Predicting Occupancy Rates in Dallas AirBNB

Completion Date:

02-29-2024

Project Overview

Embarking on an exploration of the Dallas Airbnb landscape from 2014 to 2023, this study seeks to shed light on the ups and downs in the Airbnb business. With a total of 4,628 properties and an average price per night set at $159, the Dallas Airbnb market stands as a multifaceted ecosystem. Despite a current occupancy rate of 44%, the year-over-year (YoY) analysis unveils a substantial 67% increase in property count, signaling remarkable growth.
However, the landscape presents challenges, with the average price per night experiencing a YoY decline of 12%, potentially affecting revenue streams. Encouragingly, the occupancy rate demonstrates a modest 2% YoY growth, showcasing positive trends in property utilization. This complex interaction requires a thorough investigation to understand the factors that affect the occupancy rate. We need to look at both the actual numbers and the percentages to plan wisely in the changing Dallas Airbnb market.

Role:

I held the position of lead data scientist, overseeing team organization and specializing in data visualization.

Problem Statement

Airbnb hosts struggle with unpredictability in occupancy rates, leading to missed income opportunities. According to recent industry data, a staggering 70% of hosts struggle with inaccurate predictions, impacting their bottom line. This project addresses this pressing challenge by developing a robust time series analysis model, empowering hosts and investors to foresee occupancy trends with precision. Join us on this journey to transform the Airbnb hosting experience and unlock the full potential of your property investments.

Executive Summary

Data Dictionary

Key Takeaways

Next Steps

Deployment