4 Short-Term Rental Pricing Tools to Boost Your Revenue
If you own or manage a vacation rental property and aren’t using dedicated short-term rental pricing tools, you’re leaving money on the table. You need to automate price changes to beat your competition and increase your revenue.
And using integrated online travel agency (OTA) tools like the Airbnb Smart Pricing isn’t enough, so don’t be fooled by them. The Airbnb Smart Pricing Tool compares similar properties in size and location, but not in quality, mismatching your listing’s nightly rates with others.
But there’s an easy answer to your pricing problems. By the end of this blog, you’ll discover the benefits of dynamic pricing and be ready to choose between one of the four most popular tools.
Table of contents
- What is dynamic pricing for vacation rentals and how does it work?
- Why dynamic pricing tools are crucial for your rental business
- 4 Best short-term rental pricing tools to consider
- How to implement dynamic pricing into your business strategy
- Should you get a dynamic pricing tool for your vacation rental business?
- Frequently asked questions about short-term rental pricing tools
Increase your revenue first, pay later.
Enter the Jetstream and get a team of experts to manage dynamic pricing, 24/7 guest communication, and marketing across multiple channels.
What is dynamic pricing for vacation rentals and how does it work?
Dynamic pricing is a practice that helps you maximize your income from short-term rentals by modifying nightly rates to reflect seasonality and other changes in the market. Dynamic pricing tools use a pricing algorithm to identify how much your price needs to fluctuate depending on the demand. With these tools, price changes can happen several times per day.
In order to implement real-time pricing, you need to connect your property management system (PMS) to your preferred dynamic pricing tool so that pricing bots can control your rates. Factors that affect dynamic pricing include
- Seasonality
- Days of the week booked for the trip
- Dynamic demand
- Special events and local activities
- Availability or vacant dates
- Performance of your listing over time
- Competitor prices and occupancy rates
- Listing reviews
- Location amenities
Why dynamic pricing tools are crucial for your rental business
When becoming a vacation rental owner, dynamic pricing tools are a must if you want to:
- Increase your revenue
- Optimize your time
- Extend the average length of stay
- Get ahead of your competitors
- Invest little and get high rewards
- Keep your listings updated
1. Increase your revenue
Dynamic pricing tools adjust your nightly rate in real-time so you can respond quickly to market demand and increase your overall revenue. For example, if the tool identifies a high demand for the weekend, and you have availability, then it can adjust your nightly rate to accommodate the increased demand.
2. Optimize your time
Whether you’re a vacation rental manager by trade, or a self-managing property owner, you need to become more efficient so you can focus on other personal or work-related priorities. Using a dynamic pricing tool helps automate price changes and ensures you’re making the most possible profit without any hassle.
3. Extend the average length of stay
By setting a minimum length of stay in your dynamic pricing tool, you can offer discounts for longer bookings and increase occupancy rates.
For example, you can set a three-day stay minimum for low seasons and offer a discount to guests who stay for four days instead. That way, you can extend the length of stay and increase revenue. Those adjustments also help you fill gaps in your booking schedule.
The best dynamic pricing tools now identify “gap night” opportunities, allowing you to fill gaps between bookings.
4. Get ahead of your competitors
While your competitors are asking around, guessing how much they should charge per night, and manually updating their prices, you’re at a clear advantage because you’re making data-driven pricing decisions. And by analyzing trends, you can make future adjustments to your strategy and use it as leverage against your competition.
5. Invest little and get high rewards
Dynamic pricing tools aren’t expensive and they’re relatively easy to set up and use at a basic level. The reward, on the other hand, is high. Using the right vacation rental software to manage pricing fluctuations can increase your bookings, reduce vacancy rates, increase yearly revenue, and improve your ratings.
6. Keep your listings updated
In platforms like Airbnb and Vrbo, you need to keep your listings frequently updated to increase visibility. Using dynamic pricing tools helps you make slight changes to your listing prices, keep them updated, and get more bookings on Airbnb or other OTAs without any additional effort.
4 Best short-term rental pricing tools to consider
The most acclaimed STR pricing tools in the rental industry are Wheelhouse, Beyond Pricing, PriceLabs, and Airbnb Smart Pricing.
1. Wheelhouse
Wheelhouse’s calendar summary shows proposed prices for the different days of the week according to strategy information.
Wheelhouse is a pricing platform that combines ease of use with detailed pricing customization options. It integrates with several PMS, OTAs, and other all-in-one property management tools. Wheelhouse stands out from other dynamic pricing tools by focusing on personalization and building a strategy according to your goals.
