How do you set your pricing when renting your house

[Jane4140]

Hello everyone! My name is Jane, I have been a Host for almost 2 years, and I am curious to know if you set your Nightly Price in accordance to how many people your house accommodates or if you set the price per individual and rely on the guests to provide the correct number that would yield your profit expectation? and what is the best pricing strategy when renting your entire house from your experiences? 
I thank in advance for your insight.

Kind Regards,

[Lorna170]

@Jane4140  I set my price as the whole house.  I tried to offer a reduced price for less people and the result was lying guests who did not divulge true numbers.   

[Jane4140]

Thank you so much, Lorna! 

I truly appreciate your response; I had the same experience _ which is what prompted my question.  My 1st and 2nd guests rented my home for 5 people and 10 and 12 people showed _ Good thing was that I have a relative who lives across from my house (who also co-hosts for me).  Otherwise, I would have never known.

_The help desk was very instrumental and gave me suggestions on how to handle the situation _ It made me a bit uncomfortable having to approach them, but I did, and worked out well, most to their benefit but it was better than letting them get away with it.  After those experiences, I changed my pricing from 'per guest' to ONE price for the entire house.

Kind Regards,

JANE!

[Alicia753 · Accepted solution]

Hi @Jane4140 setting the right pricing for renting your entire house on Airbnb involves several factors. You may consider the steps I also consider when setting my pricing.

1. Market Research: Begin by researching similar listings in your area. Look at their pricing, amenities, location, and reviews. This will give you a baseline for setting your rates.

2. Seasonality: Adjust your prices based on the season. Higher prices can be charged during peak seasons when demand is high, such as holidays, local events, or tourist seasons. Conversely, consider lowering prices during off-peak times to attract more bookings.

3. Weekday vs. Weekend Rates: Typically, weekend rates can be higher than weekday rates due to increased demand. Consider this when setting your base price.

4. Length of Stay Discounts: Offering discounts for longer stays can attract guests looking for a more extended visit. This can be particularly appealing to guests who are traveling for business or looking for a temporary living arrangement.

5. Dynamic Pricing Tools: Consider using dynamic pricing tools that automatically adjust your rates based on market demand, local events, and other factors. Many of these tools integrate with Airbnb and can optimize your pricing strategy. Hope this helps! 

[Jane4140]

Thank you so much‼️

Alicia!! I appreciate your response and input. 

Kind Regards, 

Jane

[Jane4140]

Thank you so much, Alicia,

I appreciate the breakdown you provided and will keep note of it _ Most specifically #2 and #3 _ I actually lowered the price at the suggestion of one of my readings, to attract more guests. I will update my pricing following the steps you guided.  

Being an Airbnb Host has been a beautiful journey for me _ I am looking forward to learning more about the business and hope to become a Super Host one day. Thanks again for your feedback and taking the time to respond to my question! 

Kind Regards,

Jane‼️