What Factors Influence the Price of Airbnb Listings in New York City?

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This paper explores what factors influence the price of Airbnb listings in New York City. As a key participant in the short-term rental business, Airbnb contributes significantly to the local economy by providing a platform for connecting property owners and tourists. The purpose of this study is to improve our understanding of the ways in which these factors impact Airbnb listings profitability and to offer suggestions for the most effective pricing tactics. This study uses a publicly available dataset from Kaggle that contains details on Airbnb listings in New York City. This dataset includes information such as room type, location, neighborhood, cleanliness, availability of bedrooms and bathrooms, accommodation capacity, available days of the year, and the number of beds, along with feedback from guests about their stays. By conducting a thorough correlation analysis, the research examines how these different factors affect nightly prices. In addition, the research studies the relation between occupancy and price using Times Square as a center point, which is calculated by Haversine formula. The findings indicate a strong relationship between these factors and Airbnbs economic performance. According to the results, properties in prominent locations, with higher cleanliness ratings, more bedrooms and baths, bigger accommodation capacity, and more available days, tend to command higher costs and higher occupancy rates. This highlights the importance of these traits in making Airbnb rentals more profitable. Additionally, the study provides helpful advice to property owners on how to improve their listings. Hosts may considerably enhance room occupancy and total revenues by modifying parameters like as pricing, location, room type, and amenities in response to the findings. This study contributes to a better knowledge of short-term rental market dynamics and provides useful advice for optimizing economic returns in the Airbnb marketplace. correlation analysis; Haversine formula.