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Cape Town Airbnb price prediction: an exploration of spatial statistic and machine learning methods
This thesis predicts the prices of Airbnb listings in Cape Town, South Africa and in doing so, investigates the price determinants in the market. Using data from InsideAirbnb, traditional, spatial and machine learning models are compared and contrasted. The Cape Town Airbnb market has significant sp...
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| Format: | Thesis |
| Language: | English |
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Department of Statistical Sciences
2024
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| _version_ | 1867613306956546048 |
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| access_status_str | Open Access |
| author | Williams, Courtney |
| author2 | Salau, Sulaiman |
| author_browse | Salau, Sulaiman Williams, Courtney |
| author_facet | Salau, Sulaiman Williams, Courtney |
| author_sort | Williams, Courtney |
| collection | Thesis |
| description | This thesis predicts the prices of Airbnb listings in Cape Town, South Africa and in doing so, investigates the price determinants in the market. Using data from InsideAirbnb, traditional, spatial and machine learning models are compared and contrasted. The Cape Town Airbnb market has significant spatial correlation and heterogeneity, and traditional models such as OLS regression do not account for this spatial dependence, however, it is addressed by spatial models. By accounting for spatial effects, model predictive performance does improve, but not so much as to outperform non-spatial, non-linear machine learning model predictions. While Airbnb is a new and unique platform, the most important price determinants are consistent with those of traditional housing and accommodation markets such as property type, location and amenities. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/39945 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:34:03.682Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2024 |
| publishDateRange | 2024 |
| publishDateSort | 2024 |
| publisher | Department of Statistical Sciences |
| publisherStr | Department of Statistical Sciences |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/39945 Cape Town Airbnb price prediction: an exploration of spatial statistic and machine learning methods Williams, Courtney Salau, Sulaiman Er Sebnem Statistical Sciences This thesis predicts the prices of Airbnb listings in Cape Town, South Africa and in doing so, investigates the price determinants in the market. Using data from InsideAirbnb, traditional, spatial and machine learning models are compared and contrasted. The Cape Town Airbnb market has significant spatial correlation and heterogeneity, and traditional models such as OLS regression do not account for this spatial dependence, however, it is addressed by spatial models. By accounting for spatial effects, model predictive performance does improve, but not so much as to outperform non-spatial, non-linear machine learning model predictions. While Airbnb is a new and unique platform, the most important price determinants are consistent with those of traditional housing and accommodation markets such as property type, location and amenities. 2024-06-19T07:50:58Z 2024-06-19T07:50:58Z 2023 2024-06-06T13:16:13Z Thesis / Dissertation Masters MSc http://hdl.handle.net/11427/39945 eng application/pdf Department of Statistical Sciences Faculty of Science |
| spellingShingle | Statistical Sciences Williams, Courtney Cape Town Airbnb price prediction: an exploration of spatial statistic and machine learning methods |
| thesis_degree_str | Master's |
| title | Cape Town Airbnb price prediction: an exploration of spatial statistic and machine learning methods |
| title_full | Cape Town Airbnb price prediction: an exploration of spatial statistic and machine learning methods |
| title_fullStr | Cape Town Airbnb price prediction: an exploration of spatial statistic and machine learning methods |
| title_full_unstemmed | Cape Town Airbnb price prediction: an exploration of spatial statistic and machine learning methods |
| title_short | Cape Town Airbnb price prediction: an exploration of spatial statistic and machine learning methods |
| title_sort | cape town airbnb price prediction an exploration of spatial statistic and machine learning methods |
| topic | Statistical Sciences |
| url | http://hdl.handle.net/11427/39945 |
| work_keys_str_mv | AT williamscourtney capetownairbnbpricepredictionanexplorationofspatialstatisticandmachinelearningmethods |