Airbnb occupancy rate is a term that vacation rental hosts and real estate investors frequently hear. In this article we will define what the occupancy metric means in the short term rental industry, explain how to calculate it, and show you what average occupancy rates you can expect in the US market in 2022.
The Airbnb industry has had to weather a lot of storms in recent years including debilitating legal restrictions in major cities and the Coronavirus pandemic. Nevertheless, it remains one of the hottest and most profitable strategies in real estate investing. The idea is simple: you buy an investment property, furnish it, and list it for short term rents, which means anything from a single night to a few weeks.
The Airbnb strategy gives real estate investors important benefits over traditional, long-term rentals, the most important being significantly higher profitability in many cities. Of course, there are inconveniences which aspiring hosts have to consider before jumping in, such as less stable monthly income and a more active investing strategy.
To determine how much income your Airbnb rental property listing will generate and what return on investment it will bring, you need to consider two major factors: 1) The Airbnb daily rate that you charge and 2) the Airbnb occupancy rate.
If you’re a new investor with little experience in short term rentals, the concept of the Airbnb occupancy rates might sound unfamiliar and confusing. That’s why in the rest of this article we will go through everything that you need to know as a host to optimize the performance of your Airbnb listing for the best possible results.
Here are the questions that we will answer:
- What Is Airbnb Occupancy Rate?
- Why Are Airbnb Occupancy Rates Important for Hosts?
- How to Obtain Airbnb Occupancy Rate Data as a Host
- How to Calculate Occupancy Rates Yourself
- Where to Find Readily Available and Reliable Data on Vacation Rental Occupancy Rates
- What Is a Good Airbnb Occupancy Rate for Listings in the US?
- What Airbnb Occupancy Rates by City Can You Expect in the United States Market in 2022?
- US Cities with the Highest Average Occupancy Rates for Vacation Rental Properties in 2022
- US Cities with the Lowest Average Occupancy Rates for Vacation Rental Properties in 2022
- Changes in the Airbnb Occupancy 2021-2022
- What Affects Occupancy Rates in the Airbnb Market
- How to Boost Your Property’s Occupancy
What Is Airbnb Occupancy Rate?
While you might be eager to see what average occupancy rates by city you can expect in the US vacation rental market, it is important to start with first things first.
The Airbnb occupancy rate is defined as the ratio of the number of days in a month or a year for which a short term rental listing is booked by guests divided by the total number of days for which the listing was available for bookings.
As a savvy host, you should distinguish between the total number of days in a month or a year and the number of days for which you make your Airbnb property available for reservations. This will assure that you calculate the occupancy rates of your properties correctly and accurately.
Why Are Airbnb Occupancy Rates Important for Hosts?
Now that you know what the occupancy rates stand for, it is crucial to understand why this metric is so important not only for buying profitable Airbnb rental properties but also for evaluating the performance of your active Airbnb listings.
The reason is simple: The occupancy is one of the two factors that determine the monthly rental income that a host makes from their Airbnb listing. The other factor is the Airbnb daily rate.
The higher the number of days for which you manage to get your rental property listing occupied, the larger your monthly income.
And vise versa: The lower the number of days in which you have Airbnb guests, the smaller your rental income.
In other words, boosting the average occupancy rates of your listing is the most straightforward way for a host to increase the Airbnb revenue of a property.
The monthly income, in turn, is used to calculate the return on investment on your Airbnb listing, whether you use the Airbnb cash on cash return formula or the Airbnb cap rate formula. Ultimately, this means that the occupancy plays a major role in determining the rate of return which you can expect on your vacation rental.
As a host, you should put regular efforts into maximizing the occupancy rates of your Airbnb listings month after month. How to do that? We will focus on this aspect of the Airbnb property management process a bit later in this article.
How to Obtain Airbnb Occupancy Rate Data as a Host
In the world of real estate investing – including the short term rental industry – data is power. In the era of big data, predictive analytics, and machine-learning algorithms, you need all the Airbnb data and analytics that you can lay your hands on in order to make intelligent investment decisions.