Main features and benefits
- Automated customization. With Wheelhouse, you can set automated nightly rates that drop as the date approaches to increase occupancy as quickly as possible.
- Night gaps filling. This tool lets you disable single-night stays to avoid having gaps between reservations.
- Reliable event calendar. Wheelhouse shows all the special events that might affect the price of your stay.
- Transparent seasonality price adjustments. Users can hover over the different suggested nightly rates and get a detailed description explaining price changes.
- Competitive Sets tool. This platform lets you compare your prices against direct competitors and use that data as leverage.
Main drawbacks
- Limited customization. Since Wheelhouse is so easy to use, some functionalities can’t be edited. But they’re frequently working to improve this. For example, in the past, you could only turn on or off “gap nights” but it wouldn’t let you edit the price per night on those days. They’ve now added settings that allow you to add a percentage of discount to gap nights.
- Doesn’t integrate with Vrbo or Booking.com. Wheelhouse won’t connect directly to these platforms. However, you can connect to these tools using a third-party PMS.
What we love about Wheelhouse
We use Wheelhouse at Jetstream because we believe they have the most accurate dynamic pricing tool.
“We also love Wheelhouse because they’re frequently making improvements to their pricing engine. Whether it’s actively seeking out new data partnerships, introducing new features, or improving their price modeling. Wheelhouse is always on the forefront of automated pricing technology.”—Dave Shepherd, Revenue Manager at Jetstream.
Pricing
Wheelhouse offers a variety of plans to suit your financial needs. You can either request to get charged with 1% of your monthly revenue or pay $19.99 per listing per month. Or you can partner with Jetstream, and get Wheelhouse included in your package (book a demo).
2. Beyond Pricing
Beyond Pricing offers a detailed explanation of the proposed night rates taking into account seasonality, events, and day of the week.
Beyond is revenue management and dynamic pricing software that helps property managers and vacation rental homeowners automate their pricing strategy. One of their key differentiating features is that Beyond Pricing offers a health score that shares how well your listing is performing according to the base price.
Main features and benefits
- Property calendar management at a scale. Beyond Pricing makes it easy for people who manage several properties to adjust nightly rates in a few minutes.
- Native Airbnb, Booking.com, and Vrbo integrations. Unlike Wheelhouse, Beyond connects directly with three of the most popular OTAs. Also, this platform integrates with a large suite of PMSs that allow you to reach other channels.
- Superb insights tool. Using Beyond’s market insights tool, you can better define your pricing strategy based on real-time market data.
- Uses historical data to provide market-based health scores. Beyond gives you performance insights based on profitability instead of occupancy.
- Supports different currencies. This tool allows you to edit prices in different currencies around the world.
Main drawbacks
- Steep learning curve. Some users mention that this tool can be difficult to understand at first. Especially when trying to customize prices.
- Seasonality and event automation are complicated. The platform will let you edit prices per month but not necessarily by seasons, and users end up manually adding events and changing prices.
What users love about Beyond Pricing
Users love Beyond Pricing due to its ability to change pricing at a scale and because it integrates natively with Vrbo and Booking.com. “I love the fact that you just manage your base price and it adjusts everything from there,” shared Daniel D. on GetApp.
Pricing
Beyond Pricing charges 1% of your revenue coming from Airbnb, Vrbo, or Booking.com.
3. PriceLabs
PriceLabs has a dashboard that lets you review the status and health score of all your listings at once.
PriceLabs is another dynamic pricing tool that’s easy to use. It helps in revenue management and to reduce vacancy rates for STR. This tool makes a difference in terms of customization, it lets you edit occupancy-based adjustments.
Main features and benefits
- Transparent pricing. PriceLabs offers a fixed price instead of 1% of your revenue. Making it more affordable for owners or property managers with a large portfolio, it also comes with a free trial for you to test the functionalities before paying.
- Detailed future occupancy information. PriceLabs gives you a percentage of occupancy for the next seven, thirty, and sixty days.
- Discounts and premiums management. You can automatically add discounts and premiums for when your listings get a certain occupancy rate.
- Historical data analysis. PriceLabs uses your past data to discover trends and understand booking behavior in every location.
- Base price calculator. Unlike Beyond Pricing, PriceLabs calculates the base price for you, making it easier for you.
Main drawbacks
- Doesn’t offer event tracking. PriceLabs adjusts prices based on seasonality but it doesn’t offer event management
- Steep learning curve. Since it’s so data-driven and comes with many different functionalities, PriceLabs can be hard to understand and use to its full potential.
