With Your.Rentals, hosts get access to PriceLabs, an industry-leading pricing tool, built right into the platform. The essential settings—Base Price, Minimum Price, and Maximum Price will help you boost revenue and stay competitive, even in a crowded market.
This guide covers proven pricing strategies you can use immediately, whether you’re just starting out or looking to take your earnings to the next level.
From setting the right price thresholds and making the most of local events to knowing how and when to discount, you’ll learn how to use what’s already in your Your.Rentals platform to outsmart the competition, attract more guests, and make every booking count.
Setting the Right Pricing Foundations
Getting your pricing basics right is the single most important step you can take to increase your rental income.
In Your.Rentals, the Base Price, Minimum Price, and Maximum Price define your entire earning potential and how your listing performs throughout the year.
Base Price is the average price of your rental. PriceLabs adds all of its customisations only on top of this rate. For example, if your Base Price is $250 and there’s a last discount of 15% applied in your region, this would be added to your Base Price and we would recommend $212.5 as the recommended price for that particular date.
This is an incredibly important setting and should generally be the average price you would want for your rental throughout the year irrespective of the season. When deciding Base Price, take into account all of your expenses such as cleaning, laundry, linens, electricity, taxes, etc.
Minimum Price, on the other hand, is the absolute lowest someone can book your property. For example, in the low season, if your Base Price is $250, and the market has gone to $100. Would you want to reduce it to the market Base Price or stick to only dropping it to $150. Your minimum price should still account for your expenses but not for profit. You’re not going for profit here, you’re trying to just get the property booked.
Your minimum price can be around 25-30% lower than your Base Price. Ideally, it should be the absolute lowest you can let someone pay to stay at your property for a night without you incurring a loss.
Do you need to set a Maximum Price? Generally, it’s okay if you don’t as well. PriceLabs, by default, adds a safety Maximum Price for your property. This is generally 10 times the Base Price.
How do you balance competitiveness vs. profitability?
Balancing the two is about regular check-ins and thoughtful tweaks. If your occupancy rate is lower than expected, or bookings are coming in slowly, check how your prices compare to similar properties.
Lowering your prices can help attract more guests but always make sure you’re covering your costs and earning a fair profit. On the flip side, if your place books up quickly, especially in advance, consider nudging your Base Price higher.
The goal is to find that “sweet spot” where you’re competitive in your market, but not leaving money on the table.
Should prices always be adjusted manually for luxury, unique, or highly seasonal listings?
For most properties, PriceLabs’ automated recommendations will get you close to optimal pricing. However, if your location is a standout—luxury, uniquely designed, or in a market with significant seasonal fluctuations—it’s smart to conduct a manual review.
Ahead of peak seasons or major events, consider raising your Base Price to reflect higher demand, or adjusting your Base Price if you notice your listing is more sought-after than the average.
Use your dashboard trends as a guide, but don’t hesitate to make manual changes for special cases such as a sudden event in your neighborhood that automated pricing might not fully account for.
Mastering Minimum Stay Settings
How you set your minimum stay can make a significant difference in both your occupancy and your revenue. It’s about finding the right balance between convenience, profitability, and the reality of your local demand.
If you’re in a market that demands last minute short bookings, you need to plan accordingly. Or, if your market demands far-out 2-week bookings, your strategy needs to align with that. In essence, everything you plan for needs to be around how your market functions.
When are longer minimum stays appropriate?
Longer minimum stays work best during high-demand periods, such as holidays, local festivals, or peak travel seasons.
If your calendar tends to fill up quickly during these times, increasing your minimum stay (for example, requiring at least three nights instead of two) can help you maximize your earnings from each booking and reduce the hassle of frequent turnovers. It also appeals to families or groups looking for a base during busy times.
Can reducing minimum stays mid-week (e.g., for 2-night gaps) increase occupancy and profit?
One of the biggest challenges for hosts is dealing with short gaps. When you lower your minimum stay requirement to fit those gaps, you would make your property bookable. This will lead to more bookings.
