Using Pricelabs for midterm rentals

Using Pricelabs for midterm rentals

Wondering how you can set up your midterm rentals in Pricelabs? Whether you want to temporarily convert your listing into a midterm rental during the slow season, or your property is now limited by city regulations, here are some ideas that you can use.

First, let's start defining what midterm rentals are:
Midterm rentals are rental periods that run anywhere from one month to one year.

3 steps on setting up your midterm rental in Pricelabs

1. Set up your flat minimum stay requirement of 30-nights

From Customizations - Stay restrictions:


  1. If you also have the possibility to book your listing for a lesser amount of days, use minstay rules for orphan gaps to try to fill the gaps between reservations.
Let's say that two reservations created an orphan gap in between them of 24 nights. If you're comfortable to take a shorter reservation in that period, you can use the minimum stay for orphan gaps to fill the gap. In the example below, the setting allows a 7-night reservation in gaps between 7 and 30 nights.


  1. Use the minimum stay settings for adjacent days after a booking to prevent or limit gaps from being generated in your calendar. Learn how to here.

2. Set up your minimum, base, and maximum prices.

  1. Think of your monthly minimum and divide it by 30 days. Use that value as your minimum price.
  2. Think of your monthly maximum price and divide it by 30 days. Use the result as your maximum price.
  3. Set up your base price between the minimum and maximum price.

3. Set up monthly discounts.

  1. Depending on your PMS/Channel, you might need to set this up on Pricelabs, or directly on your PMS/Channel.
If you can set up these discounts in Pricelabs, you'll find them at the bottom of the 'General' tab, in the customizations. If you can't see these options, it means you must set it either on your PMS, or directly in your Airbnb/Vrbo account.


If you're providing a monthly discount, do calculate the impact it will have on the final price and income, you can adjust your minimum, base, and maximum prices to account for this discount.

Using the Neighbourhood data to compare against other midterm rentals

In the listing's neighbourhood data, you can compare your future prices and occupancy vs. competitors in your same area. By default, we show the data of the nearest 350 listings. But, to make it more relevant for your use case, you can now compare with a custom comp-set from the Market Dashboards, as the data source, instead of the default nearby listings. That allows to compare with other midterm rentals in your market!

First, note that the Market Dashboards are reports that you can create on any market in the world. The dashboards will show all the booking data in easy-to-digest charts, from the main KPI's (as revenue, occupancy, average price, etc) to cancellation policies, and much more! Find out how to create a Market dashboard here.

Once you are exploring the dashboard, you can filter the listings, and create a comp-set with those that are more relevant to you. Check this video to learn how to create comp-sets in the market dashboard.

In the below chart, I'm filtering the listings by their minimum stay and bedroom count



After creating the comp-set, you will be able to select it as the data source of the Neighborhood Data feature, and easily compare your future prices and availability, check the listings in the map, and even compare the prices per each future night.



Advanced customizations:

Market Factors: Seasonality and Demand

You can let the prices fluctuate between your minimum and maximum price based on the seasonality and demand factors. But, if you are an advanced user and knowledgable of your market, you can also fine-tune these factors. Learn more about Setting seasonal prices with PriceLabs.
  1. If you're setting seasonal minimum, base and maximum prices, you might want to turn OFF the Pricelabs seasonality factor. Reach out to support@pricelabs.co to request us enabling this option for your account.

  1. Fine-tune the demand factor aggressiveness from 'Advanced customizations', to increase or reduce the price fluctuations based on market's demand.

Other customizations

  1. You might want to re-think about your orphan day prices, and occupancy based adjustments. E.G. If you're allowed to take shorter reservations between midterm bookings, you could apply a discount for gaps longer than the 2-night default, and boost occupancy. If you never want to take reservations for lesser than 28/30 days, then you might want to disable both.

  1. You can keep last minute prices to increase the chances of getting bookings in close-in dates. Depending on the case, you might want to edit Pricelabs default discount. E.g.  Extending the Last minute discount 'within the last 30 days' instead of 'last 15 days'.

  1. Disable Far-out premium: By default, Pricelabs algorithm has a 'Far-out premium' feature. Learn more about this here. If you'd like to disable this for your listing, please reach out to our support team, and ask us to enable this feature for your account
  1. Adjacent Factor: You can discount the adjacent days to a booking, to increase possibilities of having back-to-back reservations and help to ensure higher occupancy rates by encouraging back-to-back reservations.


Create a Market dashboard to get insights of your midterm rental market.

Create a dashboard for your location, filter the comp-set table by Minimum stay (default minimum stay for each listing), and create your own midterm rentals comp-set. Learn more on how to create a dashboard, and how to create a comp-set.

It will be interesting to track metrics to better understand your market's behaviour:
  1. Length of stay vs Booking window chart: This is super useful to see how many confirmed bookings there are for each future date based on the length of the stay, and what the average prices look like for each type of booking. PS: You can also move the bar at the bottom to check these metrics in the past 15 months!

  1. Lead time/ booking window is the number of days in advance bookings are made.
  2. Length of stay is the duration of the reservation.
  1. See pricing and occupancy metrics, cancellation policies, and much more!  


We hope these ideas are helpful. For any questions or feedback, please reach out to as at support@pricelabs.co




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