ALBANY, N.Y. - eTradeWire -- Thinking about doing Airbnb arbitrage but not sure if it will be profitable? Before you jump into something that costs time and a lot of money, you should do some research to determine if Airbnb is profitable in your area of choice. With the right combination of pricing tools and revenue calculator, and using this simple trick within the Airbnb app itself, you can get the data right away.

Start with this Airbnb Revenue Calculator

AirDNA is one of the most well known tools for STR market research, as the name suggests, it were built specifically for Airbnb. Their revenue calculator allows you to quickly estimate how much you can earn by renting out your property. Here's how to get started:

• Enter Your Address or Zip Code: Start by inputting the address of your property or simply use the zip code for a broader look at your local market.
• Add Property Details: Fill in the number of bedrooms, bathrooms, and the maximum number of guests your property can accommodate.
• Get an Estimate: The tool will generate a rough estimate of your yearly gross revenue based on local market data.

This gives you a snapshot of how much income you can expect from your Airbnb property in a specific area. It's a great way to set realistic expectations before making any major decisions.

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Use AirDNA's Market Research Tool

In addition to the revenue calculator, AirDNA (https://www.airdna.co/) offers a Market Research Tool to help you dig deeper into your area's performance. This tool provides insights like:

• Annual Revenue Average: Get a sense of how much Airbnb hosts in your area are making over the course of a year.
• Average Daily Rate (ADR): See how much, on average, hosts are charging per night for their listings.

By entering your property's address or zip code, you can get a comprehensive overview of how the short-term rental market is performing in your city or neighborhood. This is key to understanding whether Airbnb is a viable option for your property.

Use PriceLabs (https://hello.pricelabs.co/) to Automate your Rates

One of the best pricing tools around for Airbnb is PriceLabs. PriceLabs offers a 30-day free trial, which is perfect for you to get a feel of how this pricing tool works before you invest any money. After registering for a Pricelabs account, you have to connect your Airbnb account, which will then pull all your listings into your dashboard. After this, it will analyze real-time market data and suggest nightly rates to maximize your earnings.

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