So, when we talk about average Airbnb occupancy rates by city or by property, we need to consider how and where to obtain reliable data on this metric.
How to Calculate Occupancy Rates Yourself
The traditional way of getting Airbnb occupancy rate data entails calculating the numbers on your own. As a disclaimer, calculating the occupancy rates of a single investment property for sale or even a few income properties for sale is not complicated. All you need is to is to use the following formula:
Airbnb Occupancy Rate Formula
Airbnb Occupancy Rate = Number of Days Booked/Number of Days Available for Booking
Watch our video below to learn how to calculate occupancy rates for vacation rentals:
However, once they get to finding the numbers that they need to input in the occupancy rates formula above, hosts realized that the process might not be as straightforward as it initially looked.
Where do you get the number of days for which the property that you consider buying has been actively listed for booking over the past month or year? And where do you get the number of days for which it was actually booked over the same period?
Even if the property is an active Airbnb listing at the moment, the occupancy data is not easily accessible for regular real estate investors and Airbnb hosts. Not to mention how complicated things can get if you want to calculate the average Airbnb occupancy rates for each month or the average Airbnb rates by city across the United States.
Conducting comprehensive Airbnb occupancy analysis turns out to be a complicated task which is nearly impossible for a beginner investor to overcome. At the same time, having all the right Airbnb data and analytics is crucial to make a profitable decision in today’s competitive market with hundreds of thousands of listings in the US alone.
Where to Find Readily Available and Reliable Data on Vacation Rental Occupancy Rates
Lucky for investors, there is another way to get Airbnb occupancy rates data without spending days or even weeks on manual calculations, using complicated Airbnb spreadsheets.
With a subscription to the Mashvisor Airbnb software, you get instant access to readily available vacation occupancy data across the entire United States market. In specific, you get:
- Average Airbnb occupancy rates by city (by visiting our real estate blog)
- Average Airbnb occupancy rates by neighborhood in any US city or town
- Airbnb occupancy rate by property for MLS listings and off market properties
As a diligent Airbnb host, you should ask from where Mashvisor obtains the Airbnb data that it offers to investors. The answer is very simple: Directly from the Airbnb platform.
The Mashvisor Data team uses the Airbnb API to get real-time data on the performance of all active Airbnb listings in the United States market. Then it applies its AI and machine-learning algorithms to calculate the average occupancy at the neighborhood level – available in the Neighborhood Analysis section of the real estate platform.
Next, our team uses data on Airbnb rental comps to calculate the occupancy rates of investment properties for sale in any US market or city. So, the estimated occupancy rate numbers which investors see are based on the actual performance of active Airbnb listings situated in the same market and exhibiting the same features as the property under investigation:
- Property type
- Property size
- Number of bedrooms and bathrooms
- Indoors and outdoors amenities
Importantly, the Mashvisor Data team compares all data analytics and Airbnb estimates with actual Airbnb hosts on a regular basis to confirm accuracy. In this way, existing and future hosts can rest assured that their investing decisions are made based on solid and reliable data.
Thus, within a few clicks of a button, you can access average Airbnb occupancy rates data on all US cities and neighborhoods in addition to hundreds of thousands of properties nationwide.
That’s now all. For each rental property for sale that you analyze with the Mashvisor Airbnb analytics platform, you will gain access to other crucial metrics too. These include but are not limited to the Airbnb rental income, the monthly rental expenses, the Airbnb cash flow, the Airbnb cash on cash return, and the Airbnb cap rate. This detailed vacation investment property analysis is what sets Mashvisor apart from other real estate investing tools like the AirDNA Rentalizer and AllTheRooms.
If you’d like to test Mashvisor for yourself, you can sign up for a 7-day free trial here.
What Is a Good Airbnb Occupancy Rate for Listings in the US?
Every experienced investor knows that questions like “What is a good return on investment?” and “What is a good cash flow?” are at the heart of the industry. What new Airbnb hosts might not know is that the question “What is a good occupancy rate by city or by property?” is equally important.
