STR Revenue Maximization

[Julia Bykhovskaia]

A question to experienced hosts with urban locations: how do you fine tune your pricing and what occupancy do you target? I’ve been targeting 100% occupancy and I get close (93%) but I realize it’s probably not the best revenue maximizing strategy. I will probably be making more money with higher prices and lower occupancy. The big unknown - is the elasticity of demand and how much will it fall if you move prices up. Probably a trial and error exercise, I don’t see any other way to do it. Any thoughts/insights/experiences to share? Thank you very much in advance!