AirDNA adds Custom Comps to MarketMinder tool

US: Short-term rental data provider AirDNA has added a new feature, called Custom Comps, to its flagship MarketMinder tool.

The update will empower users to better understand their market and more accurately benchmark their property against real competitors.

In the wake of the pandemic, AirDNA said it has continued to innovate vacation rental data and help users navigate these increasingly difficult times. Its latest sophisticated technology is designed to provide tourism operators with personally-tailored and customisable, data-driven analytics for rate recommendations, revenue management insights, and daily forecasting updates.

AirDNA CEO Scott Shatford said: “When we started AirDNA, market data was a new concept for vacation rentals, now five years later we want to bring the next generation of property-level insights to the industry.”

The new Custom Comps tool will allow vacation rental operators to upload their Airbnb listings and hand pick a ‘competitive set’ of up to 100 similar nearby listings. Users can filter their competitor set based on amenities, property size, location, number of reviews, host experience and more.

The upgrade has been designed to fine-tune MarketMinder’s dynamic pricing model with rate recommendations now based specifically on the user’s pre-selected comp set, rather than every property in their market.

Shatford said: “While analysing every rental in an area provides users with a high-level understanding of the market, there are probably at most – 40 properties that really matter to any individual property host. In an increasingly volatile environment, it’s more important than ever for hosts to have the right data guiding them.”

The new innovation also plugs into AirDNA’s future data reports, a recent addition created to assist hosts combat new challenges posed by the pandemic. Future booking trends, demand, and rate analysis will now be individualised based on a user’s customised competitive set.