Our tips for optimizing your Airbnb rental income

As you likely know, finding the right time to list your property is essential for optimizing your income. That is why your Airbnb concierge service explains how to get the most out of your vacation rental. It is the perfect way to prepare for the future with peace of mind!

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All reports on Airbnb rentals agree: major events (especially sporting ones) generate a significant increase in demand for tourist accommodations and most often lead to a rise in nightly rates. As you can see, event periods are exceptional opportunities to list your property and take advantage of the influx of new travelers.

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Events that drive up nightly rates‍

The 2016 European Football Championship: a symbol of Airbnb accommodation appeal

‍In 2016, France hosted the European Football Championship and its 24 national teams. In total, more than 6.5 million people traveled to attend the event, resulting in an economic boost of 1.266 billion euros across the 10 host cities (which are among our premium destinations). Regarding Airbnb activity: it was observed that across all rental platforms (Abritel, Booking, or Airbnb...), there was a striking 54% average increase in prices. Below, find examples of price trends in three cities: Saint-Denis, Lyon, and Paris.

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Of course, other events (not necessarily related to sports) also lead to price increases:

Festival de Cannes: + 60 % Oktoberfest: + 87 % Champions League Final: + 1 184 %‍‍
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The 2024 Olympics: promising prospects

‍The Paris Olympic Games will obviously bring together a considerable number of new travelers. According to a Bloomberg report, the last Olympic Games held in Rio de Janeiro (Brazil) strongly influenced the prices charged by owners. It is estimated, for example, that a night cost €185 compared to the usual €107. We can already estimate that there will be a shortage of at least 55,000 accommodations for the upcoming 2024 Olympics. In other words, the current supply in Paris will not be enough to meet the upcoming surge in demand. This means the Olympics will be a highly attractive and strategic period to start your short-term rental business. Furthermore, you will be able to set much higher prices than usual based on the law of supply and demand.

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Some pitfalls to avoid

‍Not all high-attendance events necessarily mean high demand for accommodation. The Super Bowl (the second most-watched event in the world) is proof of this. In fact, it was observed that supply far exceeded demand, due to poor forecasting by owners. The result: occupancy rates were abnormally low, leading to lower income. Owners who overestimated prices were penalized compared to those who were able to read the market correctly.

Let's review the rules from our experts to keep in mind:

Monitor trends one to two weeks before the start of the competition.‍ Pay special attention to when prices stagnate. This is a sign that the market may be reaching saturation.‍ Use the pricing tool provided by the Airbnb platform, which allows you to automatically adapt your listing's price to fluctuations in demand. You simply need to manage the price range you want. If you don't have the time to handle it, you can use a full management service like Welkeys.
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Indeed, at Welkeys, we offer owners a turnkey concierge service so you can enjoy the rental management of your property, from creating your listing on platforms to managing bookings and cleaning your rental.

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A pricing strategy adapted for your vacation rental

If you choose to entrust us with the management of your short-term rental, know that you will be able to benefit from our revenue management strategy.

Indeed, this results in a pricing strategy aimed at adapting to variations in demand and thus offering the most appropriate prices based on various factors, including:

• days of the week, seasonality, scheduled events, school holidays.

Furthermore, revenue management, also called yield management, will allow you to ensure that your vacation rental is offered at optimized prices, set according to a dynamic pricing strategy in real time. In other words, this will allow you, as an owner, to maximize the rental income from your property.

Still have questions, doubts, or other suggestions? Feel free to consult our experts!