Do you adjust your price during local events?

[Sybe]

Hello everyone,

Big events can create lucrative opportunities for Hosts, especially when much of the crowd visits from out of town. Whether your guests are traveling to London, UK for the annual FA Cup final, going to Miami for the big tennis tournament, which earned local Hosts over $7 million USD* in March 2019, or bristling down to Brisbane for The Ashes; thinking about your listing during these high volume attendee events can be lucrative.

Hosting during major events in your local community can be a great way to:

• Test the waters of hosting by welcoming your first guests
• Try out being a part-time Host with occasional availability
• Fine-tune your year-round pricing strategy

This Resource Center article offers tips for setting your price, opening your calendar, choosing a cancellation policy, and more.

Though there’s still much in the world keeping us far from “back to normal,” many Hosts are thinking about how they can maximize their local calendar moments. 

How do you make the most of hosting during big events in your area?

As always, I’m looking forward to hearing about your experiences and stories on this topic.

Thanks,

Sybe

[Bryce104]

@Ryan2594 That pride will always have you missing out on money. Airbnb stays should be in line with every other product in this world whose pricing is based on a mixture of supply and demand. Raising prices on any high demand event day is the same principle as generally having higher prices for weekends vs weekdays. Weekends are in higher demand so prices are higher. There is no greed involved with aiming to maximize the value of the space you provide. And at the end of the day people still have a choice in deciding if the price set is worth it. They can decide not to book and choose another place as well.

[Ryan2594]

@Bryce104 
Better to miss out on money than sacrifice moral integrity.

You’re looking at this through a pure economical perspective, letting the invisible hand dictate prices. Yes, supply and demand and price elasticity will ensure a maximisation of profit and it appears that’s your end goal. Price gouging like what when on during COP 26 was heinous and tarnished the AirBnB brand when people hyper-inflated their prices to 2000%. One host was suspended when he canceled a reservation and told the guest he would need to pay thousands in order to stay because he missed out.   

Others, genuinely want to provide a reasonable stay for their guests.

Greed is involved with maximising space to an absurd level of financial gain. Just because the environment allows for it doesn’t mean it should be acceptable. In capitalism this is often referred too as market failures and is addressed by external interventions, mostly by the state. 

Raising prices on weekends is abhorrent. Yes, you can do it because there will be a higher demand but if your venue is fully booked why do it? It’s like when bar’s deliberately raise their prices by 10% when holding a function like a wedding despite offering the exact same services. 

I am the cheapest place on AirBnB and yet I am projected to make 3 times what I would have made if I were to rent out my room. I have no need to exploit people.

As a local candidate for up coming elections it’s part of my campaign to come down hard on non-residential hosts. They have devastated entire communities and raised housing and rental prices for young families. I’m glad the Scottish Government are finally implementing licences for all short-term lets.  

[Kirsten266]

No big events here. Only on big days like Christmas and new year I increase the price during winterperiode when it's not in the weekends. 

[Tom3349]

Doing OK the way things are, better things are on the way.

Tom

[Paul8217]

I would like to but I don't know how to adjust prices short term- because you can only block booking for 3 months

[Darcy92]

Sadly I have to raise my rates for any day as I’m being charged approximately 70% now in fees and taxes.    For every dollar I earn I pay Airbnb 12%, Mexican VAT tax of 16%, Mexican income tax of 20%, property management 10%, HOA fees and property tax or 3%, then Canadian income tax when I deposit the money of 30%.     I need to double my nightly rate to make it worth while at the minimum.   Any suggestions? 

[Tamara682]

Relocate - WOW!

[Rita-Jean1]

This is my second year of hosting and I am getting repeat business which I appreciate so much. I raised my daily rates $10 recently , but lowered my weekly and monthly rates. I enjoy long term guests who feel like family and make the business easier than the turn over business which is much more work. I check what is being charged around me and always stay close to those rates. I would not charge higher fees for special events held in the area as I provide a great service at a great rate . I also am about 15 to 40 miles away from where the big events are held. Folks love staying where it is more peaceful and quiet even if they drive a little further away to stay away from the hustle and bustle of the larger cities. I have helped guests in many ways with relocating to the area. These guests stayed at least twice because my rates stayed the same and are now my dear friends who have referred other guests to me. I’m blessed to do the business I love and reap what I sow. No, I would not raise prices for special events or times of the year .

[Gregory87]

We've been hosting since 2017 and just like hotels, entertainment venues, and airlines, we adjust our rates during major holidays, high travel periods (e.g. summer, winter vacation, or Spring Break), and popular events.  

There are a number of reasons to do so:

1) a screening tool for guests.  We want to avoid hosting those visitors looking for the cheapest accommodations since it can lead to inconsiderate care of the rental or inappropriate behaviors.

2) value added efforts.  Depending on who is booking and why, we may decorate the space and/or provide other special items related to the visit.

3) compensation for our time.  During holidays or major events, we may have to re-schedule our plans or cancel them to fulfill our hosting obligations.

Nevertheless, we do offer discounts for early booking or long-term stays, so the cost can be reasonable for those who plan ahead.  

[Taisha4]

Yes I do adjust te price of my listing during local events.