When to raise daily rate?

[Kathleane0]

I'm two months into hosting on ABnB. I have five 5 star reviews. My prices are in line with those around me, but on the low end of that spectrum. My minimum stay is 2 nights. Last month I had 100% occupancy, this month (so far) I have 80% occupancy. My question is, is it time to raise my prices? I know I could experiment, but I thought I'd ask here first for feedback.

[Mike-And-Jane0]

@Kathleane0 You could raise your rates or perhaps do something to make life easier for you such as increasing the minimum number of nights that can be booked. We would have done both as 100% occupancy would be too much for us.

[Elisa]

Hi @Kathleane0 😊, 

Thank you for raising this topic in the community; it is really interesting!

Did you find out what to do?

I can mention a few experienced hosts who will probably know how to advise you on this: @Elena4354, @Zheng49, @Frances3408 and @Guy991.

Thank you in advance, everyone!

Warm regards ‌🌻‌,

[Zheng49]

I would raise the daily rate as applicable if you notice Guest quality is declining or is already low. Otherwise I'd leave it.

It may be good to increase the rate temporarily for certain weekends/holidays if you notice your listing's price is lower than everyone else. 

I adjust pricing to make it desirable for the guest(s) that I want to host, but less desirable/not desirable for the guests that I don't want to host. This is especially important for listing(s) like mine that allow instant booking without any conditions. 

@Elisa @Kathleane0