When diving into the realm of short-term rental research, one of the most powerful tools at your disposal is the ability to search for comparables. This process involves analyzing similar properties in your desired location to gain insights into what, ADR (Average daily rate), occupancy and revenue they are achieving.
By leveraging comparables, you can make well-informed decisions that lead to successful investments. In this guide, we'll explore the various benefits of conducting a comparables search it can elevate your research to the next level.
How does it work?
Inside the highlighted red box search for any UK address and select it from the drop-down.
Select the characteristics of the property, (no. bedroom, bathrooms and total guests)
Press Search
After pressing the search button our algorithm will find the closest and most relevant properties. It calculates this based on a ranking factor of the characteristics of your input and all other properties in the market.
Understanding the Data
The data is returned in 3 formats, mapped, graphed and via property cards. All three can be useful depending on what you are looking to achieve.
Graphs/Plots
Each graph is a box plot of the range of values of the properties listed below. Using these box plots you can see the observed range of ADR, Occupancy and Revenue for the highlighted comparables. You can then select each dot to quickly view each property on the plots giving quick access to who the highest and lowest performers are.
Property Cards
Each select comparable will have a property card providing full details on the property including:
LTM (Last 12 months) revenue
LTM average ADR
LTM occupancy
LTM available days
Property details
Airbnb/vrbo live link
Our experts when using the comparables page find it important to build up an understanding of the competition in your market by first selecting 3-6 listings from the initial 25 and doing further research. This further research might include further inspection of the property on Airbnb/VRBO. Looking at reviews, picture quality, picture types, descriptions, amenities and the host.
When carrying out research it's important not just to understand the performance financially of a listing but also what features and factors play a role in the financials and performance.