As we already mentioned earlier, occupancy rates are a major determinant of rental income and profitability in the vacation rental industry. So in theory the higher the occupancy rate, the better.
However, expecting occupancy rates of 100% or anything close to that number is simply unrealistic.
To help us determine what is a good occupancy in the US market in 2022, let’s look at the range of occupancy rates based on Mashvisor’s calculations.
Range of City Airbnb Occupancy Rate
One of the many great things that Mashvisor Airbnb profit calculator offers is an evidence-based, reliable estimate of the occupancy rate that you can expect for a particular property listing available for sale and for an entire neighborhood in a city.
Mashvisor short term rental data tells us that among the cities with highest average Airbnb occupancy rate on the platform, in 2022 the absolute highest Airbnb occupancy rate in a market with a minimum of 1,000 active listings is in Portland, OR, at 67.5%. Meanwhile, the absolute lowest Airbnb occupancy rate by city in an active Airbnb market is in Atlanta, GA, at 19.0%. No wonder with the geographical distance and all the differences between those two locations, right?!
But you should keep in mind that these are the extremes. The median Airbnb occupancy rate by city provided by Mashvisor real estate investor calculator is around 58.9%.
To get an even clearer picture of what average occupancy rates on Airbnb you should expect if you decide to go into this real estate rental strategy, let’s look at the Airbnb occupancy rate data for some of the most popular Airbnb destinations:
- Average occupancy rates by city in the New York real estate market: 62.9%
- Average occupancy rates by city in the Los Angeles real estate market: 61.6%
- Average occupancy rates by city in the Orlando real estate market: 55.0%
- Average occupancy rates by city in the Nashville real estate market: 53.2%
- Average occupancy rates by city in the Dallas real estate market: 52.7%
- Average occupancy rates by city in the Chicago real estate market: 50.9%
- Average occupancy rates by city in the Miami real estate market: 48.4%
- Average occupancy rates by city in the Houston real estate market: 43.8%
In conclusion, we can say that an occupancy of 50% or higher is considered good in the short term rental market. This means that your listing is booked for a minimum of half the days for which it is available for booking. If you’re able to achieve around 60% or more, you’re already beating the average occupancy rates in the United States.
What Airbnb Occupancy Rates by City Can You Expect in the United States Market in 2022?
While we had a quick look at the average Airbnb occupancy rate by city in some of the major US markets, savvy investors need more data to know what numbers to expect in their market of choice. After all, the skyrocketing property prices in cities like New York, Los Angeles, and Chicago do not fit the budget of every investor. Not to mention the tough Airbnb rules and regulations in most of these markets which make non-owner occupied short term rental properties very restricted or even impossible.
In the next two sections of this article, we will look at the average occupancy rates by city in a wide range of markets, which guarantee to meet the needs and expectations of both small, beginner hosts and large, experienced investors.
US Cities with the Highest Average Occupancy Rates for Vacation Rental Properties in 2022
First, let’s start with the 25 US cities with the highest average occupancy rates this year:
Table 1: 25 US Cities with the Highest Airbnb Occupancy Rate, 2022
|City||Active Airbnb Listings||Average Airbnb Occupancy Rate|
|San Francisco, CA||2,033||66.9%|
|Salt Lake City, UT||1,157||63.0%|
|New York, NY||7,759||62.9%|
|Los Angeles, CA||7,000||61.6%|
|St. Louis, MO||1,427||61.4%|
|Las Vegas, NV||2,531||61.1%|
|Saint Petersburg, FL||1,050||60.2%|
Source: Mashvisor, Summer 2022
Note: The 25 US cities in the list above as well as any other markets mentioned in this article face various short term rentals laws and regulations imposed at the state, county, and city levels. Real estate investors and vacation rental hosts need to study these regulations diligently before deciding where to buy an Airbnb property.
As you can see from Table 1 above, an average Airbnb occupancy rate by city of 58-68% is considered high. According to the most recent Mashvisor data, the Portland real estate market is able to generate the highest average Airbnb occupancy rates by city of 67.5% from markets with over 1,000 active vacation rental listings.
