Dynamic Pricing for 30+day Rentals

[Sarah Selle]

Hi all,

I have a medium term rental (30+day stays) and have been using Price Labs for dynamic pricing. It's definitely set up for STRs and not properties that rent out monthly. I'm not sure it's worth the $20/mo vs. pricing appropriately and offering strategic discounts when vacant.

Thoughts?

- Has anyone found a good dynamic pricing software for medium term rentals?

-For those with medium-term rentals, do you use dynamic pricing software?

Thanks for your insight!! 

[Jared Cooper]

Hi Sarah,

I have a seasonal market here in Phoenix-Scottsdale, AZ. I do a hybrid STR during the "on season" and then "off-season" MTR but also still do advertise for STR. I do use Pricelabs still during my MTR season for pricing my STRs.

Now, what I do for the MTR pricing is look at the "comps" for any furnished units on Zillow, Realtor, etc. and also go onto the OTAs and price out nearby comps. BTW FurnishFinder comps I've found tend to be on the lower price point (and less desirable décor usually). Once I have an idea on the MTR pricing then I go into an Excel Spreadsheet I created. Here, I can enter whatever nightly STR minimum rate I wish (from Pricelabs) and then see the host payout and guest "out the door" price. Finally, I use the monthly % discount to then make the OTA payout equal to my direct booking payout. The once caveat is that because of the demand pricing in PriceLabs (a surge pricing date) would result in a nightly rate greater than your minimum rate and thus less of a discount then budget. I'm open to any suggestions and/or different approaches too.