Examinando por Autor "de Jaureguizar Cervera, Diego"

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Factors affecting short-term rental first price: A revenue management model
(Frontiers in Psychology, 2022-11-16) de Jaureguizar Cervera, Diego; Pérez-Bustamante Yábar, Diana C.; de Esteban Curiel, Javier
The aim of this paper is to conduct a revenue management study, generating a theoretical model that establishes the relationship between the factors of a Short-Term Rental apartment offered on the Airbnb marketplace or similar and its optimal rental price set when the property is first put on the market, considering not only the characteristics defined in the platform listing but also the sociodemographic characteristics of the area in which the apartment is located. The research process was structured in six phases as case study for the technology transfer model. First, research planning was conducted to estimate the time, cost, and suitability of the research topic. Second, the study design was determined to establish a technology transfer model focusing on the theory of mixed revenue management. Third, data collection about the city of Madrid was extracted from two technological databases, namely SeeTransparent based mainly on Airbnb (28 internal characteristics of the apartment) and Deskmind Research (9 sociodemographic variables of the area in which the apartment is located). Fourth, the data were prepared to create a new descriptive variable of the apartments based on geolocation. Fifth, the analysis of this study was applied to explore the correlation between the price charged per night, the 28 internal characteristics of the apartments, and the 9 sociodemographic variables of their surrounding areas. Sixth, with this integrated database, the information was transformed into multivariate inferential statistics through Exploratory Factor Analysis and Multiple Linear Regression, creating a technology transfer model (big data algorithm) that allows revenue managers to set the price of an apartment based on known information, prior to having a history of market reactions. This research process and model consider some of the factors affecting the psychological behavior of tourism consumers. Practical implications of the findings indicate that the size/capacity of the apartments used for Short-Term rentals largely determines the initial rental price set (72%). The equipment offered by the apartments has a moderate impact (18%), and the sociodemographic characteristics of the surrounding area have a minor influence (11%).
Machine Learning for short-term property rental pricing based on seasonality and proximity to food establishments
(Emerald, 2024-06-03) de Jaureguizar Cervera, Diego; de Esteban Curiel, Javier; Pérez-Bustamante Yábar, Diana C.
Purpose–Short-term rentals (STRs) (like Airbnb) are reshaping social behaviour, notably in gastronomy, altering how people dine while travelling. This study delves into revenue management, examining the impact of seasonality and dining options near guests’ Airbnb. Machine Learning analysis of Airbnb data suggests owners enhance revenue strategies by adjusting prices seasonally, taking nearby food amenities into account. Design/methodology/approach– This study analysed 220 Airbnb establishments from Madrid, Spain, using consistent monthly price data from Seetransparent and environment variables from MapInfo GIS. The Machine Learning algorithm calculated average prices, determined seasonal prices, applied factor analysis to categorise months and used cluster analysis to identify tourism-dwelling typologies with similar seasonal behaviour, considering nearby supermarkets/restaurants by factors such as proximityand availability of food options. Findings– The findings reveal seasonal variations in three groups, using Machine Learning to improve revenue management: Group 1 has strong autumn-winter patterns and fewer restaurants; Group 2 shows higher spring seasonality, likely catering to tourists, and has more restaurants, while Group 3 has year-round stability, fewer supermarkets and active shops, potentially affecting local restaurant dynamics. Food establishments in these groups may need to adapt their strategies accordingly to capitalise on these seasonal trends. Originality/value– Currentliteraturelacksinformationonhowseasonality,rentalhousingandproximityto amenities are interconnected. The originality of this study is to fill this gap by enhancing the STR price predictive model through a Machine Learning study. By examining seasonal trends, rental housing dynamics, and the proximity of supermarkets and restaurants to STR properties, the research enhances our understanding and predictions of STR price fluctuations, particularly in relation to the availability and demand for food options.