Miami (along with San Diego) is THE most profitable city in the US for Airbnb hosts.
The average Airbnb private room rate in Miami is $91 and has an average occupancy rate of 61%. With average monthly rent for a 2-bedroom being $1,879, this yields a 91% of monthly rent return.
In Miami, an Airbnb host could pay the full rent on a two bedroom apartment by filling one of the rooms for 21 days a month.
There are about 5,199 active Airbnb units with an average of 1.4 bedrooms in Miami. That’s a small supply compared to the 51,498 hotel rooms on the market. However, the 10 percent share of Airbnb units is the fourth-highest of any city, behind only New York, L.A. and San Fran.
You are very fortunate to live in a city that combines warm weather and (relatively) affordable housing
To take full advantage of your fortunate situation, the key is really to stay one step ahead of the game. This means knowing of key events and dates for upcoming busy periods, and integrating this intelligence into your calendar planning.
How do you do that? Simple…
A basic Google search should do the trick.
Searching for something like “key events in [your city] [current year]” or “annual events in [your city]” should bring up a few different pages with useful information.
Below is an example for New York City:
You could theoretically search for events forever, listing out every single event, both big and small, for an area as localized as your immediate neighborhood through to national holidays celebrated country-wide.
To maintain relevance, try keeping things useful but practical and compile a list for the top 10-15 key events that you believe are most likely to bring in extra tourists throughout the year.
When it comes to custom pricing for local events like a conference or festival, it’s important to be aware of these sooner rather than later and stay one step ahead of the game. Guests looking to attend these events will often try lock in their accommodation well before the event or its immediate run-up. If you increase your prices after they’ve already booked, you’ve missed the opportunity to charge more for your place.
Your best strategy is to lock-in these custom price increases at the start of the year once you’ve built out your calendar of upcoming events in your city. This is why conducting event research as early as possible is so important.
Using our example and looking at our calendar of local events, we see that the New York Fashion Week is happening from 11-18 February. If we lived in New York, we may wish to increase our prices knowing that there will be a greater demand for Airbnb listings in New York that week.
Before increasing our prices for the specific event, it’s important to make sure that the sort of guests likely to attend the event are guests that would actually be interested in your place. For example, if you’re offering a shared room in a non-glamorous neighborhood on the outskirts of the city, a custom price increase for the New York Fashion Week probably isn’t for you.
If you wanted further advice on how to determine your optimal pricing to maximize your Airbnb earning potential at different times of the year, click here.
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