What users love about PriceLabs
Users love PriceLabs’ support team, since they get to talk to humans first instead of getting answers from a bot. They also love the ability to adjust the seasonality feature. “I love the seasonal pricing with the ability to set your own base, minimum, and maximum,” posted Dan M. on Capterra.
Pricing
PriceLabs offers a fixed price of $19.99 per listing per month for dynamic pricing.
4. Airbnb Smart Pricing
Airbnb Smart Pricing lets you set minimum and maximum night rates as well as review the suggested platform prices.
Airbnb Smart Pricing is an integrated Airbnb feature that lets them automatically modify the nightly rates based on market demand. What makes Smart Pricing different from other similar tools is that is an Airbnb native tool and doesn’t allow much customization.
Main features
- Control over the minimum and maximum prices. Airbnb lets you add a range of nightly prices that work for you. To define these rates you can use platforms like AirDNA or Vrolio for market research.
- Insights and price tips based on real-time metrics. This tool uses app analytics to come up with pricing trends in real-time .
- Improved occupancy rates. Airbnb has the same interest as hosts, they want listings to be booked, that’s why they’ll adjust prices based on demand.
- Native Airbnb tool. Since this is an Airbnb feature, you won’t have to worry about lags or syncing issues, prices will always be updated without any mishap.
Main drawbacks
- Users complain about prices being too low. In order to increase occupancy, Airbnb often lowers rates on the low end and hosts lose revenue as a result.
- Pricing recommendations don’t differentiate quality. Airbnb Smart Pricing compares listings that are in a similar location and have similar dimensions, but it doesn’t take quality into account, so you might be compared against properties that aren’t in the same category as yours.
- Doesn’t take seasonality or event management into account. Airbnb Smart Pricing responds to real-time market trends but doesn’t include seasonal fluctuations or nearby events.
What users love about Airbnb Smart Pricing
Many Airbnb hosts prefer to use other dynamic pricing tools, but the ones who use this one appreciate its simplicity. They can just set their minimum prices and then let Airbnb change prices for them without any additional work. “I do smart pricing but I set my own minimum, not the suggested one. That way I’m always at least making my minimum with the ability to make more if they increase the pricing on certain weekends,” said Reddit user, 9months2late.
Pricing
Airbnb Smart Pricing is a free tool that comes with using Airbnb as an OTA.
How to implement dynamic pricing into your business strategy
There are 3 main ways to implement a dynamic pricing strategy for your STR business.
1. Use short-term rental pricing tools
Short-term rental pricing tools use AI and OTA data to automatically adjust your nightly rates. Whether you manage vacation rentals on your own or want to outsource the responsibility, getting up to date with the latest technology is essential.
2. Hire a property manager
A good property manager will either use one of the dynamic pricing tools listed above, and integrate it with your PMS, or come up with their own internal solution to manage frequent changes in nightly rates.
3. Let Jetstream handle it for you
Jetstream uses Wheelhouse for automated dynamic pricing and has a dedicated team of experts that will manage other areas of your business like marketing and 24/7 guest communication.
If you’re up for hiring experts to help you manage your STR business, Jetstream offers a unique service that’s customizable to include the solutions you need. You can retain control over your listings while we manage the admin remotely, with no upfront costs or time wasting for you.
In fact, Jetstream is a better option than doing dynamic pricing by yourself because we offer complete revenue management. If you say the word, we’ll come up with a strategy to increase your bookings through every channel—including direct bookings.
Increase your revenue first, pay later.
Enter the Jetstream and get a team of experts to manage dynamic pricing, 24/7 guest communication, and marketing across multiple channels.
Should you get a dynamic pricing tool for your vacation rental business?
Being able to adjust your prices according to the dynamic demand allows you to maximize your profits and reduce your vacancy rates. To do so, you should look into different dynamic pricing software and choose the one that suits your needs. Wheelhouse, Beyond Pricing, or PriceLabs are amongst the best possible solutions.
But to maximize the value you’re getting from a dynamic pricing tool, you’re better off hiring an experienced agency like Jetstream that can design a holistic growth strategy that includes revenue management along with marketing, channel management, and 24/7 guest communication.
Increase your revenue first, pay later.
Enter the Jetstream and get a team of experts to manage dynamic pricing, 24/7 guest communication, and marketing across multiple channels.
Frequently asked questions about short-term rental pricing tools
What are dynamic pricing tools?
Dynamic pricing tools help hosts, property managers, and vacation rental homeowners adjust the nightly rate of their listings according to the dynamic demand. At Jetstream, we use Wheelhouse to automatically update each listing’s pricing in real-time, based on millions of data points. Book a demo.
