PriceLabs Market Dashboards

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 can help you track your location’s STR booking data through easy to digest graphs and insights. 

New user accounts will be credited with  1 free dashboard to help you figure out what is happening in your market as we hopefully start seeing signs of recovery. As of October 31, 2020, the cost for updating the dashboards is $9.99 per dashboard per month. 

Overview Video

Creating a Dashboard

To start, click "Create New Dashboard" and enter a location and search radius for your report; your radius can be anywhere between 0.1 Km and 20 Km. Advance by clicking "Next" to check the location and search radius on a map, and "Next" again. Once a dashboard has been generated according to your location and search radius preferences, you'll see a number tables and charts that will give you details about rates, occupancy, and booking trends that we see for listings your selected area. Once you've entered a name for your dashboard, a "Generate" button will appear, click that to finish the process and create your dashboard! For more detailed instructions on creating a dashboard, see our article here

After creating a dashboard, you can adjust the name and radius by clicking the small pencil icons, and if you'd like you can receive email updates about developing trends in the area for each dashboard by selecting your preferred update day from the drop down list or select "No Updates" if you do not want to get notifications about trends in the dashboard's area. If you have reports you will no longer need to access, you can click the green file box icon to archive them, you can click "Show All Dashboards" to view your archived reports at any time. 

Let’s take a look at a report from Seal Rock, OR, by clicking the "Show Dashboard" button. Once you've opened a dashboard, you can scroll through to view each chart, or jump to the section you'd like to visit using the menu on the left. You can use the bedroom filters or comp sets (more on that later) to view data on a specific group of listings. 

Key Performance Indicators

This section gives details on six KPIs for the past seven or 30 days in the area compared to the previous period of the same length. This section is a great at-a-glance view of market trends for the area your dashboard covers, and a good way to spot seasonal (and pandemic-related) changes in guests' booking behavior. 
  1. Estimated Revenue for the past period is shown in the currency selected for your report, the smaller number on the bottom is the change compared to the previous period. In this example, listings in this area have seen an average revenue of $7,910 in the past 30 days, which is an increase of $2,540 compared to the previous 30 day period. 
  2. Average Occupancy percentage for the area is also shown for the past 30 days compared to the 30 days prior to that. Listings in this area have seen, on average, 88% occupancy for the past 30 days which is up 12% from the previous period. 
  3. Number of Active Listings shows the average number of active listings for the past 30 days also compared to the previous 30 day period. There are currently 411 active listings in this area, which is seven less than the previous period. 
  4. Number of Bookings shows the total number of stays booked for listings in the area for the past 30 days, compared to the previous 30 day period. These are bookings made not necessarily stays that occurred, as some stays will have longer booking windows than others. 
  5. Median Booking Window shows how far in advance stays were booked in the past 30 days compared to the previous period. This area has seen a few more bookings coming in a bit farther in advance this period compared to the last
  6. Median Length of Stay, not the average, shown for bookings made in the past 30 days compared to the previous period. We show the median here to account for the long-term stays booked in the periods shown. 

Listing Map and Comp Sets

The map will show the approximate location of the current active listings in the report area. You can hover over each dot on the map view to see the how many bedrooms that listing has, along with the average rate over the next year. 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. The tool in the top right of the map will let you pan, zoom, and select areas on the map. Double click on the map to unselect any selections you've made (if you're using a track pad, you'll need to click and not tap). 
Click "Show Listings and Create Comp-Sets" to view a list of all of the properties included in the dashboard and a few key details about them. Using the selection tool on the map, you can highlight an area and the Airbnb details for each property will appear on the list below, and you can click the listing ID to be taken to the Airbnb listing page. 

Creating a Comp-Set

Using the view above, let's create a comp set of 3 bedroom 2 bathroom listings in this area. You can use the bedroom filter on the left to narrow down the list to 3 bedroom units, then use the check box to add the bathroom filter to the listing grid. Filter by bathroom count and select the listings you want to include in your comp-set. 

Once you've selected your listings, scroll down a bit and click "Add Selected to Input" to add the listings you've selected to the comp-set you're creating, you can also manually enter listing IDs in the box just be sure to separate any listing IDs entered by a comma. When you're ready, give the comp-set a name and click "Generate Comp Set" and you'll be prompted to verify the name and number of listings included. Click to confirm your selection and your comp-set will appear on the list of available comp-sets in the drop down on the top left of the dashboard. You can use your comp-sets or any of our pre-loaded comp sets to filter the data shown in the rest of the dashboard. 

Many tables in PriceLabs will come with a filter row for each column. You can use expressions like > (greater than), = (equal), < (less than), etc. to filter the table as needed (Filtering Syntax provides the complete set of options for filtering text and numeric columns)

The Summary Section   
The Summary Table shows the number of active listings in the area, along with median pricing, LOS and lead time we've seen over the past 30 days for the full set of listings and each bedroom category.  
The Supply and Demand charts below the table show the average number of new bookings each listing has seen in the week ending on the indicated date, you can click to show the number of total active listings for that period as well. In the example below, the Seal Rock area had 492 bookings made and 412 active listings for the seven day period ending July 15, 2021. 

