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How do you figure out what rates to charge for your vacation rental?

I’m trying to set rates for my vacation rental, but I don’t know to make sure they’re competitive. Do you have any tips?

1 Answers

You need to find the right balance when setting rates for a vacation rental. Too high, you may not get enough renters. Too low, you may not make a profit. We suggest these four steps to find the right rate for your property in your market:

Step 1: Know Your Costs
Decide what’s the minimum you can charge to break even. Calculate your costs, then conservatively estimate how many weeks you feel you can book renters. (Try this vacation rental calculator.)

Step 2: Know Your Competition
Check out sites like HomeAway, FlipKey and to see what similar properties with comparable amenities are going for, but also evaluate other accommodations.

Step 3: Setting Your Highs And Lows
When checking out the competition, note what they consider high and low periods and what their rates are during these different seasons. Is there a minimum? Package deals?

Step 4: Look At Your Property Objectively (Or Ask A Friend To)
Does your vacation rental offer more than others? Less? Consider everything when setting your high and low rates. Getting someone else to do an objective comparison can help.

For more details, check out How To Set Rates For Your Vacation Rental.