Get Appointment
  • contact@wellinor.com
  • +(123)-456-7890

DATA SCIENCE USECASE IN REAL ESTATE

Rental Space Price Prediction & Analysis

Forecasting Pricing For Hosting A Property For Rent In Online.

In San Francisco, due to the availability of distinct stay options (rent or host or hostel) and huge competition among rental communities, the price fluctuates every minute. Deciding a price for rental space is a complex task and many companies have lost billions of dollars due to wrong pricing for available space. The creative approach and suggested price feature concept have found Airbnb a unique place in the hotel industry after the sharing economy.

We used a predictive data analysis model. The inbuilt data analysis systems, integrated with intelligent technology, offer constant and profitable price suggestions for every host.

In this use case, to understand the predictive intelligent model that Airbnb built using machine learning technology to suggest prices for hosts in the San Francisco area, we collected past data sets. Based on these historical datasets and parameters affecting the price fluctuations, the model can perform predictive analytics for real-time price suggestions.

predictive analytics for rental space price analysis

Objective

Pricing a rental property on online renowned platforms like Airbnb is a challenging task for an owner. And at the same time, customers have to test an offered price with minimum knowledge of an optimal value for the property. Our data intelligence team tried to evaluate possible features for more accurate price predictions for the available place.

Accomplishment

Our machine learning based analytical model helped us in understanding changes in the market environment, competitor analysis, internal competitive pricing between host and super host, identifying the optimal location, and their pricing differences.

Technologies

We use data science and machine learning models to predict and understand price fluctuations and define the right price for the right property.

Results

Our machine learning based analytical model could predict price fluctuation with 65.41%

Download Usecase For Free


To read the complete use-case with detailed information on the data sets, technologies, approach, models and procedures followed download usecase.

OUR CLIENTS

Why Choose Us as Your Data Science Partner?

  • A dedicated team of expert data scientists with deep authority over AI, Machine learning and NLP, etc.
  • Measurable results-driven approach.
  • End-to-end services from strategy consulting to software development.
  • Complete adherence to data regulations like HIPAA, Data protection 2018, etc.

Talk To Our Data ScientistSchedule a consultation call with a Data Scientist from Soulpage

Get In Touch


By Submitting this form, I agree to "Soulpage" Privacy Policy & Terms and Conditions

Talk to us


By Submitting this form, I agree to "Soulpage" Privacy Policy & Terms and Conditions

Book a Demo


By Submitting this form, I agree to "Soulpage" Privacy Policy & Terms and Conditions

Download Usecase For Free