Audience : Airbnb Host
Story : Identify determinants of Airbnb listing prices across 10
European cities for Hosts to plan optimally for upcoming/existing
listing strategy yielding higher revenue.
The above visual shows overview of number of Airbnb listings, Average listing price, Number of Business listings, Super hosts listing for 10 different European cities.
The correlation chart above shows that having more bedrooms in an Airbnb listing is slightly related to having a higher listing price, but the relationship is not very strong. There doesn't seem to be a clear relationship between the other factors and the listing price. However, Cleanliness rating has 0.7 with guest rating which could improve number of booking count.
The Heatmap chart indicates that there is a gradual increase in Airbnb listing prices with an increase in bedroom count from 0 to 3 across 10 different cities. The darker blocks for the 3 bedroom count category in comparison to the 0 bedroom count category suggests that the prices are higher for listings with more bedrooms. The consistent pattern of price increase across all 10 cities for each bedroom count category indicates that this trend is likely widespread and not limited to a particular location. Overall, this chart provides a clear visual representation of the relationship between bedroom count and listing price across multiple cities.
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To determine other factors that affect Airbnb prices, we can explore the influence of a Superhost for a listing. Let's investigate if there is any association between Superhost status and listing prices. The following chart shows the proportion of Airbnb listings with and without Superhosts across 10 cities in Europe.Athens have highest proportion of superhost listings as compared to other citites.
The chart suggests that the proportion of Superhost listings varies significantly across the 10 cities in Europe. Athens has the highest proportion of Superhost listings, indicating that hosts in Athens are more likely to hold Superhost status. However, the overall proportion of Superhost listings is relatively low across all cities, indicating that having Superhost status is not necessarily a common occurrence on Airbnb.
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Lets explore relationship between listing prices and Superhost and non-Superhost listings.
It is interesting to note that there is no clear correlation between the proportion of Superhost listings and the average listing prices for each city. This suggests that having a Superhost status may not be a strong determinant of listing prices, but it could potentially lead to more bookings and higher revenues for hosts. Therefore, hosts may want to consider becoming a Superhost to improve their booking potential and overall success on the platform.
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Usually, the listing prices of Airbnb properties generally differ based on their proximity to prime areas or distance from the city center.
change the graph and description
This chart shows the popularity of different room types at different prices and distances from city centers. The darker the color, the more common the room type is at that price and distance point. The chart shows that rooms closer to the city center are more expensive, and that more private room types are generally more expensive. The chart is divided into three sections, each showing a different room type.
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Lets have a look at average listing price of each city
## `summarise()` has grouped output by 'city'. You can override using the
## `.groups` argument.
## `summarise()` has grouped output by 'city'. You can override using the
## `.groups` argument.
## Joining with `by = join_by(price_range)`
The chart indicates that Amsterdam has the highest average Airbnb listing price among the 10 cities, while Budapest and Athens have the lowest. The remaining eight cities fall within a mid-range price category. Based on this information, hosts can plan their pricing strategies accordingly by keeping the average price range of these eight cities in mind, while also taking into consideration other factors such as location, room type, and amenities offered.
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Exploring impact of Guest satisfaction rating for an aribnb on its Listing Prices.
The chart "Distribution of Listing Prices by Overall Rating" suggests that higher overall ratings for Airbnb properties do not necessarily correspond to higher listing prices. However, having a higher overall rating could potentially lead to more bookings and subsequently, higher revenues. It is interesting to note that even listings with lower overall ratings can have relatively high prices. This indicates that there may be other factors beyond overall rating that influence listing prices, such as location, amenities, or uniqueness of the property. Overall, while having a high overall rating can be beneficial, it may not always translate to higher prices and should be considered along with other factors when setting prices for an Airbnb property.
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Identifying if listing prices have interesting pattern with the purpose of listing like Business and non business.
The chart reveals an interesting trend of higher prices for Airbnb properties listed for business purposes across most cities, which could indicate a higher demand for such listings. However, it is worth noting that this trend is not observed in Lisbon and Amsterdam cities, where prices for business listings are similar to non-business listings. This could be due to factors such as the nature of the tourism industry in these cities or the level of competition in the market. Hosts in other cities could potentially benefit from targeting business travelers with higher prices, but should also take into consideration other factors such as the location and amenities offered in their properties to attract potential guests.
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Time of week as determinant for the Listing prices of airbnb properties across 10 cities.
The chart indicates that the average listing prices for weekends are higher than those for weekdays in cities such as Amsterdam and Budapest, which could be attributed to the higher demand from tourists on weekends. Hosts can take this into consideration and adjust their prices accordingly to maximize their profits. Additionally, hosts could also consider offering discounts or promotions during weekdays to attract more bookings during the lower demand periods.
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Conclusion :
1. To maximize the profitability of Airbnb properties, hosts can focus on various factors such as the location of the property, listing it for business purposes, having multiple bedrooms, and offering a desirable room type.
2.Additionally, hosts can increase the number of bookings by obtaining Superhost status and striving for positive customer ratings.
However, it is important to note that these factors may have varying degrees of impact depending on the specific city and market conditions. Therefore, it is recommended that hosts carefully analyze their target market and adjust their strategies accordingly to optimize their Airbnb listings.