While individual Airbnb properties are able to generate significantly higher occupancies, the values above are simply city averages. The occupancy rates by city can give a new investor a good idea of which markets offer strong Airbnb demand, on average. This is a good indicator that a listing might be expected to perform well. However, at the end of the day, it is up to each investor to conduct detailed neighborhood analysis and investment property analysis before buying a vacation rental.
US Cities with the Lowest Average Occupancy Rates for Vacation Rental Properties in 2022
Next, we’ll take a look at the 25 US major cities that fall on the low spectrum of Airbnb occupancies this year.
Table 2: 25 US Cities with the Lowest Airbnb Occupancy Rate, 2022
|City||Active Airbnb Listings||Average Airbnb Occupancy Rate|
|Park City, UT||1,063||41.6%|
|Hilton Head Island, FL||1,186||47.6%|
|Myrtle Beach, SC||1,467||49.1%|
|Oakland Park, FL||1,028||50.5%|
|San Antonio, TX||2,879||50.7%|
|Fort Lauderdale, FL||2,206||50.7%|
|University Park, TX||1,507||53.5%|
Source: Mashvisor, Summer 2022
Meanwhile, the United States markets with the lowest occupancy for Airbnb rentals exhibit levels of 36-54%. From the US cities with over 1,000 active Airbnb listings at the moment, the Atlnta real estate market offers the lowest average Airbnb occupancy rates of 35.6%.
Once again, these are just averages by city while it is absolutely possible to find Airbnb for sale with much higher rates in each of these locations. As always, careful Airbnb rental market analysis and rental property analysis are key for the success of a real estate deal.
One important fact to consider is that, generally speaking, many of the cities with the lowest Airbnb occupancy rates in 2022 are located in Florida. While Florida Airbnb used to outperform the US market by occupancy, daily rates, monthly income, and return on investment, the pandemic has largely changed this dynamic.
Changes in the Airbnb Occupancy 2021-2022
When choosing the best Airbnb locations to buy a property, a host should look for a market that is not only hot at the moment but that is constantly in high demand. That’s why it is useful to look at historic Airbnb occupancy rates data when deciding where to make your investment in 2022.
In Table 3 we show you the changes which the average Airbnb occupancy rate by city has experienced in the US market over the past year.
Table 3: Changes in the Airbnb Occupancy Rate by City, 2021-2022
|City||Average Airbnb Occupancy Rate, 2021||Average Airbnb Occupancy Rate, 2022||Change in Average Occupancy Rate 2021-2022|
|Seattle, WA||53.3%||67.4%||+14.1 percentage points in the average occupancy rates|
|Boston, MA||50.3%||62.3%||+12.0 percentage points in the average occupancy rates|
|Cambridge, MA||55.0%||66.4%||+11.4 percentage points in the average occupancy rates|
|New York, NY||52.2%||62.9%||+10.7 percentage points in the average occupancy rates|
|Honolulu, HI||55.9%||66.5%||+10.6 percentage points in the average occupancy rates|
|San Francisco, CA||57.1%||66.9%||+9.8 percentage points in the average occupancy rates|
|Portland, OR||57.8%||67.5%||+9.7 percentage points in the average occupancy rates|
|Washington, DC||53.3%||60.9%||+7.8 percentage points in the average occupancy rates|
|Nashville, TN||45.4%||53.2%||+ 7.6 percentage points in the average occupancy rates|
|Chicago, IL||46.6%||50.9%||+4.3 percentage points in the average occupancy rates|
|Oakland, CA||61.6%||65.6%||+4.0 percentage points in the average occupancy rates|
|Miami, FL||44.4%||48.4%||+4.0 percentage points in the average occupancy rates|
|Charleston, SC||59.0%||62.5%||+3.5 percentage points in the average occupancy rates|
|Pittsburgh, PA||59.5%||63.1%||+3.2 percentage points in the average occupancy rates|
|Tucson, AZ||64.9%||67.3%||+2.4 percentage points in the average occupancy rates|
|Albuquerque, NM||62.0%||63.8%||+1.8 percentage points in the average occupancy rates|
|Tampa, FL||50.7%||50.9%||+0.2 percentage points in the average occupancy rates|
|Tempe, AZ||62.5%||62.5%||No change in the average occupancy rates|
