One needn’t be an oracle to forecast Airbnb listings prices — models fed customer reviews and rental features will do the trick. That’s the conclusion drawn by a team of graduate students at Stanford, who investigate in a paper on Arxiv.org (““) systems leveraging machine learning and natural language processing to anticipate future Airbnb rates.
Alongside the paper, they made available their optimized models on Github.
“Pricing a rental property on Airbnb is a challenging task for the owner as it determines the number of customers for the place. On the other hand, customers have to evaluate an offered price with minimal knowledge of an optimal value for the property,” wrote the coauthors. “This paper aims to develop a reliable price prediction model using machine