Operating an Airbnb property is, first and foremost, a business. Making sure that you’re pricing competitively enough to receive bookings yet also high enough to make hosting profitable is important. However, Airbnb pricing can always be subject to change, which is why you need to know how to change nightly price settings. Here’s how to change prices on Airbnb and a few extra tips to help you price your short-term rental more effectively.
1. Updating Your Listing
Updating your nightly pricing can be a bit tricky if you’re not sure where to find pricing settings, but they’re not difficult to find.
Simply follow these directions:
- Navigate to your Airbnb calendar.
- Select the listing that you’re looking to change the price of.
- Find the section for tools at the top of the Airbnb calendar page.
- Navigate to the pricing tab, adjust the pricing, and save.
2. Adjusting Your Rates
When adjusting your rates, it’s important to leverage hosting tips like Airbnb pricing strategies to guarantee that the nightly rate works for everyone involved. Consider the base price, cleaning fees, how other Airbnb hosts in the surrounding Airbnb community are pricing their rentals, and beyond.
3. Managing Seasonal Pricing
Seasonal pricing naturally impacts the pricing of an Airbnb. Certain properties are more desirable during different periods throughout the year. Consider when you get the most bookings make sure that you’re adjusting seasonal pricing to benefit from those fluctuations and know when it’s time to decide to raise or lower prices.
4. Setting Minimum Stays
As a host, you get to decide how little or how long people get to stay on your property. Longer stays are often more desirable for hosts and guests. However, the length of stay is entirely up to you. Some hosts allow guests to book the property for as little as one night, although they may minimize longer-term stays due to tricky tenancy laws in some states.
5. Utilizing Special Offers
Did you know that you could use weekly or monthly discounts to attract new guests? Discounts can mean the difference between increased Airbnb business and guests seeking the right price at another vacation rental. Utilizing special offers can help you attract new business with greater ease.
6. Understanding Dynamic Pricing
Dynamic pricing is crucial to understand to get your pricing right. While new hosts often focus on one or two factors, the reality is that a rental business is always subject to a wide range of external factors that determine pricing throughout the year. Dynamic pricing often looks at supply and demand, local events that often cause an increase in occupancies in the area, seasonality, and more. If you’re new to Airbnb, dynamic pricing is one of the first things to learn more about.
7. Considering Extra Fees
Extra fees can make or break the Airbnb experience. This is especially true if guests see the average price on the Airbnb platform double once they make it to checkout. Consider which fees are necessary to include and how those will impact your booking. If you are including fees, be transparent about what these are and why they’re needed in your listing. Guests appreciate honesty and transparency.
8. Reviewing Your Pricing Strategy
Returning to the drawing board often is a helpful strategy while you’re managing your Airbnb. The reality is that new pricing will change, especially if you need to charge extra or if your property type is starting to see an increase in bookings. Review your pricing strategy every so often to see if things have changed. If they have, act accordingly, then make further adjustments in the future as needed.
Pricing Is Tricky, But It’s Key to Getting the Most Out of Airbnb
As a host, pricing is the ultimate determinant of your success. Price too little, and you run the risk of losing money. Price it too high, and you run the risk of driving guests away. More importantly, if you never change your price, you could be losing out on opportunities. Use the guide above to learn how to change prices on Airbnb and how to successfully set the best price for your rental property.