Technically, yes – reducing minimum stays mid-week will increase occupancy and profit. However, should you do this?
This will depend on your expenses and operations. If you can handle quick turnovers without increased costs, then go for reducing costs to accept gaps.
Essentially, if a guest checks out today and you have another checking in either by tonight or early tomorrow, would your cleaning team be able to clean the property and make it guest-ready by then? If they can, will it lead to increased costs for you?
What strategies can prevent calendar gaps and short booking windows?
Stay flexible. Periodically review your booking patterns in your dashboard. If you notice certain days of the week or times of year are consistently harder to fill, try:
- Lowering your minimum stay just for those date
- Offer special deals for mid-week stays or shorter booking windows
These small adjustments can keep your calendar full and your revenue steady.
Cancellation Policies: Flexible vs. Strict
Your cancellation policy can decide if you get a booking or not. If someone is booking far in advance, they might expect a flexible cancellation policy. When travelers feel reassured that they can change their plans without penalty, they’re more likely to book right away instead of hesitating. This can boost your booking conversion rate and help your property stand out in competitive markets.
However, flexibility does have trade-offs. If guests can cancel at the last minute, you risk losing revenue and having empty nights that are hard to rebook.
That’s why some hosts set stricter policies during high-demand seasons or for special events, when demand is strong and cancellations are less likely.
Read more about the booking cancellation policy mix that actually converts into bookings.
Is a strict policy ever justified in highly seasonal markets? Should you vary cancellation policy by season or market?
Absolutely. If you host in a market with clear peak seasons, it can make sense to switch to a stricter cancellation policy during those times. This gives you more pricing power and protects your income from late cancellations, making rebooking difficult. For the rest of the year, consider relaxing your policy to encourage more bookings and fill your calendar.
Your cancellation policy is a lever you can adjust based on seasonality, local events, and your own comfort with risk. A flexible policy attracts more guests, but a stricter approach can safeguard your revenue when it matters most.
Smart Discounting: Without Undermining Value
Discounts are a powerful tool in any host’s strategy but only when used with intention. The goal is to fill empty nights and encourage longer stays, all while maintaining the perceived value of your property.
What are the most effective types of discounts?
The best discounts solve a specific problem or help fill your calendar at the right moment.
- Last-Minute Discounts: PriceLabs automatically lowers your prices as check-in dates get closer, making it easier to fill unbooked nights without manual work.
- Orphan Night Discounts: Short gaps between bookings—like one- or two-night stays—are also handled by PriceLabs. The system spots these and applies a discount so you don’t lose out on these small windows.
- Length-of-Stay Discounts: For longer bookings, you can set up weekly or monthly discounts directly in YourRentals. These encourage guests to stay more nights and boost your total earnings.
With PriceLabs, most of the heavy lifting is automated. For longer stays, add your own custom discounts to make your listing even more appealing.
Are there risks with over-discounting, and how can hosts avoid them?
Yes. Overusing discounts can lead to guests expecting deals all the time, or devalue your property in the eyes of travelers. The smartest way to avoid this is to use discounts selectively, focusing only on nights or gaps that genuinely need help getting booked.
Always make sure your minimum price is protected, so you never discount below your cost.
How to create urgency with discounts while protecting long-term revenue?
Time-limited discounts (“Book this weekend and save 15%”) or special offers for new guests can create a sense of urgency and encourage bookings.
Highlight these deals in your listing, but make it clear they’re for a limited period. This encourages guests to book now rather than wait, and helps you avoid long-term price drops.
Seasonality & Local Events: Not Just for Big Cities
Even if your rental isn’t in a major city, local events and seasonal trends can have a huge impact on your booking calendar. Understanding and acting on these fluctuations is key to maximizing your revenue all year round.
How should hosts prepare their calendars for local holidays, festivals, or major events?
Start by looking ahead at local event calendars and peak seasons, since even small festivals can create big demand for your property. Normally, you’d want to raise your Base Price as demand picks up around these dates.