|Philadelphia, PA||51.4%||51.2%||-0.2 percentage points in the average occupancy rates|
|Fort Lauderdale, FL||51.2%||50.7%||-0.5 percentage points in the average occupancy rates|
|Phoenix, AZ||64.1%||63.5%||-0.6 percentage points in the average occupancy rates|
|Las Vegas, NV||61.8%||61.1%||-0.7 percentage points in the average occupancy rates|
|Denver, CO||67.1%||65.7%||-1.4 percentage points in the average occupancy rates|
|Hilton Head Island, FL||50.0%||47.6%||-2.4 percentage points in the average occupancy rates|
|Los Angeles, CA||65.0%||61.6%||-3.4 percentage points in the average occupancy rates|
|Dallas, TX||57.5%||52.7%||-4.8 percentage points in the average occupancy rates|
|Charlotte, NC||56.4%||51.6%||-4.8 percentage points in the average occupancy rates|
|Indianapolis, IN||54.8%||49.3%||-5.5 percentage points in the average occupancy rates|
|San Antonio, TX||56.6%||50.7%||-5.9 percentage points in the average occupancy rates|
|Atlanta, GA||41.6%||35.6%||-6.0 percentage points in the average occupancy rates|
|Salt Lake City, UT||69.6%||63.0%||-6.6 percentage points in the average occupancy rates|
|Houston, TX||52.5%||43.8%||-8.7 percentage points in the average occupancy rates|
|Oakland Park, FL||60.3%||50.5%||-9.8 percentage points in the average occupancy rates|
|St. Louis, MO||51.5%||61.4%||-9.9 percentage points in the average occupancy rates|
|Jacksonville, FL||59.3%||49.1%||-10.2 percentage points in the average occupancy rates|
|Wilmington, NC||61.2%||50.1%||-11.1 percentage points in the average occupancy rates|
|Columbus, OH||60.6%||49.0%||-11.6 percentage points in the average occupancy rates|
|Flagstaff, AZ||75.7%||61.5%||-14.2 percentage points in the average occupancy rates|
Source: Mashvisor, Summer 2022
While some United States cities experienced major ups and downs in the average occupancy rates between 2021 and 2022, this metric remained relatively unchanged in other markets. This is due to changes and adjustments in the travel, tourism, and business patterns as a result of the ongoing but slowing down Covid-19 pandemic.
As a savvy host, you should aim to buy a property in a location that witnesses not only a high rate of occupancy at the moment but also a reliable, continuous Airbnb demand throughout time. In this way you can assure that you will be able to generate positive cash flow and turn a profit even in times of turmoil and not only in times of economic growth and prosperity.
What Affects Occupancy Rates in the Airbnb Market
There are numerous factors that impact the Airbnb occupancy rate of a listing. Before you buy vacation rental property, it is important for a host to understand these factors in order to boost the occupancy and consequently the return on their listing.
Here are the key components that determine how popular short term rentals for sale will be:
- Market: Whether you invest in traditional rentals or Airbnb rentals, location remains one of the crucial factors for the success of your real estate investing business. Some markets attract more short term visitors because of being business centers or tourist destinations. With the increasing working remotely trend, many secondary and tertiary markets saw increased demand from professionals looking for a break from the busyness of major cities. In addition, a growing number of individuals and families go to rural areas to vacation and relax. So, as a host, you have to explore the average Airbnb occupancy rates by city in a few different markets before deciding where to invest.
- Property type: Different types of rental properties attract different types of guests and face different demand in different markets. For example, if you plan to cater to the needs of business travelers in Airbnb New York or Airbnb San Francisco, you should consider investing in an apartment or a condo. If, on the other hand, you would like to host families on their vacation on the beach in Airbnb Miami or Airbnb Honolulu, a single-family home might be the better option for optimizing your average occupancy rate.
