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Here is why some Airbnb leases are so costly—and tricks to save in your subsequent journey

Daily SF News — Sun, 30 Jul 2023 18:21:15 +0000

By Doug Milnes

Now that summer’s officially started, many people are looking forward to much-needed vacations. However, with travel costs on the rise, finding an affordable Airbnb has become both a puzzle and an art. To help you in your search for cost-saving summer rentals, MoneyGeek analyzed data for over 200,000 Airbnb listings across 19 U.S. vacation hotspots and explored how location, party size, amenities and room type impact costs.

Key findings

Among the 19 U.S. travel destinations analyzed, the median price of an Airbnb is $154 per night. Hawaii listings have the highest median nightly cost ($294), while Portland, Oregon, offers the most affordable accommodations ($100).
By choosing a private room, instead of a full home or apartment, you could cut your costs in half. A little extra privacy will cost you an additional $70 in a one-bedroom rental.
While higher-capacity rooms tend to be more expensive, larger groups may experience more savings overall. When pitching in to rent a unit with a group of four, expect to save around 17% per person compared to a group of two.
Access to fitness equipment or a pool will increase the cost of your stay by nearly 50%. In cities like New York, you could even pay double for rentals that offer these amenities.

MoneyGeek

How Airbnb prices vary across top tourist destinations

The research found that the median cost of an Airbnb across 19 popular U.S. travel destinations is $154 per night. However, where you travel significantly impacts the cost of your vacation accommodations. The price of a room on the sun-soaked shores of Hawaii is the highest among the locations the study analyzed at $294. Nashville was home to the second-most expensive rentals, with a median nightly cost of $198, followed by San Diego ($186).

The analysis also found that the way prices fluctuate based on the total capacity of rentals differs depending on your location. For example, while Nashville took the second spot for the highest overall Airbnb costs, San Francisco and New Orleans tied for the second-most expensive accommodations for 1-2 travelers; in New Orleans and San Francisco, renting a smaller-sized Airbnb will typically set you back $110 per night, while it costs just $90 in Nashville.

Across the U.S., Airbnbs that accommodate 3-4 people are typically 66% more expensive than those that accommodate 1-2 guests. This price increase is highest in Las Vegas’ Clark County, where travelers pay twice as much for these larger accommodations.

The table compares Airbnb prices across 19 major U.S. tourist destinations by median nightly cost overall and for different unit capacities.

MoneyGeek

Most expensive Airbnb neighborhoods in New York, Los Angeles, and Chicago

The study also broke down nightly median accommodation costs for the three most populated cities in the country: New York, Los Angeles and Chicago.

MoneyGeek

The premium for personal space is $70: How less privacy can lead to more savings on Airbnb

Imagine having an entire Airbnb to yourself — a private retreat where you can spread out, enjoy uninterrupted relaxation and experience the luxury of complete solitude. While the appeal is undeniable, this level of personal space comes with a premium price tag, often leading guests to pay more for the privilege of privacy.

For more personal space in a one-bedroom Airbnb rental, visitors can expect to pay roughly $70 more. The study calculated this expense by comparing the median prices of entire homes or apartments ($145 per night) and private rooms ($75 per night). By giving up a little privacy, you could see savings of nearly 50%. If you’re seeking even cheaper alternatives, rentals with shared bathrooms are available at just $60 a night.

MoneyGeek

Planning to swim or work out? Expect to pay nearly 50% more

Airbnb pricing doesn’t just hinge on location — amenities like beach, pool and gym access also wield considerable influence.

Our analysis compared median prices of rentals with specific amenities to those without and found that listings with beach access are 61% more expensive.

Pool availability is the second-most expensive amenity, costing vacationers 48% more. But this cost increase isn’t the same everywhere: for instance, the cost of rentals with pool access skyrockets to more than twice the usual rate (125%) in New York City.

Fitness enthusiasts looking for gym access can expect around a 47% increase in booking costs. In Portland, Oregon, the price tag on rentals with gym access goes up by 84%.

You’ll also likely pay a premium if there’s a dishwasher in your rental unit; Airbnbs with dishwashers typically cost 21% more than those without them.

Tips to save on your Airbnb bookings

It’s no secret that traveling today is expensive. The researchers recommend following these cost-saving tips when looking for Airbnb accommodations to enjoy the vacation you want without breaking the bank.

1. Boost your party size.

A group of four can anticipate 17% savings per person compared to pairs. On average, a 2-person unit charges $105 per night, while accommodating four nudges the price up by 65% to $173 — letting you entertain twice as many folks for less.

2. Opt for private rooms or units with shared bathrooms.

The cost of renting a full home averages $185 per night, while a private room or a shared-bathroom unit only costs $79 or $60 per night, respectively.

3. Embrace washing dishes by hand.

Dishwasher-equipped units demand a 21% premium. In Hawaii, you may even find yourself paying 85% more for rentals with dishwashers. Opting for accommodations without a dishwasher could lead to significant savings.

4. Utilize credit cards.

Familiarize yourself with the benefits of travel credit cards and reward credit cards to make your money work for you. Between welcome offers, cash back rewards and opportunities to accumulate points and miles, there are many ways you can utilize credit cards to make your vacation cost-effective.

Methodology

The study analyzed data from Inside Airbnb to provide insights on Airbnb costs in 19 U.S. tourist destinations and offer tips for maximizing savings on Airbnb bookings.

The study examined several data points, such as price, location, unit capacity, available amenities and room type. Then, the study calculated median rates across these variables to demonstrate how prices vary by location.

