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This Airbnb Calculator Will Find the Best Price to Charge for Your Place

It's hard to know just how much to charge when you're renting out your apartment on Airbnb. You don't want to scare anyone away by charging an outlandish nightly fee, but you'd still like to recoup some kind of payment for letting a stranger sleep in your bed. 

Well, that mental rigamarole can be put to rest by this incredibly useful Airbnb rent calculator called the Eliot & Me Estimator. Using an algorithm to sort through a variety of factors, such as the weather, time of year, and the prices historically charged on Airbnb in your neighborhood, the tool ultimately does all the handiwork for you. To use it, you'll need to supply some essential details, like your address, the number of bedrooms and bathrooms in your apartment, and how many people your living quarters can comfortably accommodate. Then, the artificial intelligence platform summons a figure for both daily and weekly rates. 

Here's an example using my two bedroom apartment in Brooklyn that could feasibly sleep four people. (It isn't on the market, so please don't show up at my doorstep).

Given this is a rather sophisticated sorting tool, the calculator helps you understand when Airbnb rentals are peaking in your neighborhood. Again, here's a snapshot of my situation:  

You can even get at taste of the local marketplace by comparing other apartments in your area. 

While renting your place out on Airbnb is definitely a luxury, the anxiety of potentially charging the wrong rate is a worthwhile thing to consider delegating to a computer.

The Eliot & Me calculator is great and all, but it's not likely to serve you all that well if you're renting out a private island or a majestic treehouse nestled in the backwoods outside of Atlanta. At that point, supply and demand pretty much goes out the window. 

[The Next Web via Mental Floss]

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Sam Blum is a News Staff Writer for Thrillist. He's also a martial arts and music nerd who appreciates a fine sandwich and cute dogs. Find his clips in The Guardian, Rolling Stone, The A.V. Club and Esquire. He's on Twitter @Blumnessmonster