- Proximity to tourist attractions and business facilities: Whether you plan to attract leisure or business travelers, they will not want to waste their time commuting to and from your Airbnb rental property. Thus, the distance between your vacation rental and the major attractions in your city will be a major determinant of the average occupancy rates that you are able to generate as a host.
- Accessibility: Regardless of the Airbnb market and the type of guests that you go for, your vacation rental will enjoy a higher occupancy if it is located close to public transportation and major roads. Both visitors who come with their own car and those who will rely on available transportation modes will appreciate this and be more likely to book your listing if it makes traveling easier.
- Indoors amenities and furnishings: One major difference between long-term and short term rental listings is that the latter are always furnished. Indeed, how you have furnished your listing and what amenities you offer can be the deciding factor why guests book with you and the property next door. This, on the other hand, will determine your occupancy rates.
- Outdoors amenities: While the immediate surroundings of your Airbnb property listing have always been important, they’ve become crucial throughout the course of the pandemic. Hosts report a spiking interest in outdoors facilities like a swimming pool, a barbecue area, and a children’s playground. After tiresome closures, people have come to appreciate the opportunity to spend time outside and want to make sure to have access to this benefit when vacationing as well. So, if you’re searching for maximum Airbnb occupancy rates, consider providing such features.
- Airbnb daily rate: Last but not least, how much guests have to pay for spending a night at your property will determine how much demand you can get. For maximum occupancy rates, your nightly rates should be comparable to those in the market. As a smart host, remember to perform Airbnb market research before setting up your daily rates.
How to Raise Your Airbnb Occupancy Rate
As we said, Airbnb rental income is determined by the per night rate in addition to the occupancy rate. The more money you charge per night, the higher your monthly income. The higher your Airbnb occupancy rate, the higher your monthly income.
However, raising your daily rate is risky because it might push renters away from you. Thus, it is really important for hosts to work on increasing their Airbnb occupancy rate as a booster to their return on investment. Here is a list of the things you can do to optimize your listing’s average occupancy rates as a host regardless of the city in which you invest:
1. Don’t Overprice.
At least at the beginning, don’t let yourself get tempted by quick profits. With Airbnb investment properties, it is best to start with a reasonable price, maybe even something 5-10% below the average for the same kind of property listing in your area. Do your homework and figure out the average Airbnb night rate for properties like yours in your neighborhood. In this way you will be able to generate a good occupancy from scratch.
You can use Mashvisor to do that. Then, set a price just below the average level. It is extremely important to attract guests at the very start. It will help your long-term strategy.
Meanwhile, if you’ve already had your property for a couple of years, and your Airbnb occupancy rate is not where you want it to be, try to lower your price a bit. It should attract new guests to your listing and help you boost your bottom line.
Remember that your profit is positively correlated to both your per night rate and Airbnb occupancy rate, and it is very likely that the positive effect of the rise in the occupancy rates will exceed the negative effect of the drop in the price.
2. Differentiate between Seasons.
Most top Airbnb cities are highly seasonal, and here, we don’t mean just the four astronomical seasons but also weekdays vs. weekends, workdays vs. holidays, etc.
To increase your Airbnb occupancy rate throughout the week, the month, and the year, it is crucial to ask for very different rates when there is low demand and when there is high demand. The price differentiation will help you remain competitive in the low season while still allowing you to make your due profit during the high season. Dynamic pricing is a must for hosts looking to maximize their return on investment from a vacation rental property listing.
3. Know Your Location Well.
Following up on the tip above, you must know your local market and your location. There are cities and neighborhoods that get more tourists and other visitors during the summer and some that see more demand in the winter.
Business hubs are busy during the week, while vacation spots are occupied mostly on weekends. In addition, you must study well the local events – conferences, festivals, celebrations, and others – which are most popular in your city.
Once you know your market and the local environment well, you can work on a dynamic pricing strategy that will help you raise your average occupancy rates with little to no effort.
4. Get a LOT of Reviews.
You might be surprised to hear that quantity is more important than quality when it comes to reviews of your Airbnb investment property listings. But it works that way. When guests consider whether to book your property listing for their summer vacation or business trip, it feels reassuring to see that many more have already stayed there.
