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AI predicts Airbnb prices with 69% accuracy

AI predicts Airbnb prices with 69% accuracy"One needn’t be an oracle to forecast Airbnb listings prices — AI 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 (“Airbnb Price Prediction Using Machine Learning and Sentiment Analysis“) 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 learning, deep learning, and natural language processing techniques to aid both the property owners and the customers with price evaluation given minimal available information about the property.”' Read more...

 

This article originally appeared on VentureBeat.com.

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