Keeping up with the dynamics of the local short-term rental market can be incredibly time consuming, and that’s why many landlords and property managers are getting help. Today’s AirDNA review will help you see why many turn to tools like this one to change their business forever.
Do you often feel like you’re playing a game of darts when choosing rental prices and finding the right markets for your properties? Aiming and trying hard to get a bullseye, but not always getting the right line up?
Due to the complex nature of the industry and its ever-changing attributes, it can be very hard to know what is going to be the best for the future growth of your business unless you can devote a lot of time to monitoring the changes. Let’s be realistic; most landlords don’t have that kind of extra time!
For that reason, many managers and landlords are finding success and relief in using a tool like AirDNA to monitor the trends and other information about the short-term rental market. With extra knowledge to support their business, they can make decisions more confidently.
AirDNA reviews can help you decide if a tool that offers such supplemental information makes sense for your business. With luck, you’ll have an idea of whether or not it does make sense by the end of today’s article!
Table Of Contents For Our AirDNA Review
- AirDNA Rating
- AirDNA Review
- Company Analysis Of AirDNA
- AirDNA Product Line
- AirDNA Data Solutions & Information
This AirDNA review lands the company and its products with a ⅘ star review.
AirDNA earns a ⅘ star rating because it is a very valuable tool with a lot of interesting possibilities. However, the specific points offered by the products on AirDNA are not going to be a smart investment for every single landlord, investor, or property manager out there.
Simply put, you’ll have to think about your management, investment, and growth strategies to determine if adding the cost of AirDNA to your plan makes sense or not.
That being said, the tools offered are incredibly valuable in a lot of ways. For investors looking to find new properties, Investment Explorer can break down the market in significantly less time than it would take you to do on your own.
Property managers and landlords needing to change up their rental game will see that the STR (short-term rental) market information on AirDNA’s MarketMinder can give them the knowledge and confidence necessary to keep growing.
All-in-all, the products that AirDNA offers can be a fantastic choice, but they aren’t going to make sense for every single interested party. Keep your mind open to the possibility, but be sure that it fits with your plans before joining.
- Reasonable cost
- Gathers interesting information into one place
- Up to seven-day refund
- Smart UI design
- Constantly improving
- Some city data is more accurate than others due to the number of listings
- Relative margin of error exists, but this is expected in any analytical tool
Now that you know the company’s overall rating and some basic points about their offerings, it’s time to learn more about what makes AirDNA so interesting to property managers and landlords. Why do they use it, and how can it be used in your business?
Market Overview Dashboard
Whenever you purchase access to a specific market on AirDNA, you will gain access to their MarketMinder dashboard. This pleasingly designed dashboard gives you some basic information about all of the historical data they are finding and aggregating into charts and tallies that may help your business.
This dashboard starts with a rating for the overall region, and this grade can be made more specific by typing in a zip code within the region. The dashboard also includes “Average Daily Rate,” “Revenue,” and “Occupancy Rate” mini charts, but there are more intricate data sets to be found about these data points in the complete menu.
The next chart on the home dashboard is the “Active Rentals” chart. This chart gives you an estimated number of active rentals in the region and only includes listings that reported a stay during the previous month’s data. Using this data as well as information about how many short-term renters are in your area can help you figure out if it is time to expand or not.
Next, you can see “Rental Size,” which gives you an idea of what types of properties are being rented out most in the region. Knowing the size can kick-start your process of seeing where there is some demand for more properties to expand your business.
Finally, you can also get an idea of how many hosts and superhosts there are in the region.
What You Can Expect
Overall, you can expect to find the following information on AirDNA:
- Number of hosts in the region
- ADR (average daily rate) of listings
- ADR trends
- Occupancy rates and trends
- High vs. low season activity
- Revenue estimates
- Percentile charts for much of this data
There is a lot of different data available on this dashboard, and it is just scratching the surface of what is available to you. Additionally, AirDNA is always working to improve its MarketMinder data and layout, so you may see that various data sets are displayed at times.
While your dashboard might not always include these specific subsets of data, it will always include the information that MarketMinder has found to be most beneficial for landlords and property managers like you to use in their business. Their historical data is constantly gathered and aggregated into tools that should work for you.
MarketMinder Pricing Data
Another specific data menu that is likely to catch your attention is the Pricing section. This section is full of various data about the pricing of listings in the short-term rental market in your region, and you can draw a lot of different conclusions from the data provided here.
