how to price

[Michael271]

Hey everybody!!! How do I price my space? Is it market value of monthly rent of nearby similar units divided by number of days the visitor will stay??

Thanks!!!

-Mike

[Victoria57]

@Michael271, there's no hard and fast rule about this, it's completey up to you what you charge for your space. But you need to be aware of what other properties in your area are offering and what they charge. So get to know your competitors' listings and assess where your price should sit compared to theirs. You should also take into account what it costs you for sheets and towels, breakfast, cleaning etc - although you may want to pass a cleaning cost onto the guest. Also, if there are festivals, Bruce Springsteen concerts or other events in the area you will probably want to adjust your price.  Inevitably you will fiddle with the price and adjust it up or down depending on the number of bookings you get (or not) and the other factors I've mentioned. 

[Deborah1]

I wouldn't base it on price of long term rentals. Short term is always more per night. You can look at price tips and similiar listings in your area. Good luck. (You may want to price it a bit longer until you get a few reviews.)