It’s hard to believe, but one of the world’s most famous board games has done a very good job at predicting today’s Airbnb rental rates in London.
Monopoly was created back in 1935 when the property market in the UK was very different to how it is now, and yet – oddly enough – some of the figures listed in the original game are now more accurate than ever. Confused?
We thought it would be fun to create an Airbnb version of Monopoly so the GuestReady team went to work, reviewing property prices in areas made famous by the game such as Mayfair, Park Lane and Oxford Street.
What we didn’t expect to find is that the price you’d pay for the land in the traditional board game is almost the exact figure of what you would now pay to stay one night in a one-bedroom flat.
Here is the new Airbnb price list that we created for the game in relation to one-bedroom apartments in popular areas of London:
- Mayfair and Park Lane: £350 per day
- Regent Street, Oxford Street or Bond Street: £300 per day
- Leicester Square, Coventry Street and Piccadilly: £275 per day
We found that the cheapest areas in the board game would be Old Kent Road, with rates at £100, and Whitechapel Road, with prices at £110. The areas around train stations are not as profitable as the others represented in the game. But still, their prices are very attractive to tourists visiting London when compared with hotels in the same areas. For example, one-bedroom rental properties near Kings Cross can rent for £110 per day and properties around Liverpool Street station can catch-up to £200.
Playing the game
They say that to win Monopoly you need a combination of luck, strategy and people skills. When it comes to running a successful Airbnb business, we believe similar factors come into play! But the good news is – there are lots of things you can do as a host to ensure you stand the best chance of being a winner.
Before you start rolling the Airbnb dice, be sure to take a look at this checklist:
- Know the market – There’s no way you can set a good daily rate for your Airbnb unless you have researched the local area and checked out your competition. Find out how similar listings are being marketed and priced on the platform. Make sure your Airbnb is priced according to the demand in the local area.
- Look good – Unless you are a very good photographer, we highly recommend hiring professional help when it comes to taking pictures of your beautiful property. Make sure your listing looks as good as it can – and stands out from the rest – by having awesome photos.
- Communicate well – A great way to increase your ranking is to respond as quickly as possible to any messages or enquiries that come through about your Airbnb. You are also more likely to get good reviews if you are a responsive host who replies promptly to questions or issues.
- Manage expectations – Always be honest when you create your Airbnb listing description. Over-selling your space will lead to disappointment and the possibility of negative reviews. It’s okay to indulge in some creative language to make your property sound amazing but don’t go overboard.
Short-term letting regulations
If you are considering becoming a host and you have a property in the Greater London area, it’s important you know the rules before listing on Airbnb. Due to local rental laws, Airbnb has set automatic limits for entire home listings to 90 nights per calendar year. Once you reach that limit, the platform automatically closes your property’s booking capacity until the end of the calendar year. Whether the occupied days are spread out over several months or in 90 consecutive days does not matter – the limit still applies. There are several ways to work within these rules and you can read more about the 90-day limit here.
Guestready is a short-term rental management service that helps hosts maximize their income on the platform. We have a team of highly skilled and knowledgeable consultants based in London who can advise you on the best price to set and ways of attracting new guests. We can also help with the day-to-day running of your Airbnb so that you can enjoy the finer things in life…like a game of Monopoly over a glass of wine with friends.
Your move: how much could your property in London earn you? Use our property income calculator to find out.