Some of the charts on this page show the average-rate-per-room-type. While this information is interesting, it is also very generic. The info can be helpful if you are first getting into the market, but you’ll find more success if you look to the more specific data instead.
One chart that many landlords love is the “Future Supply and Available Rates” chart. This predictive-based data set uses historical data and trend calculations to predict how much is being charged at listings that are earning the most substantial profits.
Another cool chart is the ADR range, which gives you a full overview of the range of prices that were being paid via rental sites like Airbnb and VRBO. By filtering this range in various ways, you can get a projection idea of what your properties might be able to make.
A Word Of Caution
As always, you need to be smart when handling this much data. MarketMinder compiles as much accurate date into useful charts when creating their graphs, but you want to make sure that you have a full understanding of how the data was gathered and what it represents before you change your business to match with the trends that you are seeing.
Understanding What You Need To Do Better
MarketMinder also offers a way for you to gain insight into what hosts and landlords working through short-term rental sites are underperforming in. If things like amenities, location, or communication are constantly earning hosts bad ratings in the Rental Analysis section, you know that you need to do better than they were to gain a strong foothold in the market.
One of the best ways to gain more business is to be better at business than your competitors. While the price is, of course, a factor in who decides to rent from you on short-term rental sites, your behavior as a property manager will show through in the listing, communication, and reviews of your property.
Ensuring that you set realistic expectations and create the right type of culture for your short-term renters can ensure that you get more business in the future, and that is sure to boost your bottom line.
Planning Where To Buy Property
If you are hoping to expand your rental business and need to start planning where to buy, AirDNA has a few different tools that can help you to optimize how much to spend and what type of property to look for in your STR market.
First, the tools previously mentioned as part of the MarketMinder section of AirDNA are great for knowing what type of prices you can expect to charge. Specifically, using the ADR range to get a clear idea of percentiles and what makes the most sense to charge in a specific area can help you to plan your future properties.
Additionally, AirDNA has an entirely separate tool devoted to investment retail. Known as Investment Explorer, this tool is best for people buying and selling properties to list them on the short term market. It can be purchased on the state or national level at different price points, so you can easily choose the package that makes sense for your investment needs.
There are a number of different ways to join and get the benefits offered by AirDNA. Depending on what type of information you are seeking or what type of business you are running, different services will suit your business.
The most well-known tool from AirDNA is its MarketMinder. This tool gathers all of the intel talked about above using historical data from the top short-term rental sites. Information gathered is aggregated into useful charts, dashboards, and data points for landlords like you. Over 25 key metrics are covered by MarketMinder.
The price of your access to MarketMinder depends on the number of listings in the region you wish to access data for.
This tool is best for landlords looking to buy new properties to rent out on the STR market. The tools help you to narrow down the right properties to make a profitable showing as short-term rentals, and you can analyze if your investment will pay off.
If there is more that you want to gather and accomplish from short-term rental data and you have a large number of rental properties (more than 40) in a particular region, investing in an Enterprise Solution from AirDNA may be your answer. These custom packages are priced as they are created for your business, so you can get exactly what you are looking for.
These packages give direct access to the API of data gathered by AirDNA, which means that you and your team can write custom scripts to gather data exactly as you want to compare it. While not for every business, this is an amazing offering for those with analysis goals.
All of AirDNA’s data solutions can be purchased on their website. If you still aren’t sure which access point to their incredible API is, their Rental API information can help you to select the right package for your business.
Customer service at AirDNA is very responsive as well. For those with questions about what a product includes or wanting more information about which package will fit their business needs the most, asking on their customer service chat is a great way to start changing the future of your business forever.
Perhaps you want to optimize your short-term rental listings to perform better in your region using a tool like MarketMinder. Or, you are going to be researching for future investment properties with a tool like Investment Explorer. In either case, there’s no doubt that you can see from this AirDNA review that this brand has a lot to offer.
Still, you need to be smart when deciding if this tool is right for you. Consider how much money you have to invest in this kind of service monthly and how much it will change your bottom line. If you’re just getting started, it might not be the right time to use this tool. Established landlords, however, may find its refreshing insights invaluable into continuing their growth.
No data tools will have 100% accurate information because Airbnb and other short-term rental sites do not give away all of their data. Sites like AirDNA use predictive analysis to fill in the gaps of that data, and they have met this with very high success rates for such technology.
The decision is yours when it comes to AirDNA. If you’re ready to get into the core details of your local STR market, however, the data it provides is sure to interest you!