Problem Statement
This project simulates a real-life business situation.
Scenario
You work for a European boutique hotel/home accommodation company that wants to expand to New York City, its first North American operation. The company wants to establish a network of home accommodation in New York City.
Your company assumes that business travelers will want the opportunity to cook for themselves rather than spend months eating restaurant food. Additionally, you expect your corporate customers to prefer home accommodations as a more cost-effective alternative to typical hotels.
In summary, your corporate customers and the business travelers who work for them are looking for good value – reasonable price and proximity to commercial areas of New York City. You believe home accommodation may be a money-making opportunity for your company.
You can read the data from the GitHub link here.
df_nyc = pd.read_csv('https://raw.githubusercontent.com/som-choudhary/Airbnb/main/Airbnb_new.csv')
Background on New York City
New York City is massive. It has nearly 9 million people living on less than 800 square kilometers. Most of New York City comprises islands, with bridges and tunnels linking the city to itself and to the US mainland.
New York City comprises five boroughs, each with a different level of economic activity and number of residential units. Midtown Manhattan and Lower Manhattan are the commercial centers of New York City. Downtown Brooklyn is a distant second, although growing rapidly. Brooklyn and Queens have the largest residential populations. The Bronx is also mostly residential.
Each borough is made up of multiple neighborhoods (e.g., Little Italy, Park Slope, Harlem, Astoria). You can go here to see a list of neighborhoods by borough. But beware: Names of smaller neighborhoods can sometimes vary with data source. Just do your best.
The commercial neighborhoods are worker destinations, where many of the midlevel jobs are located. The commercial neighborhoods in Manhattan are Midtown Manhattan, the Financial District, and the Civic Center. The commercial neighborhoods in Brooklyn are Downtown Brooklyn: the Navy Yard and DUMBO. Many people live in the commercial areas, and many short-term rental units are also available. Many of the tourist attractions that draw people to New York City are located in or near its commercial areas.
Your Assignment
You are looking for areas underserved by your client's competitors where your client might wish to begin expanding operations. Given below is a list of questions that are intermediate facts you might want to discover and ultimately lead you to areas you might want to recommend.
Questions to answer
1. Which boroughs and neighborhoods have the greatest residential housing stock used for home-rental accommodation?
2. How do prices vary among the boroughs? Which borough is the most expensive?
3. Which room type is the most common? Which room type will appeal to a traveler whose accommodation is paid for by their company?
4. Which borough/neighborhood generates the highest revenue as well as the highest revenue per unit (one unit is one listing)?
5. How does availability differ among the boroughs?
6. Which boroughs should the company explore for expansion into the residential accommodation market in New York City? Why?
7. Which hosts have more than one property up for rent? What is the maximum number of properties owned by one host?
8. How expensive is real estate in NYC? How does the price of a residential unit vary by neighbourhood?
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