Why use a vacation rental pricing tool?
Vacation rental pricing tools help you:
- Increase your revenue by offering nights at discounted rates to extend the average length of stay and reduce your percentage of vacancy
- Reduce the time spent managing your property and stop manually changing the prices on your listings
- Gain a competitive advantage by changing prices in real-time and having access to historical data
- Get rewarded with low effort investment
- Keep your listings updated and help to position them higher in OTAs
Is Airbnb Smart Pricing too low?
Airbnb can be too low, according to hosts. The platform claims to use similar listing data to other dynamic pricing tools, but some users complain that the base nightly rates are too low even in high seasons.
The main issue with Airbnb Smart Pricing is that it compares properties of similar sizes and locations, but it doesn’t take into account the quality of your decor, furniture, or overall stay. Because of this, some hosts perceive a loss of income.
My property is always full, do I need to do dynamic pricing?
It’s always nice to have your property fully booked, but without dynamic pricing you’re probably leaving a lot of money on the table. Having the same nightly rate throughout the year probably means you’re not considering adjustments due to seasons, days of the week, or events. In fact, not doing dynamic pricing can put your occupancy at risk in case the demand drops and you’re not on top of your rates.
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Resort revenue management is essential to maximize bookings and avoid leaving money on the table. Unless you can afford to hire a dedicated revenue manager, however, it can be hard to know where to start. We work with resort managers to help them optimize pricing, distribution, and bookings based on the latest industry insights and […]
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May 12, 2022Changing Your Property Management Company: Everything You Need To Know
Whether you own short-term rental (STR) units or luxury hotels, you need to be able to trust whoever is managing your assets. After all, your property management company (PMC) has a big impact on how much money is hitting your bank account. If you start doubting their abilities, it’s time to think about changing property […]
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Apr 26, 2022Survey – Short Term Rental Opportunities for REALTORS® and Brokers
Are you a licensed REALTOR®? Please complete this three-minute survey if you are a REALTOR® who is interested in, dabbles in, or is actively managing Short Term Rentals. Our team at Jetstream is on a listening mission to learn more about your opinions and pain points. We have just 9 questions for you and we will […]
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Apr 21, 2022Expand Your Services and Increase Your Earnings
Are you a Housekeeping Professional, Leader, Owner? The Ultimate Guide for Housekeeping Professionals to Offer Short-Term Rental Management Jetstream Hospitality Solutions is recruiting new housekeeping and property care companies in select parts of the USA and Canada. If you want to painlessly grow your business by adding vacation rental management without adding extra staff please […]
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Apr 20, 2022How to Add Passive Income To Your Real Estate Business
Are you eager to make more money? Jetstream Hospitality Solutions is recruiting new REALTOR® and broker partners across North America to make money in short-term rentals. Watch the 3-minute video. Book a discovery call with Jessica to find out if your location is on the list! How to Add Passive Income To Your […]
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Feb 04, 2022Hotel & Airbnb Management / Short-Term Rental Tips | Three steps to unlock labor costs by up to 50%
Three steps to unlock labor costs by up to 50% Both new Airbnb hosts and experienced hoteliers are dealing with the same problem – it’s nearly impossible to find and keep great staff (or in some cases, any staff). Labor costs are skyrocketing, and it’s estimated that in 2022, there are over one million unfilled […]
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Dec 17, 2021Jetstream Captures Travolution Award
We Won! Best Small Technology Company Jetstream is thrilled to have captured the 2021 Travolution award for ‘Best Small Technology Supplier.’ Emmanuel Lavoie, CEO Jetstream Hospitality Solutions “We are delighted with this accolade and recognition for the work we are doing to provide a powerful way for owners, managers, and developers of multi-unit rental properties […]
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Nov 30, 2021Jessica Larsen – Empowering new business opportunities for professional housekeeping providers
The Clock is ticking and there’s work to be done Every Saturday morning, a convoy of professional housekeepers pile into Jessica Larsen’s driveway. Their task is enormous – they need to get 150 vacation rental checkouts cleaned and the bedding and towels switched out for guests arriving later that day. Information comes at Jessica from […]
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Nov 29, 2021How To Scale Up Short Term Rentals Assets Without Adding Fixed Costs
Short-term rentals have been the brightest spot of the hospitality industry as guests gravitated to larger spaces with kitchens and living areas. Remote workers found new freedom to travel to new destinations whilst holding down the 9 to 5 on Zoom and Slack. Unprecedented interest is now focussed on the Short Term Rental Industry as […]
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Nov 15, 2021Airbnb and the Newest OTA’s Driving Revenue in 2022
It’s hard to believe, but in 2019, less than half the travelling public had tried a short-term rental. Flash-forward 18 months and short-term rentals have led the hospitality industry out of the pandemic due to their emphasis on private spaces and in-room amenities like kitchens. In fact, while the wider hotel industry won’t bounce back […]
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Nov 11, 2021Pricing Strategies for Mid & Long Term Stays for Digital Nomads and Remote Workers
Remote workers and digital nomads help to drive occupancy, revenue, and longer stays during the slow season. Let’s make it official – the office cubicle has been replaced by the cozy cottage, as now, more than ever, employees strive to become digital nomads and work remotely. For digital nomads, it’s not enough to escape the […]
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Nov 08, 2021Are Short Term Rentals the New Norm for Multifamily Owners?
