This interactive tool calculates how much your home is worth on Airbnb

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If you’ve ever thought of renting your home out on Airbnb and hitting the road, you can now calculate exactly how much to charge for a stay.

A new interactive tool called “What’s My Place Worth” computes how much you should be charging guests per night or longer based on your location, space, amenities, and other key factors. The tool was developed by Airbnb in an effort to encourage people to become hosts as the pent-up demand for travel continues to build.

Christopher Nulty, head of global public affairs at Airbnb, teamed up with the social media video portal YourUpdateTV to discuss the new tool and current trends in the travel and hospitality industry. 

“We’ve heard from so many prospective Airbnb hosts who are interested in listing their homes and really want to understand how much money can I earn renting my space and so that’s why we created the Airbnb ‘What’s My Place Worth’ tool,” Nulty said.

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According to research conducted by Airbnb, travel is the number one activity Americans have missed most in 2020. The research also indicates that the first trips respondents plan to go on will be to connect with loved ones and create meaningful memories, with 53 percent claiming that they feel less connected to their extended family. Airbnb believes that mass travel won’t return to normal in 2021 but we will see small, personal trips instead. The research also shows that over half of the respondents have already booked or are planning their next trip.

“Once people feel safe to travel, they will. But it will look different than before the pandemic. Travel will be viewed as an antidote to isolation and disconnection. People don’t generally miss landmarks, crowded shuttles, and lines and lobbies packed with tourists. Mass travel is really just a different form of isolation — you are anonymous, herded around with other travelers, never really experiencing the people and culture of a community. What people want from travel now is what they’ve been deprived of — spending meaningful time with their family and friends,” Brian Chesky, the CEO of Airbnb, wrote in a report.