As we all slowly crawl out of hibernation and look forward to springtime, we start thinking about turning loose travel plans into reality. Groups gather to see concerts, go to conventions, and attend festivals and sporting events, hoping to meet new people and take in the newfound good weather.
While the current economic climate has given travelers pause financially, it has definitely not dampened their desire to visit new cities and have fun. Short term accommodation renting is an ideal way for these travelers to stay in beautiful, comfortable places for reasonable prices, while also experiencing the city in a more intimate way. As a part of the Roomorama hosting community, you are well positioned to fill this demand and meet some very cool people along the way.
In the coming months, price competition from hotels will be a reality of the short term accommodation marketplace. As travelers look for ways to save money and seek hotel alternatives, the result has been and will continue to be significant hotel price reductions. Though a hotel will never be able to offer the coziness, personality and spaciousness of an apartment or home, they can certainly compete on price.
What does that mean for you as a Roomorama host?
Price adjustments are a normal and healthy reality of any efficient marketplace. Rethinking your prices to reflect the changing short term accommodation environment will, without question, increase the likelihood of renting out your place. And I’m sure you would agree, filling vacancies is goal number one in the business of short term renting.
The graph below gives a snapshot of nightly hotel prices in the cities in which we operate, and can help guide you to a price that can maximize your rental income.
From our experience, short term rentals have typically been priced at a 20%-40% discount to hotel prices (for a place accommodating an equivalent number of guests). Of course, homes, apartments and hotels vary very widely in terms of what they can offer (amenities, neighborhood, square footage, sleeping arrangements, etc). This data is meant to only serve as a general guide.
Here is how you can easily make any change to the prices of your accommodations:
1) Go to www.roomorama.com and log in to your account (this takes you to your Host Activity tab)
2) On the left side, under Rooms, you will see your properties
3) Click on the room whose prices you would like to Edit
4) Click on the “Edit Room” button
5) Go to the “Pricing and Availability” subheader of this page
6) Input the new prices and relevant dates, and click the “Update Availability” button
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