FORBES reports that on average, short-term rentals (STR) yield 30% more profits for property owners than longterm leases. The math on this is clear. Take a popular STR market such as downtown Vancouver for example. The average longterm monthly rental rate for a modest 1 BDR condominium is approximately $2400. Apply the formula to […]
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Jun 28, 20195 Top Tips to Attract your First Booking on Vacation Rental Platforms
Now that boutique hotels and resorts are joining vacation rental platforms, here are 5 top tips from our Jetstream team to make your listings shine and attract bookings.
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Jun 28, 20194 Ways that Jetstream is your Multi-Purpose Tool for Airbnb Success
Jetstream's full-service solution is your multi-purpose tool for Airbnb success. Here are the top 4 ways that Jetstream will increase the performance of your listings on Airbnb!
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May 08, 2018How Hotels Can Get Airbnb’s Stamp of Approval
Connecting Boutique hotels to Airbnb has been a hot topic of conversation ever since Airbnb announced that they will now feature them on their platform.
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Apr 24, 2018Jetstream Connects Airbnb to Sabre SynXis Hotel Booking Engine
On April 10th, Sabre announced the launch of their new guest-centric solution on the SynXis Enterprise Platform.
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Apr 10, 2018Listing Boutique Hotel Rooms on Airbnb
The days of hotels seeing Airbnb as the enemy are over. The evolution has reached the inevitable conclusion with Airbnb announcing that boutique hotels are welcome on its network.
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Mar 21, 2018Airbnb and Hotels – Partners or Rivals?
Traditionally, Airbnb and the hotel industry have been seen as massive rivals. But now, is the game changing? Boutique hotels are beginning to find a partner in Airbnb.
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Feb 27, 2018Now Entering the Sharing Economy – Boutique Hotels & Resorts
The sharing economy is steaming ahead. Last year, PWC predicted that the sharing economy would grow by 60% in 2017 to 27bn in Europe alone.
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Feb 21, 2018Is Your Resort Ready For The Vacation Rental Market?
In the ever-evolving of travel industry, home sharing platforms and vacation rental marketplaces are continuing to make their mark.
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Jan 12, 2024Jetstream featured on Redfin
Jetstream CEO and thought leader, Emmanuel Lavoie, was recently featured on the popular Real Estate Portal Redfin sharing his own unique experience of New York. 13 Unique Things to Do in NYC | Redfin New York City, often dubbed “the city that never sleeps,” stands as an unparalleled metropolis that demands no preamble. Whether you’re […]
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Jul 31, 2023Managing Airbnb Risk with AI
Efficiently Managing Risk: How AI Guest Screening Solutions Benefit Property Managers Property management, especially in the realm of vacation rentals and boutique hotels, can be an intricate and challenging business. Understanding the Need for Effective Guest Screening Guest screening is a critical process that helps property managers mitigate risks and ensure the safety and security […]
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Jan 10, 2023Jessica Larsen – Why Realtors and Short-Term Rentals are a great fit
Transforming Dreams into Reality: How Technology and an All-in-One Solution helped this Realtor/Broker Succeed in the Short-term Rentals Industry Jessica Larsen’s Saturdays are filled with the hustle and bustle of managing 150 vacation rental checkouts. As a successful Realtor and property manager, she leads a team of professional housekeepers to get the job done. But […]
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Jan 10, 2023
7 Alternative Careers for Real Estate Agents
There’s a lot that goes into being a real estate agent. Navigating a feast or famine industry and working on commission–all while building your client base and competing for listings–can take its toll. After a while in the game you might realize the unstable income and long or unpredictable hours aren’t for you. But do […]
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