All of this has been very helpful. I have been hosting for five years, now, in two cities. It has been an essential part of my income; I am self employed and barely scrape by with my jewelry business alone.
For the first three years I was here in Louisville, my rates were between $50 and $65/night. Then the market doubled, maybe even tripled, and as it stands, I am lucky to get $45/night and that's only if they book in advance, with the way that the algorithms are working. There are many hosts here who are listing at $27/night and this is all creating a severe dent in my finances. I am booked almost 100% of the time, and making half the money. The biggest hindrance to creating a "better" environment for guests is that my boyfriend and I have four cats. Most of our guests are here *because* of them, but of course, the ones who book because they see a cheap rate seem to completely bypass the information that's written eight different ways on my listing, and think it's just fine for them to write a review or private "feedback" that the cats are just "too much." It's so rude and defeating. We clean for 1-2 hours before every guest. Everything is dusted weekly. Our home is old and a rental and the landlord doesn't fix anything. My hands are tied unless other hosts here STOP dropping their rates so low.
And the last straw has been that my place hasn't booked at all for the KY Derby. The market is completely saturated. I made $880 over this weekend last year. My boyfriend and I literally have not paid rent for April yet, we were relying on this income.
I don't know what to do.