As an Airbnb host, your nightly rate is one of the most important factors determining the success of your listing. The more guests pay to stay in your place overnight, the more money you can make from it. However, it’s not always easy to set a competitive rate, especially if the market in your area is crowded.
Keep reading for ten ways to boost your Airbnb nightly rate in 2023. By keeping these in mind, you can increase your chance of increasing your revenue, by making your listing stand out from the crowd and drawing potential guests in. From offering a unique experience to ensuring that your listing is well-optimised, these strategies are intended to help you attract more guests and command a higher nightly rate.
Whether you’re just getting started with Airbnb hosting or are a seasoned pro looking to take things to the next level, you’ll hopefully be armed with the information you need to hit your goals by the end of this guide.
1. Optimise Your Listing
Optimising your listing is essential if you want to be in with any chance of boosting your nightly rate. An Airbnb listing isn’t a one-and-done job, says UpperKey. It’s something that you need to be committed to keeping on top of on a regular basis if you want it to work well for you and help you get the results that you want. Spend some time to make sure that your listing is accurate, visually appealing, and full of all the details people are looking for when searching for a place to stay. Invest in some high-quality, professional photos and videos – these are crucial in attracting guests that are willing to pay a decent rate to stay in your place. Highlight what’s unique about your space, and of course, boost your chance of getting positive reviews by always providing excellent customer service.
2. Pay Attention to the Small Details
What sets a good Airbnb rental aside from the rest? Well, often, the devil is in the details. Guests are more likely to be willing to spend more per night to stay at your place if they know that the smaller things other hosts might have overlooked are going to be taken care of. This could be as simple as stocking some toys and games for guests with children or having a box of spare toiletries, phone chargers, and other essentials that might have been forgotten. It’ll be appreciated.
3. Offer Additional Services
Consider if there are any extras or additional services and perks you can offer to make guests feel more comfortable in your space. If you’re in the process of looking for a property to invest in for Airbnb rental, choosing an option with a concierge is ideal, as Upper Key explains. Guests are often willing to pay more to stay somewhere they know has excellent service and where they will feel looked after.
4. Set Competitive Pricing
Take the time to research comparable listings in your area and get a clearer picture of the going rate for similar properties. While your aim might be to command a higher nightly rate, the last thing you want to do is price yourself out of the market. Even worse, you want to avoid pricing too low – if your property is much cheaper than similar ones in the area, it might put guests off as they’ll be wondering, ‘what’s wrong with it?’
5. Adjust Your Pricing
It’s also worth adjusting your pricing based on peak and off-peak seasons. Depending on your location and the type of Airbnb property that you run, you may find that longer stays and prices will fluctuate throughout the year. Some properties might get a much higher rate in the summer due to being by the beach, for example. You can also offer discounts for guests who book your property for a longer stay. This can be an especially effective option to consider if you are in an area that gets a lot of business travellers, who are often looking for a ‘home from home’ experience on a budget.
6. Create Package Deals
If guests are going to get something extra from booking your property, rather than simply being provided with a place to stay, they might be tempted to spend a bit more on the nightly rate for the privilege. That’s why one useful strategy for boosting your nightly rate is to work with other local business owners, such as restaurants, spas, and other places that guests might want to visit during their stay to come up with a package deal. For example, you might want to ask the owner of a local restaurant if they’d be willing to give any guests staying at your place a discount on their meal. It’s a win-win – you can offer something different to attract guests, and the restaurant owner gets more customers through the door.
7. Make the Space Flexible
Lots of guests are willing to pay a higher nightly rate for a space they know is going to work perfectly for them. Making your space flexible so that it’s suited to different types of guests might not always be easy, but if you can achieve it, it can help you attract more bookings. It’s worth considering offering flexible options that other Airbnb owners in your area might not offer, such as allowing guests to bring a pet with them when they stay. If you are renting out a property with several rooms, offer the option for guests to book just one room or the entire home when available.
8. Offer Something Unique
Standing out from the crowd is crucial when it comes to Airbnb success in 2023. This is especially true if you’re in a competitive area, where guests have a lot of options to choose from. It’s worth considering if there are any unique extras that you could include to make your listing jump out, such as a rooftop terrace, hot tub, or the chance to hire a private chef. If your building has a concierge, they may be able to provide you with local options. Consider decorating the space in an interesting, unique way.
9. Market Your Listing
Don’t just rely on Airbnb alone to get the word out about your listing. You can find people looking to book places to stay all over the internet, so it’s a good idea to invest some time and effort into online marketing. Social media, for example, is an excellent option for advertising promotions that can help to improve your listing’s visibility and attract more guests. What’s more, building a website for your property can establish your credibility and provide guests with further information about what you’ve got to offer.
10. Improve Your Communication
Improving your communication, especially when it comes to how quickly you respond, is an important strategy to use when it comes to boosting your nightly rate. Not only does responding quickly mean that you’re in with a better chance of potential guests booking your space instead of looking elsewhere, but you’re also in with a chance of meeting more criteria for various badges, such as a the Superhost badge, which will put your listing out there in front of more users. Along with responding quickly, Upper Key says that it’s vital to communicate as much as possible – both in your listing and with any potential guests that speak to you. Provide detailed information about your listing, the area, the house rules, and anything else that anybody staying should know.
For Airbnb owners, raising your nightly rate in 2023 will take some strategic planning, focusing on what guests are willing to pay more for, and improving marketing and communication efforts.