This Calculator Shows You How Much You Can Make Renting Your House on Airbnb
Airbnb has long been touted as a great way to make some extra cash by either renting out a spare room, or letting strangers take over your entire place while you’re out of town.
If you’ve been mulling over the idea of joining the home sharing service, but want to know if the money is really worth it, the data scientists at Eliot & Me have the perfect tool for you.
The Silicon Valley startup recently launched an artificial intelligence -powered calculator that can determine your home’s true worth on Airbnb.
The tool, called Eliot, works by learning from “historical trends, competing services and products, supply and demand signals, and more.” Better yet, the tool is free because the service simply wants to get users a “fair price” on their listing.
According to Mashable, Eliot automatically pulls in your property details, such as the number of bedrooms and bathrooms and how many guests the place sleeps, when you enter your address into the search. It will also show you optimal renting times when prices spike in your area.
And, as Mashable noted, the service will also stoke your travel fire by showing you all the places you could travel with just one week’s worth of Airbnb money on your home.
While the service is cool, when I tested it for my own home the search assumed I had a two-bedroom place, perhaps because I live in a duplex. Once I re-aligned the search to account for my lowly one-bedroom the price dropped dramatically. But, it still shared the good news that I’d be able to vacation in Hawaii for seven days, in Australia for 10 days, in Santiago for 18, and that I’d be able to vacation in Egypt for a whopping 33 days for the price of renting out my home for one week.