However, with PriceLabs enabled in Your.Rentals, you don’t have to worry about manually tracking every event or adjusting your prices for every local holiday.
PriceLabs automatically detects demand spikes and upcoming events in your area, then adjusts your prices accordingly—helping you capture higher earnings without the extra effort.
What data sources or signals can help predict demand spikes in smaller markets?
Use your Your.Rentals Reports to track changes in booking pace. If you see reservations coming in earlier than usual, or if comparable properties are filling up, that’s a strong signal of rising demand. You can also keep an eye on local news, social media, or community websites for announcements about new events, business conferences, or seasonal celebrations.
When and how should prices be adjusted seasonally—months in advance or just-in-time?
A proactive approach works best: adjust your Base Price a few months in advance for known busy periods. But don’t set and forget, continue to monitor your dashboard and be ready to tweak prices closer to the dates if demand is even higher than expected.
When Bookings Drop: Tactical Adjustments
Every host experiences slow periods. What matters is how you respond when bookings dip unexpectedly. Instead of guessing, use your dashboard data and a few smart tactics to turn things around quickly.
What are the top 3 data signals hosts should monitor when bookings are low?
Start by checking your occupancy rate: is it suddenly lower than in previous months?
Next, look at your average daily rate (ADR); if it’s much higher than similar properties, you may be pricing yourself out of the market.
Lastly, review your booking lead time (how far in advance guests are reserving). If bookings are coming in much closer to the check-in date than usual, it could signal weak demand or overly high prices.
What actions can help turn around a slow listing?
Begin with pricing: consider lowering your Minimum Price for a short period to attract budget-conscious guests, but always stay above your break-even point. Refresh your listing by updating your main photo or tweaking your description—these small changes can increase your listing’s visibility in search results. Also, review your amenities and consider adding features that appeal to new travel trends, such as strong Wi-Fi for remote workers or flexible check-in times.
Give any new adjustment at least two weeks to see results. This allows enough time for changes to show up in search, for guests to notice your listing, and for booking patterns to shift. Avoid constant tweaks, which can make it hard to know what actually worked.
Advanced Pricing Strategies for Experienced Hosts
Once you’re comfortable with the essentials (and only after you’re comfortable with the essentials), you can explore a few advanced pricing tactics that can set your property apart, especially if you want to increase your pricing or even scale your property management business.
What role does competitor benchmarking play in advanced pricing?
Keeping an eye on what similar properties are charging is one of the most effective ways to stay competitive. Use your dashboard to compare your rates, occupancy, and booking pace to others in your area.
If you notice that other listings are filling up faster at higher prices, it may be time to adjust your own Base or Maximum Price upward. Conversely, if your bookings are slow and others are offering deals, you might need to rethink your minimums or offer targeted discounts.
What is rate-parity, and should independent hosts even worry about it?
Rate-parity means keeping your listing price consistent across all platforms (like YourRentals, Airbnb, and Booking.com). While this is more important for property managers, even independent hosts can benefit by avoiding confusion for guests who might compare prices on different sites.
Keeping your prices aligned also helps you spot which platform is driving the most bookings.
How to approach split stays, gap fillers, or laddered pricing?
Split stays (letting guests book two separate gaps in your calendar as one reservation) and “gap filler” pricing (lowering your minimum stay or nightly rate to fill short empty periods) can help you make the most of every available night.
Laddered pricing—raising your prices for highly sought-after dates, then reducing it afterward—can maximize your income around local events or holidays.
Closing Thoughts
Intelligently pricing your listings is an ongoing process, not a one-time task. The most successful hosts are those who regularly check their dashboard, learn from their numbers, and make small adjustments as needed.
With PriceLabs settings in Your.Rentals, you have simple tools to stay flexible, respond to changes, and steadily grow your rental income—all with just a few thoughtful tweaks.
All-in-one for hosts
Dynamic pricing with PriceLabs, damage protection, host-first support, revenue analytics, task management, listing optimisation, and more.