https://www.novypro.com/project/airbnb-booking-analysis-1
Airbnb, founded in 2008, is a global online marketplace that has transformed the travel industry. With millions of listings worldwide, it offers travelers a diverse range of accommodation options, from shared rooms to entire homes. Airbnb's impact on hospitality is profound, offering a cost-effective and authentic alternative to traditional hotels.
The "Airbnb Booking Analysis" project focuses on exploring Airbnb New York City data from 2019. Through data cleaning and analysis, it aims to unveil insights into booking trends. By investigating relationships between variables like price, location, and neighborhood, the project intends to provide valuable information for hosts to optimize their strategies. Simultaneously, it offers insights for city officials and regulators keen on understanding Airbnb's impact on the local economy and housing market. Ultimately, this analysis seeks to empower stakeholders to make informed decisions in the dynamic Airbnb market of New York City.
- Most of the room type in the city are either entire apartment or private room. This shows the demand is high, and people choosing airbnb prefer privacy.
- Most people are booking rooms under price $500. So we should focus on improving experience in that price range.
- Availability of days for private rooms should be increased in Manhattan and Brooklyn. Host having shared rooms should decrease their average availability as it has the least demand.
- People stay longest in apartments and it also generates most revenue. Shared rooms has longer stays then private rooms, so if hosts improve the experience of shared rooms, it might lead to greater revenues from shared rooms.
- Queens, Bronx and Staten Island should look into decreasing the prices for entire apartment to attract visitors.
- Manhattan and Brooklyn has the most number of room listings. More focus should be given on increasing the room listings in Queens, Bronx and Staten Island.
- Manhattan and Brooklyn has properties around a wide price range so it attracts all kind of visitors. Other neighbourhood groups can see and increase variety as well.
- City officials can learn from Fort Wadsworth as to what factors make it the most expensive area to rent.
- Manhattan and Brooklyn are central locations in the city, this is one factor that leads to more demand and visitors. City officials should implement better transport, entertainment and facilities in other neighbourhood groups to attract visitors there.
- We can drive traffic away from Manhattan for entire apartments with better transport, cheaper price and similar facilities in other neighbourhood groups.
- As room price decrease as we move away from centre, city officials should leverage this to make other parts of city better.
- Airbnb should take and initiative to ask people to leave review of the property they stay in as more people prefer properties with reviews on it.
- Airbnb should appreciate Nalicia for best performing hosts, so other hosts can see and learn to increase traffic in their properties.
In conclusion, the "Airbnb Booking Analysis" project has successfully provided valuable insights into the dynamics of Airbnb bookings in New York City in 2019. Through the use of EDA techniques, we were able to identify trends and patterns that can help hosts optimize their pricing strategies and marketing efforts to attract more bookings, while also improving guest satisfaction.
The analysis also shed light on the impact of Airbnb on the local economy, which can inform the development of policies that promote a fair and equitable housing market and support the growth of the hospitality industry in New York City. Additionally, the insights gained from this analysis can help strengthen the Airbnb brand and position the company as a leader in the hospitality industry.