Formula for rent price based on lease length?

[Joseph Villasenor]

Hello all, I am curious if there is a particular formula for renting out a home? For instance thinking of listing my fully furnished home for rent on sites like Airbnb etc.

The shortest lease agreement I am willing to do is 1 month. However I want to be flexible and allow month to month, 3 month, 6 month and obviously 12 months.

Looking at the area and running some numbers I think I could pull $4500 a month, $4200 for 3 months, $4000 for 6 months and $3500 for 12 months. While still being competitive.

I wasn’t sure if there was a particular formula to properly calculate how much rent should increase/decrease depending on the length of the stay? Thoughts and opinions on this approach, anything I seem to be missing, oversights, tips, tricks? Thanks in advance!