1. Set up you stay requirement

1. PriceLabs Recommended
   
1. With this option, PriceLabs automatically applies the recommended minimum stay requirement based on other Midterm Rentals in your neighborhood.
   
2. You will simply need to enter your Lowest Minimum Stay, which will be the lowest minimum stay to make sure our recommendations don't go below what you allow.
   
3. You can click Review Recommended Stay Settings so she the minimum stay required every month.
   
2. Custom Set up
   
1. If you prefer to set a specific number of minimum nights, and then enter the number of minimum nights. For midterm rental, this is usually 28 or 30 days but you can choose your preferred. You can set different minimum stay on Weekend or Weekday check in or depending on what day of the week they check in. However, for midterm rentals it's usually, 28 or 30 days any day.
   
2. For Gaps:
   
1. If your calendar has gaps shorter than your default minimum stay (e.g., 24 nights), you can use minimum stay rules for these gaps. This allows shorter reservations (e.g., 7 nights) in periods between 7 and 29 nights.
   
2. To prevent gaps, use the minimum stay settings for adjacent days to limit or avoid creating calendar gaps. Learn more here. 

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

1. Minimum Price: Divide your monthly minimum income by the Lowest Minimum Stay or Default Minimum Stay to set the daily minimum.
2. Maximum Price: Divide your monthly maximum income by Lowest Minimum Stay or Default Minimum Stay  to set the daily maximum.
3. Base Price: Choose a value between your minimum and maximum prices.

3. Set Smart Presets

Market Factors: Seasonality and Demand

These factors/customizations allow your prices to fluctuate based on seasonality and demand factors. However, for longer stay, holiday and events, as well as different seasons, can significantly impact the prices.

1. For Seasonality Factor Sensitivity, you may want to switch to Conservative as Mid-term rentals tend to be less seasonal than short term rentals.
   
1. You can also check No Seasonality or Moderately Conservative, depending on your pricing preference.

1. For Demand Factor Sensitivity, if you only take longer stays, you may want to switch to No demand factor so that holidays and events doesn't significantly affect the price.. If you're flexible and can take shorter bookings last minute, you can leave the setting as is or select Conservative.
   
   

Orphan Day Prices and Occupancy-Based Adjustments

Consider your Orphan Day Prices and Occupancy-Based Adjustments settings. If shorter reservations are permitted between midterm bookings, you can:

1. Most customers that allow 1-2 night stays for gaps, are comfortable with the default setting for Orphan Day Prices. If you require longer min. stays for gaps then you should adjust the length of gap for this setting. If you don't want to discount gaps, you can turn it off or choose a premium.
2. The default setting for Occupancy-Based Adjustments work well for most customers but you can adjust these settings based on your preference.

If you prefer not to accept reservations shorter than 28/30 days, you can disable both features entirely.

Last Minute Prices

Most Mid-term rentals do not use last minute discounts. We suggest setting this to 'No Last Minute Discount'

Disable Far-out premium

By default, our algorithm includes a 'Far-Out Premium' feature that increases rates for dates farther into the future. If your longer bookings are typically made well in advance of check-in, consider disabling this feature to keep your monthly rates within the optimal range for your market.

Adjacent Factor

This is optional. You can apply discounts to the days adjacent to a booking to encourage back-to-back reservations, increasing the likelihood of higher occupancy rates and minimizing gaps in your calendar.

Using Neighborhood Data for Comparisons

Neighborhood Data allows you to compare your listing’s performance (prices and occupancy) against competitors in your area.

1. Default comparison: Data from the nearest 350 listings.
2. Custom comp-sets: Use Market Dashboards to filter and create a comp-set tailored to midterm rentals.
   

Market Dashboards are customizable reports that can be created for any market worldwide. These dashboards present booking data in easy-to-understand charts, including key performance indicators (KPIs) like revenue, occupancy, average price, cancellation policies, and more. Learn how to create a Market Dashboard here.

After exploring the dashboard, you can filter listings to create a comp-set tailored to your specific needs. Watch this video to learn how to create comp-sets in the Market Dashboards. See the comp-set sample below:

1. In this chart, listings are filtered by minimum stay and bedroom count to create a comp-set specifically for three-bedroom units requiring a minimum stay of 28 days or more.
   

Once the comp-set is created, you can use it as the data source in the Neighborhood Data feature. This allows you to easily compare your future prices and availability, view listings on the map, and analyze daily rates for the upcoming year.

Tracking Market Metrics with Market Dashboards

Length of stay vs Booking window chart

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.