by Chris Witmer
posted on October 30, 2018
Just over 83% of local hosts have their one and only car listed. The Bay Area’s high cost of living makes the total cost of owning just that one car more expensive than most metropolitan areas in the country. Fortunately, the average Turo host in the area makes up a good share of these costs by earning just under $1,000 on average each month. While the average host’s earnings tend to fluctuate slightly with seasonality, hosts are earning an average of about $200 more per month this year than the same months in 2017.
Demand in the Bay Area is typically focused on the allure of a nice car within reach (or delivery). Just like last year, the most-searched cars this year were all luxury cars, with Tesla and BMW taking the top spots with more than double the search volume than any of the other popular car makes. Despite strong searches and listing views, there are still fewer than 100 Tesla listings and 30 Porsche listings, presenting a unique opportunity for local hosts to tap into the strong demand.
Many local Tesla hosts have already started cashing in on the Bay Area’s proclivity for electric luxury, securing the most lucrative earnings than any other car make. With fewer than just 30 Porsche listings active in the area, the Porsche 911 earned more per trip than any other car model besides the Tesla Model X. The ever-reliable Toyota Prius, on the other hand, performs exceptionally well in terms of pure volume with its typically low price point and fuel efficiency. Although there are currently more Toyota listings in the area than similar makes Honda, Nissan, and Hyundai combined, the Toyota Prius earns more per trip than any of the other daily driver models.
Bookings in the the Bay Area are pretty consistent throughout the year but July and August are consistently peak months every year. Average host earnings hit an all-time market high of $1,228 in the month of August. Trips during these peak summer months are typically priced higher and last about one day longer than the three-day annual average. With just over half of bookings being made by Bay Area locals, weekend trips are particularly popular and often continue into Monday, so hosts should be sure to set their availability and pricing accordingly.
Chris Witmer
Chris is the Community Manager at Turo. He’s a proud father to three rescue dogs and has become immune to jet lag in all his travels (or maybe it’s just the coffee).
