At what occupancy rate to put prices up?

[Sean14]

Hey folks

My occupancy rate for this year is 83% thus far. I was wondering if there's a level at which you'd put prices up?

Something to keep in mind is that my minimum stay is 10 nights, so there will be natural gaps because of that.

Thanks

[Fred13]

Interesting question @Sean0. If you are happy with the way things are going, perhaps go up 10% every 6 months and see if you are just as happy with your clientele. I tend to be a fan that the clientele one gets is the most important, profit is #2.

[Pete69]

83% occupancy rate with a 10 night minimu stay? Wow! If I did that, it would just about put me out of business. I had one guest in 4 1/2 months book for 10 nights or more.

The only way to find out is to test out those higher prices. You might continue to book guests but also lose a booking or two.

[Sean14]

Indeed, I could imagine most Airbnbers having a terrible time with 10 night+ stays, but my market is visiting University employees and graduate students. I have tried shorter minimums but the extra cleaning costs weren't out weighed by the higher nightly rates, which I couldnt put up too much as it then encroaches on hotel rates and my place is very different 🙂 I'm thinking of putting it up 1$ a night and try to stay above 80% $1 is tiny I know, but my nightly price is around $20 so it's a 5% bump 🙂