Determining a pricing strategy for your short-term rental

Looking to rent out your property on Airbnb or Booking.com but struggling to set a pricing strategy for your short-term rental? No worries, your property management service is here to provide a few tips to help you see things more clearly.

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How do you determine the price for your short-term rental?

The first criterion to consider is the type of property you want to rent out. An apartment, a house, a villa? For example, in the same city and the same neighborhood, a property will obviously not have the same rate if it is a studio versus a three-bedroom apartment. In addition to the general appeal of the city where the property is located, location plays an essential role in setting the price. A view of the Eiffel Tower or an apartment located in the Marais will rent for more than in other districts. Similarly, an apartment located near all amenities and iconic landmarks will be valued higher.

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The best price at the best time

Depending on events or the season, your Welkeys property management service handles price fluctuations. A property's rates can easily go up or down. Properties on the French Riviera , for example, are more expensive in the summer than in the off-season. The same applies to apartments near Roland Garros during the tournament. The goal of this strategy is to guarantee both owners and tenants the fairest rate, in line with the laws of supply and demand.

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Short stays vs. long stays

Following this same logic, it is essential to offer a discount for your long-term guests. A "long" stay is more profitable for owners than a 2-day stay. It is therefore common to lower the nightly rate when guests occupy the space for a relatively long time. Conversely, short stays (a weekend, for example) are less profitable because they require cleaning between each guest at a faster frequency. To cover these expenses, short stays generally have a higher nightly cost.

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Our revenue manager

To assist you in this process, your Airbnb management service offers the expertise of its revenue manager. An expert in their field, they know the market inside and out and help you rent your property at the fairest price. They also guarantee that you will maximize the profit from your rental and increase your rental income.