When pricing any listing, there are always several questions that come up:
- What is the average price in your area?
- How are prices compared to comps? How does occupancy compare?
- How are listings priced in the next months? Are they getting booked?
- Are there certain dates that are getting booked more than others? Are other listings in your immediate neighborhood increasing prices for peak demand?
The Neighborhood Data feature can be used to investigate the answer to some of these questions. Even though there are a number of other factors that can affect how rates are set, we hope that this hyper-local data will be a convenient place for PriceLabs' users to explore local trends.
To access it, click on the "Neighborhood Data" tab on the calendar view for one of your listings to view useful information about other listings in your locality. Note that all prices will be in the same currency as your listing's.
Starting at the top of the view, you can see a bedroom filter, click to add or remove listings with the number of bedrooms that you're interested in, or click "Select All" to see the information about the full group of listings we've assigned as your PriceLabs neighborhood.
Future Prices And Occupancy
The Future prices chart shows you your current (dotted line) and recommended prices (solid line), along with the 25th-50th percentile range (orange) and 50th-75th percentile range (blue) of daily rates for the next year. The Future Occupancy Chart shows you the average occupancy in your area for each date over the next year in grey, overlaid with any existing blocked dates for your listing in red.
When you hover over the chart you will see your actual current and recommended prices for that date with the 25th, 50th and 75th percentile prices (the low, average, and high for your locality on that date). Do be sure to pay attention to each field as you move through the year, your current and recommended prices will move depending on where they fall compared to competitors prices.
When looking at the Future Prices Chart keep in mind that Your Current Price is the price we saw for your listing on your PMS, channel, or channel manager, this is updated any time a sync or Save & Refresh is done. If this listing has been syncing with PriceLabs for at least a day, this is usually yesterday's rate. The Recommended Price is the price currently shown on your PriceLabs calendar. If you're seeing a slight difference between the current and recommended pricing lines and haven't made any changes to your base price or customizations, you are likely seeing the difference between yesterday's and today's rates.
The Overview chart gives you the exact number of listings by number of bedroom and shows you the average low, middle, and high prices for bookings made in the past 30 days. For the 79 two bedroom listings in this area, bookings in the past month averaged $136 per night on the low end, $200 per night in the mid-range, and $252 on the high end of the pricing scale.
The map view shows you the approximate location for the listings in your neighborhood along with the average daily rates for the next 60 days. You can zoom in to see more detail on listing locations, and hover over any bubble to see the average rate. The color of each dot is determined by the number of bedrooms the listing advertises, while the size of the dot corresponds to the listing's average rate.
- Neighborhood Data shows aggregated data from a limited number of listings in the immediate surrounding area, and it is not intended for market research.
- This aggregate data might contain listings with different fee structures - fees are usually added on top of the prices used for this analysis, but not always. Therefore, there is some amount of uncertainty in the data and these numbers should be interpreted as trends.
2020-11 (November): Revamped Listing Neighborhood Data & Multi-unit support
New Neighborhood Data Tab! This replaces the old "base price help" and "calendar" tabs. With this data, you can now answer questions like: 1. What price are your comps charging? 2. How do your prices compare to other listings in your area? 3. Is ...
Setting your base price
What is the base price? Base price is the average rate you would charge across the year. We use the base price as a starting price and apply all market factors, demand patterns, and customizations on top of this. The base price includes the quality ...
Using VRBO data for your dynamic pricing!
After 2 years of tracking VRBO booking trends, we're finally ready to put them to work. You can now opt in to have VRBO data drive your dynamic pricing recommendations if you are in a VRBO heavy market. We did want to add a few findings from out ...
Understanding the Market Dashboards
Short term rental (STR) markets are dynamic and in the wake of Covid-19, more volatile than ever. The ongoing crisis has not only had an impact on demand, but supply is changing too. Market Dashboards are fully-automated personalized dashboards that ...
Listing Location Settings in PriceLabs
Part of our rate adjustments are based on the hyper-local data we use to track demand for your listing's area, so it is very important to make sure the correct location is set for your listing. If the location for your listing is off by even a few ...