According to recent reports the average every day cost of leasing or renting apartments in Nairobi via popular home rental platform; Airbnb has now increased to as high as 49 United States Dollars which is around 5,782 Kenyan Shillings in the past 12 months. This is an increase of 22.5 percent.
Data from AirDNA which is the most trusted resource for vacation rental research in the world revealed that the everyday cost increased in May of 2021 from 40 United States Dollars which around 4720 Kenyan Shillings, to the current levels today.
The charges are representative of the present average costs incurred when carrying out rental bookings. It also includes cleaning fees.
The increase in costs also shows that travel and expenditure by Kenyans and foreigners alike, have begun to get better as more and more economies worldwide continue to recover from the still ongoing Coronavirus pandemic, and also benefit from the drop in the pandemic restrictions which were initially implemented to prevent the spread.
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Majority of the properties in Nairobi that are listed on Airbnb are situated at somewhat middle class areas like Kilimani, Valley Arcade, Lavington, Kileleshwa, Yaya, and Westlands.
It is believed that the competition for consumers will increase in the years to come as more and more investors, enter into the Real Estate industry in Kenya.
Airbnb is an American company that operates an online marketplace for booking, renting and lodging at mostly homestays for vacations, and tourism activities. It has over the years, become very popular among travelers and tourists who are in need of affordable accommodation complete with the essential home amenities and situated at convenient locations.
Said properties, are also viewed as a more affordable alternative to hotels. This has resulted in AirBnB and other similar players in the game becoming quite formidable competition for hotels in Kenya and other parts of the world.
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Majority of the hotels in Nairobi city have a daily charge that starts from 8.000 Kenyan Shillings and could go as high as 30,000 Kenyan Shillings depending of course, on the kind of room as well as the ratings of the particular hotel establishments. Five star establishments for example, are the most expensive.
On the flip side, Hotels provide customers with added services like airport transfers, breakfast and other meals which are sometimes included in the costs paid by customers.
The tenancy rate at Airbnb’s in Nairobi increased to thirty five (35) percent in December of 2021, from the twenty five (25) percent it hit in October of 2021. It is believed that the increase is as a result of the festive season which saw more and more people celebrate away from their homes as the Coronavirus pandemic restrictions continued to ease up.
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The occupancy rate for rental properties that are available for short term arrangements, have now hit twenty nine (29) percent.
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