Understanding the PriceLabs Neighborhood Data feature

Listing Neighborhood Data

When pricing any listing, there are always several questions that come up:
  1. What is the average price in your area?
  2. How are prices compared to comps? How does occupancy compare?
  3. How are listings priced in the next months? Are they getting booked?
  4. 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 Review Prices view from the Pricing Dashboard 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. 


Starting at the top of the view, you can see a bedroom filter, click and drag to filter out your selected bedroom range -



Data Source

You can now choose between 2 different data sources for your neighborhood data analysis.
The two options are:

1. Nearby Listings
      Default

  1. You can Select any of your active dashboards as the data source
    1. Then choose a bedroom category or a comp set
    2. The summary table will render Booked Prices along with Percentile prices if Market dashboard is the data source
    3. Compare Competitor Calendar will work across data sources, i.e., the options will depend on the data source, but once selected, they will stay till removed. You can compare listings between VRBO and Airbnb.
  2. If you have no Market Dashboard subscribed to
    1. You will see a prompt asking to create a Market Dashboard, the 'Create One Now!' link will redirect you to Market Dashboard page.
  3. If Market Dashboard is selected as a data source, but later the subscription for Market Dashboard ends, we'll automatically default to nearby listings.
Important Notes:
  1. Market Dashboard is a separate product and we will charge extra for these dashboards. More information here.
  2. After creating a compset, make sure to view the compset first on the Market Dashboard so you can access it as a Data Source. Otherwise, it will take overnight to load before you can access the compset from the list of Data Source.

What this enables:
  1. Customers who create curated comp-sets in MD and want to compare rates against it for a new unique property in ND (frequently, these customers would do this in PA, but until they had a reservation, PA wouldn't work) - this could be properties with pools, professionally managed, etc.
  2. Customers who want to include comps in CCC (Compare competitor calendar) from a wider area that wasn't close enough in ND will be able to do that now.

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 (Gray) and 50th-75th percentile range (Pink) of daily rates for the next year.


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 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.


Data Overlay:
  1. Add Last Year Data
    1. Last year today - This data shows the current market occupancy last year on the very same day. With this data, you can better evaluate whether bookings are coming in slower, faster, or at the same pace as last year.
    2. Last Year Final - This data provides the final occupancy of the past year which can also provide insights on the occupancy level for far out dates. For example, in the graph below for July 4th, the occupancy for 2023 (red) shows very low market occupancy, however, in last year's data, the occupancy is at 51.30% thus, this means that the occupancy can still pickup and you can expect more bookings to come in the next few months.


  2. Add Pickup
    1. This data illustrates how many bookings have come in the market in the last 7 days.

Overview



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 70 two bedroom listings in this area, bookings in the past month averaged $203 per night on the low end, $250 per night in the mid-range, and $318 on the high end of the pricing scale. 

Map 



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  listing's average rate. The map also contains listing name and min stay in hover tool tip (Airbnb listings only).

Compare Competitor Calendar

This feature allows you to compare your listing with other specific listings in your neighborhood (up to 10 listings).  Your listing prices are shown in bold, unavailable dates are greyed out and clicking on listing name in table will take you to the listing on portal.

To select the listings, first click on the " Pick Listings" button and select up to 10 listings - 





After you have selected the listings, click on " Get Calendar" to see your competitor's rates:



Note: Unavailable dates are crossed out where prices shown are the "booked prices" (prices last seen when the dates were still available). This is also mentioned on the tooltip shown above.

Hotel Data

While it is important to understand how the short-term rentals in your locality are performing, it is also important to understand how hotels are performing. This is because your guests might be looking at short-term rentals and hotels while planning out their vacations. How can you research hotels in your locality using Neighborhood data? The hotel data shows your prices compared to the closest hotels in your area. You can analyze up to 10 in your area. 


How to access the hotel data?



By clicking on a name on the legend, you can hide/show the corresponding hotel’s line on the graph. 


Download CSV

You can also download all the data in this tab in a csv file.


Notes:
  1. Neighborhood Data shows aggregated data from a limited number of listings in the immediate surrounding area, and it is not intended for market research.
  2. 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.
  3. Rates on the Map and Compare Competitor Calendar are updated every 48 hours while new listings are added and refreshed every 15 days.



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