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How do I set my vacation rental rates?

How do I analyze the competition and know what rates to set for which seasons?

Asked By: Mike

Tags: Listing Sites Rates

1 Answers

If this prospect seems intimidating, know that it's easier than you think. Scan websites like HomeAway, VRBO and FlipKey for vacation rental homes that are close to yours: they should offer similar amenities in a similar neighborhood (even if it's not your neighborhood, at least make sure it's a similar one, i.e. a beach).

If your listing is very particular (as in, the amenities you're offering are unique in your area), you might even be able to find other rental homes that are in direct competition with you. Match or beat their prices, if you can afford it.

You can look at nearby motels, hotels and inns, too, but remember that a vacation rental home is far cozier, better kept and more versatile. Calculate how much it costs to do a load of laundry and figure that into the cost, adding it onto what a hotel might charge.

You can also read more about tips on setting rates.