So, we go back to the idea above – start with low prices to attract many guests initially and to get numerous positive Airbnb reviews. It will pay off soon by bringing your Airbnb occupancy rate up. And once you have a lot of people wanting to book your property, which means a lot of competition among customers, you can afford to raise prices without losing demand.
5. Get Quality Reviews.
OK, even if quality is more important than quantity with regards to Airbnb property reviews, it doesn’t mean that your reviews should be bad. People function in such a way that the small things – the details – make all the difference.
So, work on the details – leave a welcome card or a small box of chocolate or some flowers or a fruit basket or just fold the towels in a nice way – to make a first positive impression on your guests. This will play a very significant role when they sit down to write a review of your listing after their stay.
And the more 5-star reviews you can get as soon as you have your listing, the higher your occupancy rates will be in the long term.
6. Take High-Quality Photos.
A picture is worth a thousand words. This old saying is so true in the Airbnb business. You are not going to attract new guests to your property and thus boost your Airbnb occupancy rate by simply writing how amazing your place is without putting in an attractive picture.
Put the necessary efforts into taking really good photos of your property that shows how amazing it is. You should even consider hiring a professional photographer to take shots of your listing from all possible angles to highlight its top features. The photos will do miracles for your listing, and the cost that you will need to pay will be totally worth it. Even a small spike in your occupancy rates can increase your Airbnb income with thousands of dollars per year.
7. Hire a Property Manager.
If you find it difficult to devote a significant amount of your time to Airbnb hosting duties, consider hiring a professional rental property manager. Though it is an additional cost to you, an Airbnb property management company or professional will be in full charge of overseeing your property.
It will help you spend more time seeking ways to boost your occupancy rate or even go on a vacation yourself. Just make sure to hire a competent and dependable property manager to handle things when you are away.
8. Use a Property Management Software.
While an additional person can help reduce your hosting duties, using a property management software can be a more cost-effective option for you. The software’s centralized dashboard will enable you to manage multiple listings on different rental platforms at the same time.
A property management software can help in a lot of ways, such as organizing Airbnb bookings and messages, tracking leases and tenants, and streamlining the overall operations. You can also perform accounting-related tasks, as well as accept maintenance requests and schedule required repairs.
For busy landlords and hosts, a property management software can help in more ways than one in overseeing all property-related matters and pushing up the occupancy rates.
9. Understand Your Airbnb Market.
When searching for a short term rental property to buy and then rent out, it is also important to study your target market. Doing so will enable you to make an informed decision and purchase the right property for your investment goals.
Understanding the wants and needs of your target market will allow you to set the right rental rate and offer the required space and amenities. You’ll be able to write a property description and promote your listing in a way that appeals to your prospective renters, boosting your Airbnb occupancy rate right away.
10. Become a Superhost.
Another way to become more prominent on Airbnb and eventually increase your occupancy rates is by obtaining the highly coveted Superhost badge on the platform. The badge can help establish trust and boost your credibility among prospective guests.
To get the Superhost status, you must be a primary host and keep your account in good standing. You also need to satisfy the following requirements:
- Complete at least 10 bookings or 3 reservations totaling at least 100 nights.
- Maintain a response rate of at least 90%.
- Keep a cancellation rate of 1% (or 1 cancellation per 100 reservations) or lower.
- Obtain and maintain an overall rating of 4.8 over the past year.
Airbnb automatically grants the Superhost badge to qualified hosts after the platform’s internal assessment, which takes place four times in a given year.
Airbnb Occupancy Rate: Conclusion
Airbnb investment properties are here to stay, so consider this option for your existing or your next income property listing. And make sure to work hard to get a high occupancy rate. It is not less important than charging a reasonable price.
Meanwhile, remember to check out Mashvisor for thousands of available properties throughout the US and their estimated average Airbnb occupancy rates as well as their Airbnb income, cash on cash return, and cap rate.
Want to find properties with the highest occupancy rates in your area of choice? Click here and start searching!