891
87% of the listings are allowed to operate short-term rentals with a local license.

3. Gràcia

Gràcia is also known as the second city in Barcelona which offers quirky cafes, artistic co-working spaces, and more.

Annual revenue: €50,047
Average occupancy rate: 86%
70% of the listings are allowed to operate short-term rentals with a local license.

Conclusion

If you are looking to invest in an Airbnb city with maximum cash-on-cash return and 100% assurance that it will bring long-term profitability, in-depth research is a stepping stone. However, the data points mentioned in this article such as Airbnb occupancy rates, annual revenue, & traveler’s ratio should be your basis for investing in an Airbnb business in Barcelona.

Now that you are aware of how this Airbnb city became fully booked, don’t miss out on greater opportunities! With the help of our reliable data analytics tool, you can vastly enhance your monthly revenue, create a comparison for each neighborhood, add the appropriate amenities and so many more exciting features.

Tags Fully-booked Airbnb, lat_41.3828939, lng_2.1774322

All About Airbnb Fully-booked Airbnb

Fully Booked Airbnb City: Riga, Latvia

Post author By Robyn Peña
Post date September 22, 2022

Latvia is a favorite destination for nature lovers and is known for its UNESCO World Heritage sites. With over 3 million tourists visiting Riga annually, this country is a natural magnet for various kinds of visitors across the globe.

We have one word to describe Riga’s Airbnb occupancy rate: Fully-booked!

In general, Riga is one of the most visited destinations worldwide because of its famous attractions such as the House of the Black Heads, Central Market, Freedom Monument, and many more.

Property investors who want to start an Airbnb business in Baltic should certainly do thorough research about rules and regulations as they vary per city. For instance, hosts should know that the Airbnb rules in Montpellier prohibit rent for more than 120 days per year and limits one per fiscal household for secondary housing.

Continue reading to learn more about Airbnb’s long-term profitability in Riga, Latvia.

Is Airbnb Profitable in Riga, Latvia?

Based on Airbtics, an average host can earn an average of €10,819 yearly for a 1-bedroom apartment/condo in Riga.

By using an accurate short-term rental calculator, you’ll be able to confirm that Riga is one of the best places for investment. There are indeed plenty of high-return investment opportunities in Riga.

Source: Airbtics Dashboard

What is the Average Occupancy Rate for Airbnb?

An excellent Airbnb occupancy rate should be around 65% with a remarkable increase monthly. The good news is that for Riga, the occupancy rate should not be doubted at all. Based on Airbtics, the YoY change in Riga, Latvia increases by 422.89% and has had a 100% occupancy rate since April 2022. Talk about profitability!

Airbnb cities with the highest occupancy rates vary depending on their respective peak seasons. It’s interesting to know that despite the post-pandemic restrictions in various countries, the international traveler’s ratio in Riga remains at 75%.

Is Riga a Good Place to Invest in Real Estate?

Before purchasing an investment property in Latvia, it’s important to have knowledge of the various kinds of mortgages, ongoing and upfront costs, and other fees associated with real estate.

In order to track the Airbnb performance of your preferred neighborhood in Riga, it’s practical to take advantage of smart technology. By using a precise short-term rental calculator, you’ll be able to consistently monitor the demand & supply and spy on your competitors located within the area – and stand out among the rest.

Top 3 Neighborhoods in Riga for Airbnb Investment

In order to properly identify which particular area is best for investment in Riga, here are the top 3 neighborhoods with the highest occupancy rates:

1. Vecriga

This neighborhood in Riga is the historical center and is a UNESCO World Heritage site.

Average occupancy rate: 58%
Annual revenue: €16,172
A local license is not required to operate short-term rentals in this area.

2. Miera Lela

Miera Lela is an essential part of Riga as it is filled with design shops, extraordinary galleries, and cafes.

Annual revenue: €9,269
Average occupancy rate: 64%
A local license is not required to operate short-term rentals in this area.

3. Agneskalns

If you are looking to invest in properties that are family-friendly, this neighborhood is highly recommended. It is situated across the Daugava river which has a natural charm for tourists and renters.

Annual revenue: €9,568
Average occupancy rate: 53%
A local license is not required to operate short-term rentals in this area.

Conclusion

Tags Fully-booked Airbnb, lat_56.9493977, lng_24.1051846

🎉 FREE WEBINAR - July 24th, 11am / 8pm CET - Learn Airbtics in 7 Minutes - Revenue and Market Analysis Tips and Best Practices!

Is Airbnb legal in Honolulu, Hawaii?

How much can I make by running an Airbnb in Honolulu?

New Short-term Rental Laws in Honolulu

New Rules for Vacation Rentals in Oahu, Hawaii

Hosts & Property investors in Hawaii

Conclusion

Is Airbnb legal in New Orleans?

Airbnb Profitability in New Orleans

Short-term Rental Laws in New Orleans

License types in New Orleans

Conclusion

Quick Links

Quick Links

Is Airbnb legal in Virginia Beach?

How much can I make by running an Airbnb in Virginia Beach?

Short-term Rental Policy in Virginia Beach

New Tax Rules for Rental Property in Virginia

Conclusion

Airbnb Calendar

Prevent Gaps: Tips on Setting up Airbnb Calendar

1. Change Pricing Based on Demand

2. Set a Minimum and Maximum Length of Stay

3. Discounts on Open Calendar

Conclusion

Tips for New Airbnb Hosts

1. Where to start an Airbnb?

2. How are your Airbnb competitors performing?

3. Who are your potential Airbnb guests?

Creating an Airbnb Listing

How to Do Airbnb without Owning a Property

How to Be an Excellent Airbnb Host

Conclusion

How to Get your First Airbnb Booking?

1. Airbnb Title & Description

2. Set a Competitive Daily Rate Price

3. Activate Instant Book

4. Set up Automated Messages

5. Promote your Listing on Facebook & Google ads

Off Season: No Airbnb Bookings

Not Getting Enough Bookings on Airbnb?

Conclusion

What to Consider When Buying an Airbnb Property

1. Budget & Finance

2. Airbnb Location

3. Airbnb Rules & Regulations

4. Taxes, Legal Fees, and other costs

5. Local Airbnb Competitors

What is the Best Property Type for Airbnb?

Conclusion

Airbnb Pricing: How much should I charge for my Airbnb?

Airbnb Property Type

Airbnb Amenities

Additional Fees

What is Airbnb Dynamic Pricing Strategy?

Top-Ranking Airbnb Dynamic Pricing Tools

1. Airbtics Bright Pricing

2. AirDNA

3. Wheel House

4. PriceLabs

Pro Tips to Optimize Airbnb Revenue

1. When to raise your Airbnb prices?

2. Drop prices only when needed

3. Set monthly discounts

Conclusion

Is Airbnb Profitable in Barcelona?

What is the Average Occupancy Rate for Airbnb?

Is Barcelona a Good Place to Invest in Real Estate?

What are the Airbnb Rules in Barcelona?

Top 3 Neighborhoods in Barcelona for Airbnb Investment

1. Gothic Quarter

2. El Raval

3. Gràcia

Conclusion

Is Airbnb Profitable in Riga, Latvia?

What is the Average Occupancy Rate for Airbnb?

Is Riga a Good Place to Invest in Real Estate?

Top 3 Neighborhoods in Riga for Airbnb Investment

1. Vecriga

2. Miera Lela