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Should I look at hotels when researching my vacation rental rates?

I've I heard that shouldn't compare hotel rates to vacation rental rates, I don't really understand the competitive landscape.

1 Answers

You should definitely look at hotels costs, if only because your clients will also be looking at hotel costs. Be always one step ahead.

A good rule of thumb is to consider what you're offering and price it against a standard hotel's nightly rate. If you have four bedrooms, consider how many hotel rooms they would need to rent and approximate your charge from that. It's common to bump up one's own rental home cost if the amenities (such as on-site laundry or a fully stocked kitchen) justify the extra price.

You can also set your weekly rate off of this. A common equation is to multiply your nightly rate by five or six to offer a bit of a deal.

You can also read more about tips on setting rates.