Finalized numbers are in for November! How did it go? Let’s take a look.
Total Income ($4,582)
From an income standpoint, November was my highest grossing income month to date. The two main drivers behind income generation are occupancy and nightly rates. This month I saw an occupancy rate of 90%! For people who aren’t familiar with Airbnb, average occupancy rates in my area are 70%. Being booked for 90% for the month was a big win!
The average nightly rate I was able to bring in during November was $136. This was another big win from an income standpoint. Most nights, my rate hoovers around $120/night, but the demand for November was high.
Total Expenses ($2,562)
From an expense standpoint, my main focus has been on the expenses I control. The main two expenses I have control over are cleaning and electric. When I first started my Airbnb, the cleaner I found was charging me $125 per cleaning. I didn’t fight the cost too much at the beginning because I wanted to get things setup. After things were all set and rolling, I then started shopping for a new cleaner. After much searching, I was able to find a cleaner who would charge $100 per cleaning. For the November alone, this switch in cleaner saved me $200!
The second thing I did that made a big difference was installing a Nest thermostat in my place! This installation allows me to control what the temperature inside. It also allows me to limit what temperature ranges guests can adjust to.
Key Takeaways:
- The two key drivers of income are vacancy rates and average nightly income. If you can optimize both of these, you will make a lot of $$$
- Understand key nights of the month and year where you can charge more! Weekend rates should always be higher than week day nights!
- Optimize your expenses! There are things you can control, and things you can’t control. How much you pay for cleaning and how much electricity is used are roughly in your control.