This app is an online platform and represents what’s called a “channel manager” in the str realm. With your newfound property purchased, how do you manage it? Alright, so this list could be quite extensive however we will explore two main apps but provide an honorable mention list as well. MANAGE : The Best APP to MANAGE your first/next STR Note, this will require a membership to Biggerpockets, around $40/mo, but that too is more then worth it in more ways then one, in my opinion. You can always make your own Google Sheets or Excel Spreadsheet but Biggerpockets calculators are typically a good fallback or getting started method to simplify things. Now plug that information into the “Rental Property” calculator and be sure and factor in the occupancy!Įnter the expenses you estimate and voila, look at the return to see if it’s worth it. Use the “Rentalizer” feature in AIRDNA as mentioned above to give you a estimate Gross Income and occupancy on your property. You can also see your competitors’ Days Available to understand what’s driving their overall revenue and how you stack up against the competition.Two calculators on the site are most useful for short term rentals on Biggerpockets and they are the “Rental Property” and “BRRRR” calculators found under the “Tools” Tab at the top.Įnter the required purchase price, loan info, etc on the first page of calculator. Some hosts may use the property as a second residence, the listing may have been undergoing renovations or repairs, or the host may block days to allow for cleaning.Ĭonsidering your Days Available may give you insight into your overall revenue generated (fewer days available may mean lower overall revenue). There are many reasons for differing days available when analyzing STRs.
Conversely, a property could have been available for only 50 days and had an occupancy rate of 85%, meaning it was occupied 42.5 days in total. Therefore, it was occupied 303.5 days in total over the last 12 months. During those 357 days, it had an occupancy rate of 85%. In the above example, the property was available to be booked 357 days out of the possible 365. Unlike hotels, STRs are not always available all year round, so to know a property's true occupancy rate, we need to factor in the number of days it was available to be booked. This is an important figure to consider when analyzing short-term rentals (STR).
Days Available refers to the number of days in the last 12 months a property was made available to be booked by the host.
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