Thinking of renting out your spare room on Airbnb to strangers to earn some sweet, sweet cash?

SEE ALSO:Airbnb is giving away an epic experience to watch the solar eclipse

You might want to start by getting to know how much your place is worth. And you may find that Airbnb's built-in estimator is pretty basic and vague.

It just asks you for your town, whether it's a private room, shared room, or entire apartment, and the number of guests. Then, it gives you a weekly average, along with a disclaimer: “How much you actually make may vary with your pricing, type and location of listing, season, demand, and other factors.”

For this reason, data scientists at Silicon Valley start-up Eliot & Me have launched an AI-powered calculator that takes into account more specific details to determine the most accurate renting price for your Airbnb listings.

The algorithm, called Eliot, “learns from historical trends, competing services and products, supply and demand signals, and more,” and its only agenda is “to get you a fair price.”

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It automatically get the property details, such as the number of bedrooms and bathrooms and how many guests the place sleeps, by simply entering your address.

Credit: screengrab/eliot&me

After crunching the data, Eliot will churn out the average daily and weekly renting prices for the past year. You can select the preferred number of tenants and if you want to rent the whole property or just one room.

Eliot also offers separate rates for each month by taking into account busiest dates, specific weeks of high demand, and historical trends.

Credit: ELIOT&ME/SCREENGRAB

It even provides weather data so you can decide when is the best time to list your property throughout the year.

Credit: ELIOT&ME/SCREENGRAB

Last, it awakens your thirst for travel by suggesting where you could travel to for free after renting your place for just 1 week:

Credit: ELIOT&ME/SCREENGRAB

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TopicsAirbnb