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Price is one of the main things guests consider when choosing where to stay. No matter how wonderful your space is, if it’s priced higher than comparable places nearby, there’s a good chance you’ll miss out on bookings.
Listings with prices that were updated four times in 2022 had over 30% more nights booked than those that didn’t change.* Consider these tips to figure out a pricing strategy that works for you.
Know your area
Use your calendar to compare your price to the average prices of similar listings nearby on a map of your area. You can choose whether to view booked or unbooked listings.
Here’s how to compare prices on the map:
Select any date or a date range of up to 31 nights.
Tap or click your nightly price, then the button that shows a location pin with the words “Similar listings” and a price range.
The prices shown on the map reflect each listing’s average booked or unbooked price for the dates selected. The factors that determine which listings are similar include location, size, features, amenities, ratings, reviews, and the other listings guests browse while considering yours.
Offer the best value
Understanding what your guests pay can help you offer the best value and support your earnings goals. Their total price includes your nightly price, any additional fees you set (for cleaning, extra guests, or pets), Airbnb’s service fees, and taxes.
Competitive pricing can help your listing stand out and rank higher in search results. The algorithm prioritizes total price and the quality of a listing compared to similar listings nearby.
Some costs you’re including in your price may not be obvious to guests. Do you offer extras, like a full breakfast, luxury bath products, or streaming services? Make that clear in your listing description to help guests find value in your price.
Consider discounts and promotions
Discounts and promotions let you offer lower prices under certain conditions without changing your regular nightly price. These tools support different situations, such as welcoming your first guests or hosting longer stays.
New listings: Promoting a brand-new listing with a 20% discount on your nightly price can help entice your first three guests to book. Airbnb data shows that Hosts who offer this promotion during the first 30 days a listing is active get their initial booking faster.
Longer stays: Offering weekly and monthly discounts can lead to higher occupancy, lower turnover, and less work for you. Reservations of a week or longer made up 46% of nights booked on Airbnb in 2022.
The discounts and promotions available for your listing can be set from your hosting calendar.
*Based on listings worldwide (except China, Belarus, Russia, and Ukraine) that had one or more nights available from January to December 2022 and did not have Smart Pricing turned on. Additional factors affect nights booked.
Information contained in this article may have changed since publication.