Predicting Prices and Analyzing Features of Online Short-Term Rentals Based on XGBoost
Cao Rui1,Liao Bin1(),Li Min1,2,Sun Ruina1,3,4
1College of Statistics and Data Science, Xinjiang University of Finance & Economics, Urumqi 830012, China 2School of Information Science and Engineering, Xinjiang University, Urumqi 830008, China 3Institute of Information Engineering, Chinese Academy of Sciences, Beijing 100093, China 4School of Cyber Security, University of Chinese Academy of Sciences, Beijing 100049, China
[Objective] This paper proposed a model to predict prices and analyze properties of online short-term rentals based on XGBoost, aiming to address the issue of lacking reasonable pricing suggestion mechanism for housing with different characteristics. [Methods] We collected data from the Airbnb platform and used Lasso to extract features from these raw data as well as reduced their dimensions. Then, we input the extracted data to XGBoost and iteratively trained the prediction model. Finally, we used the SHAP value to interpret the model features. [Results] The RMSE, MAE and R-squared values of the proposed model were 0.091, 0.065 and 0.798 respectively after tuning the hyperparameters, which were better than those of the four existing models. [Limitations] Our new model could not merge the features of real-time online business data, which influenced the prediction accuracy. [Conclusions] The proposed model has good interpretability, and could identify the key factors affecting housing prices, which helps the landlords improve services.
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