The study also applied a linear regression model to the data and used Shap feature importance to identify the amenities with the highest impact on price. To calculate the percentage impact of amenities on price, the study compared the median prices of listings with a specific amenity to those without it.

This story was produced by MoneyGeek and reviewed and distributed by Stacker Media.

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I Remodel Garages Into Leases so Householders Can Make Passive Earnings

Daily SF News — Sun, 02 Apr 2023 20:31:03 +0000

Rebecca Möller said she started her modular ADU business, Symbihom, after realizing how difficult it was to build homes in the Bay Area that ordinary people could afford. Suszi Lurie McFadden

Rebecca Möller said it seemed “impossible” to build homes in the Bay Area that people could afford.
She started a company, Symbihom, that transforms otherwise industrial garages into livable spaces.
She described how the homes both add much-needed rental housing and help homeowners make money.

This essay is based on a conversation with Rebecca Möller, 64, founder of Symbihom, a company that converts garages in the San Francisco Bay Area into apartments that homeowners can then rent to renters. In this part of California, these units are often referred to as additional residential units, or ADUs, because they are additional dwellings built on the same lot as the primary residence.

The interview has been edited for length and clarity.

I started my company in 2020 after coming across a BBC article about how Berlin and London are trying to solve their housing shortage by converting garages into apartments.

I saw an opportunity to create a replicable, scalable model. So I designed a modular product that would fit in a garage and San Jose pre-approved it.

I got my first investors in May 2021 and then I built my first model. The walls are proprietary modular panels built externally by a prefab factory, with electrical and plumbing already installed. They snap onto a concrete floor and are then strapped on top. I use electricity and water from the house itself.

All elements that go into the unit, except for the walls, are then taken to a warehouse where they are combined into a capsule. Then they are transported to the location of the garage along with the wall panels and installed in the garage. All in all, once approved, it takes no more than four weeks to put the whole thing together.

My units have sold for $150,000 to $220,000. So far I’ve built four units — five more in the pipeline — across San Jose, San Mateo, and Mountain View.

Möller in one of the garages that have been converted into residential buildings. Suszi Lurie McFadden

My previous jobs prepared me to lead a real estate startup

I was born in North Texas. I went to the University of Texas-Arlington to get my bachelor’s degree in civil engineering, but didn’t become a professional engineer. Instead, I started my real estate career in construction at a global cost consulting firm in Fort Worth. There I did an apprenticeship as a mass expert and calculator.

The first contractor I worked with was the largest in Dallas. I assembled 55-story buildings, mixed-use properties and hotels. Years later, I moved to Philadelphia to join the largest contractor in the metro area, working on data centers, operations centers, and hospitals.

I wrote all of the purchase agreements, cost controls and claims on the field at the Wells Fargo Center, home of the NHL’s Philadelphia Flyers and the NBA’s Philadelphia 76ers. In 1997 I started my own business to oversee the interests of Fortune 500 companies and have worked for large corporations such as IBM and Verizon.

My career in commercial has taught me how to write a contract, hold people accountable and be fair. It’s really important to understand what needs to go into a number estimate. You really need someone at the table who has the knowledge to make a realistic estimate.

I moved to the Bay Area

I came to the Bay Area in 2017 to oversee some high rise residential projects for a commercial developer. Then I was brought in to do a feasibility study at a university that had been given a building by the state. The university planned to set up the project for its teachers and staff. It is a detailed analysis of a project, how much it will cost and how likely it is to be successful.

I realized that the project would cost about $1 million per unit to build, which could not generate a below-market solution for the university. Put simply, the rents didn’t pay for the project. In addition, I realized that the teachers and staff earned less than the region’s median income of $160,000 a year.

The exterior of one of Symbihom’s garage ADUs. Suszi Lurie McFadden

That was my aha moment. I started thinking about what I could do. That’s how it all started.

The living spaces I install are unique to each garage

To start, I go out and visit a homeowner, do an appraisal and take measurements on the garage. I have a really fancy laser scanning the room. Once we’re gone I’ll take an as-is of the inside of the garage to share with all my professionals.

My studio living unit is between 170 square feet and 400 square feet for a one car garage or a small two car garage. My one and two bedroom ADU can range from a 420 square foot unit in a large two car garage to a 1,200 square foot unit in a three car garage.

A representation of one of the two-room apartments that Symbihom is building. Courtesy of Rebecca Möller /Symbihom

All units have a full bathroom with shower, vanity and toilet. You also have a kitchen with a large fridge freezer, extractor hood and hob, quartz worktops, convection oven and sink.

The shower walls are also made of quartz, and there are dimmer switches in every room. The floors are cork and bamboo and the units have solid core barn doors.

There is also an 18-inch dishwasher in the kitchen and a tower washer-dryer in the one- and two-bedroom units.

I love building something beautiful and adding apartments at the same time

The most rewarding part of my business is making a quality product that allows my clients to earn extra income by renting out the unit.

I really started doing this to solve a problem. Sure, my goal is to sell units, but on the side I’m helping solve a problem while making a profit.

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Probably the most and least costly leases in San Francisco

Sat, 22 Oct 2022 16:26:19 +0000

When it comes to housing in San Francisco, we don’t get a lot of good news. But if you’re a renter that rode out the pandemic, you may have finally gotten a chance to lower your rent or upgrade your living space. Still, while rents have remained lower than pre-pandemic levels, it’s not exactly cheap to live here.

Rents typically rise a bit in the summer since it’s the most popular time to move, so we decided to take a look and see what the most expensive and least expensive rentals are in SF right now. Despite many, many companies attempting to commandeer the rental listings space, if you’ve lived in SF long enough, you know the best and most popular place to find a new rental is still Craigslist.