Market Research Homework Assignment for Short Term Rentals

[Lauren Lockett]

Hey everyone! I'm working on filling out the Module 2 worksheet for Short Term Rental Bootcamp with BiggerPockets. It's all about doing market research. It asks questions that I don't know how to find the answer to (I'm still catching up on everything) so wanted to ask this community and with your experience, where you may find the most accurate information or who you go to when you're doing your market research:

How do I find out the answers to these questions:

1) How many active listings are in this market? -- I got this number from AirDNA but how do I know this is accurate. Do I just go with it?

2) Which months are slower? busier? -- I got this from AirDNA as well. Is that right?

3) What is the main economic driver of the market— travel & tourism or some other industry? --- Is there a site that provides this info? Do I ask my agent?

4) What's the average price for a 1 bedroom in your market? A 2 bedroom? A 3 bedroom? etc.

Thanks for all your help! 

[Sarah Kensinger]

The best way to get answers for 1, 2, and 4 would be Airdna if you have the subscription for it. Since it's just for the bootcamp, Rabbu would probably be enough if you don't want to pay for the data. Number 3 would entail a bit of research. You could call an agent, but I would suggest just googling the area and see what comes up for tourism. Pinterest is another great resource to find this out, because bloggers write about an area and then post that link on Pinterest. This type of research for number 3, would give you knowledge and practice in researching travel and tourism that you'll use for a long time!