AirDNA is one of several analytic sites that helps property owners know what other BNB owners are charging for their properties, what their occupancies are, and even market trends for finding additional opportunities.
But it doesn’t always have the right information or revenue, which may cause your investment to be at a higher risk. If you read our AirDNA review, we went over how we found our own internal data within the AirDNA report and how we used it to save our Airbnb listing from certain destruction.
Ultimately, we feel market analysis tools like AirDNA is a non-negotiable investment. However, that doesn’t mean there aren’t alternatives you might be interested in as well.
Some of the AirDNA alternatives that actually work include Alltherooms Analytics, Beyonds Insights, and Mashvisor. You can find several cheaper options through these sites and different information that will be more helpful to your Airbnb business.
If you’re looking for a second opinion for the data provided by AirDNA, then stay tuned!
What Is AirDNA?
When doing short-term rentals, you need a tool to analyze your profit margin and know your vacation rentals’ price points based on the area. AirDNA does this for you and gives you other tools for finding other investment properties for short-term rentals. Simply put, it is a market research tool that helps you know your business and that of your competitors.
Their two services include:
- MarketMinder: It monitors every Airbnb worldwide and gives you a look into your market or other markets.
- Investment Explorer: It combines Airbnb data with property values of a specific area so you can make smarter investments in a newly profitable area.
MarketMinder costs as low as $9.95 per month, while Investment Explorer costs $199.99 per month, which can be a bit spendy when you’re just starting. Alternatives to AirDNA might cost less and give you the same tools and analytic abilities that AirDNA offers.
However, AirDNA is considered the market leader in short term rental data. You can check out a free rentalizer tool using our affiliate link, as well as watch our video review below:
What Is the Purpose of AirDNA?
The purpose of AirDNA is to help you determine the right price point of your short-term rental for your area, based on other BnB establishments. For example, if you’re pricing your property at $150 per night while others are pricing theirs at $75 per night for the same type of property, you might be losing business.
On the other hand, if you’re pricing your short-term rental at $150 per night while others are pricing theirs at $200 per night, you might be missing out on a whole lot of extra income.
The other reason why many property investors like this tool is because they can quickly find other properties in an area with a mix of high property values and tourism rates. The app can help you pinpoint the best areas to buy your next short-term rental property.
7 AirDNA Alternatives For Managing Your Short-Term Rental Income
To manage your short-term rental income, you’ll need some decent alternate research tools that will help you do the same research and tracking as that of AirDNA. When you don’t have the budget to pay $20-200 per month for a research tool, it can be rather challenging to justify when you’re not making money to support your expense.
Unfortunately, even the best analytical tool will only show you the historical data of any given property. It would help if you had a good understanding of future trends and how to merge that with the historical data.
These alternatives won’t replace common sense or gut intuition, but they will help you create a plan or support your short-term rental business.
Alltherooms analyzes short-term rentals anywhere globally, which helps investors gain insights into what they should be doing with their properties. This platform works, in many ways, like AirDNA, but at $14.99 per month with a $24.99 setup fee, it is a much cheaper option per month.
Beyond is an app that helps you get the perfect price for your short-term rental properties by automating your dynamic pricing strategy. They also have sophisticated market insights like AirDNA that lets you track the performances within a given market.
All you need to do is input basic information, and in under a minute, your property is perfectly priced to compete with other properties and the neighborhood. It also connects you with the top property management systems and booking sites, and you can track your performance on one dashboard.
Wheelhouse allows you to automate your pricing and connects directly to your Airbnb listings, so your short-term rental is always priced competitively and fairly. The added benefit is that you can fine-tune the pricing strategy with last-minute discounts or seasonal adjustments.
It also gives you a personalized income strategy to optimize your profit margins.
The new market analysis tool gets data directly from Airbnb and works very similar to AirDNA, with an algorithm that detects events or sudden rental demand in your area and automatically adjusts your prices accordingly.
There are also two types of payment options:
- Fixed premium
- Percentage of bookings
This means that if you do a lot of high volume, you can save money by paying the fixed premium, but if you only have one property you only pay for what you use.
With market analytics, Wheelhouse makes a subscription for AirDNA redundant, plus you get an automated dynamic pricing tool for all of your listings. However, the analytics isn’t currently as in-depth as AirDNA, which allows you to see information on a room by room and guest by guest basis.
Smart BnB is more of a property solutions package for many of the daily tasks of managing a property, including human conversations with customers, double-booking protection, pricing updates, and review management.
You can also analyze the financial and operational metrics so you can see what your business is doing.
Airbtics is an analytical tool that works well for Airbnb hosts who want to keep track of their properties and make their guests’ stay better due to some market gaps. The tool will find these gaps and point them out quickly.
You’ll also be able to find more rental properties based on their data on their aggregated platform, which means you’ll get a better picture of where the best properties are located.
Transparent helps you analyze the best pricing strategies based on occupancy rates, demand, and competitor pricing. It also helps you learn guest origins, which will help you with marketing efforts. If you know where most of your guests are coming from, you have a better chance of creating customized marketing campaigns that will bring in more revenue.
You get a “return on investment” calculator that will show you what a certain property is worth and how much money you can get back from it.
Mashvisor helps investors optimize their rental income strategy by showing the rental income and properties in a particular area, just like AirDNA.
By analyzing the rental pricing, occupancy rates, and seasonal trends of tourism, you can create a custom plan to increase your income. You’ll also find the highest performing neighborhoods and learn what attributes of a home attract the most guests.
The dashboard keeps everything in one place so you can focus on your business rather than your analytics. At up to $74.99 per month for the highest tier, this alternative is affordable after considering revenues of $10,000’s per year in bookings.
Which Alternative Should You Choose?
The alternative you use depends on your property, neighborhood, goals, and budget. If you have multiple properties, you might want to have a management service complete the daily tasks of booking, confirmation, and follow-up with customers. However, if you want to find the right properties for short-term rentals, you will want to use the analytics tools for finding the best neighborhoods and property types.
If your budget allows for AirDNA, then we recommend using that for it’s very in-depth statistics, but if your budget isn’t that large, the lower-priced alternatives will give you a lot more insight than just winging it.
When you’re running a short-term rental property business, you need several alternatives to help make your business operations and growth easier for you for the most value.
Short-term rental properties can be challenging to get into and stay in due to the small profit margin you might see. There are risks of property damage and cleaning fees that come out of your sales. Maintenance fees to keep up the property can also eat into your profits.