The Market History charts show the average revenue, occupancy, booking window, and length of stay for listings that saw bookings in that month. If a booking spanned multiple months, the revenue for that stay counts toward the month with the check-in date. You can view these trends averaged by month for the entire market, or by bedroom category. 

If we look at monthly trends for the whole market listings averaged $4,385 in revenue for March 2021, and had an average occupancy of 69% for that month. You can click to see those figures broken down by bedroom category if you'd like to see a more detailed view for each month. 

Key Future Dates spotlights a few dates that have a higher occupancy percentage compared to the dates surrounding them. You can use the dates shown here to spot emerging high-demand periods and adjust pricing and stay requirements accordingly, and you can check out how each of these dates appear on the Future Occupancy Chart below to compare how bookings are being made on surrounding dates. 

The Future Occupancy, Bookings and Cancellations graph has three lines: Occupancy (in blue), New Bookings (in green), and New Cancellations (in red) made in the selected time frame. In the image below you can see that occupancy for July 4, 2021, is at about 33.3% and in the past 30 days almost 12% of listings have seen new bookings, and 1% of listings have seen cancellations for that date. The occupancy graph can give you an idea of which dates are still busy and which are low demand dates to think about how you should price your property. The chart will default to showing about the next year's worth of data, but you can use the sliders below the chart or the date range selectors to narrow in on a shorter date range, or select the number of past days for which you'd like to see booking activity. 

The Future Prices graph details how property managers are pricing their properties for future dates. Between this and graph above, you can start to think about the revenue management strategy for your properties. The Median Booked Price line is an estimate of the prices at which listings are getting booked. This line is not shown automatically by default since it's an estimate, but you can add the line to view our estimates along with the percentile graphs by ticking the Median Booked Price box above the graph.  

Day of the Week Occupancy and Price Factor Charts show you the average occupancy and base prices for each day of the week seen over the past 30 days for listings in your selected area. 

The Length of Stay and Lead Time Section

The Length of Stay by Stay Date graph shows the typical duration of bookings made for any given date made in the past number of days selected. You can hover your mouse over the graph to see details on stay length and average nightly rate for a specific date. In the chart below you will see that majority of the bookings made that included July 4, 2021, were for short-duration stays (less than 7 days) with the most popular stay length being 5-6 days.

LOS vs Booking Window charts compare the booking window to the length of stay for booked nights. The left details the number of occupied nights for each each lead time range, while the right chart shows how many occupied nights have been booked in each stay length category. Looking at the selected bars in each graph tells us that 3,624 nights were booked 1-2 months in advance of the check-in date, and that 5,754 nights were booked as part of a 3-4 night stay. 

If you click the dropdown, you can see different options to view data on occupied nights and bookings. The options there are: 
  1. Occupied Nights
  2. Occupied Nights by LOS and Booking Window
  3. Number of Bookings
  4. Number of Bookings by LOS and Booking Window
  5. Occupied Nights Weekend Only
  6. Occupied Nights Weekend Only by LOS and Booking Window

If we switch our view to break down the occupied nights by LOS and booking window, we can see on the left that last minute stays booked in the past 30 days range in length from 2 to 14 days, and on the right lead times for the popular 3-4 day stays in this area are usually 2 days or more.

The Amenities Section    

This section has two charts detailing desired features in a listing by comparing the percentage of listings with an amenity to the percentage of bookings with the amenity. The Common Amenities chart orders the amenities by the percentage of listings that have them, while the Desired Amenities chart orders the amenities by those with the largest difference between the percentage of listings with that amenity and bookings.

In the example below you can see on the Common Amenities chart that about 96% of listings in this report having Heating in their listing details, but a bit over 99% of stays are booked with listings that mention having heating. And on the Desired Amenities chart, listings that are "Family Friendly" have the biggest difference between the percentage of bookings made and listings that report having that amenity.

If there is a specific amenity you are trying to find details on, you can use the search bar to see how many listings in your area have that amenity. Do note that this searches only the 50 most common amenities in your market. If an amenity, shampoo for example, is in high demand right now, you should be sure to add that amenity to your listing page if you have it as it seems to be desired. 

Policies and Fees

Similar to the amenities charts, the Weekly Discounts and Monthly Discounts charts show the percent of bookings made in the past 30 days compared to the percent of listings that have a fee in that range. 
The percentage of listings and bookings made are shown in the same way here with the charts for Cleaning Fees and Cancellation Policies...
... And on the Extra Person Fees chart. 

The Base Number of Guests chart compares the percentage of bookings made within the last 30 days for each number of guests with the percentage of listings with that base number of guests, along with the base nightly prices for bookings made for that number of guests. You can see below that in this area about 19% of listings can hosts one or two guests, almost 23% of bookings made in the past 30 days are for those listings indicating they are in slightly more demand. 

Export as PDF

The final section allows you to filter listings with your desired bedroom count, your selection here will apply to all sections on the dashboard.  You can also export a PDF of the dashboard that you can share with your team or property owners! You'll need to apply any filters you'd want before exporting, click "Generate PDF" and then you'll see the option to download the report when the PDF is ready. 

We hope that you will find these graphs helpful! Use them to spot anomalies in the market, analyze what other STRs are doing, or simply benchmark your performance against the market. 
The data on the dashboard refreshes daily as long as the refresh switch is on, so you can stay updated on your market with little effort.

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