How to Set the Perfect Price for Your Airbnb in Hays
Average Nightly Rate For Airbnb's in Hays by Season:
Here are the typical nightly rates for Airbnb listings in Hays across different seasons. Obvisouly, the price may vary hugely depending on the amenities offered and the property style as well location plays a key role.
| Property Type | Room Count | Season | Nightly Rate |
|---|---|---|---|
| Private Room | 1 room | Summer | $50 - $80 |
| Private Room | 1 room | Winter | $40 - $70 |
| Flat | Entire flat | Summer | $80 - $120 |
| Flat | Entire flat | Winter | $70 - $100 |
| House | 2-3 bedrooms | Summer | $100 - $150 |
| House | 2-3 bedrooms | Winter | $90 - $130 |
| Bungalow | Entire bungalow | Summer | $120 - $180 |
| Bungalow | Entire bungalow | Winter | $100 - $150 |
| Villa | 4+ bedrooms | Summer | $200 - $300 |
| Villa | 4+ bedrooms | Winter | $180 - $250 |
Occupancy Rate Trends in Hays:
Understand the occupancy patterns in Hays throughout the year. Recognizing peak and low-demand periods can guide your pricing adjustments.
| Occupancy Rate Trends for Airbnb in Hays, US |
|---|
| Period | Occupancy Rate |
|---|---|
| High-Demand Periods | During major events such as the Fort Hays State University Homecoming Weekend, occupancy rates tend to be at their peak, often reaching close to 90%. |
| Low-Demand Periods | In the off-peak season, especially during winter months, occupancy rates can drop to as low as 40-50%. |
| Major Events | Events like the Hays Street Eats Food Truck Festival and Wild West Festival are also peak times for occupancy, with rates hovering around 80-85%. |
| Weekends | Weekends generally see higher occupancy rates compared to weekdays, with rates typically ranging from 70-80%. |
Local Events that Impact Airbnb Prices in Hays:
These are the key events in Hays that affect Airbnb pricing and demand. Aligning your rates with these events can maximize occupancy and revenue.
Major Events Impacting Airbnb Pricing in Hays, US
| Event | Timing | Influence on Demand |
|---|---|---|
| Hays Arts Council Summer Art Walk | June - August | During these months, there is an influx of tourists and art enthusiasts visiting Hays for this event, leading to high demand for accommodations on Airbnb. |
| Fort Hays State University Graduation | May and December | During graduation season, families and friends of graduating students require places to stay, increasing the demand for Airbnb rentals in the area. |
| Ellis County Fair | July | The Ellis County Fair attracts visitors from both locals and neighboring areas, resulting in a surge in demand for vacation rentals on Airbnb during this time. |
| Fly Kansas Air Tour | September | Aviation enthusiasts and spectators attending the Fly Kansas Air Tour contribute to the demand for temporary lodging options, impacting Airbnb pricing in Hays during this event. |
So, How to Price it Right?
As an experienced Airbnb host, I’ve learned there are three primary methods for setting prices, each with its own advantages and challenges. Here’s a practical breakdown to help you make an informed decision and maximize your rental income.
1. Manual Pricing
With manual pricing, you select a rate for each day, week, or month on your calendar. Watch this video on how to update prices on your calendar manually.
| Pros | Cons |
|---|---|
| Full control: Over pricing for specific dates, allowing flexibility for weekends, holidays, or peak season adjustments. | Time-consuming: Frequent updates are needed, especially during high-demand periods. |
| Risk of leaving money on the table: Missing out on peak earnings during busy times or failing to lower prices during slower periods. | |
| Limited market insight: Without real-time data, you risk underpricing for high-demand days or overpricing during slow seasons. |
Example: Setting a flat rate of $100 per night may seem easy, but it could lead to missed opportunities. A busy weekend might warrant $150, while a slower weekday could require $90 to attract bookings.
2. Airbnb Smart Pricing
Airbnb’s Smart Pricing feature automatically adjusts rates based on local demand. Learn how to enable Smart Pricing on Airbnb.
| Pros | Cons |
|---|---|
| Easy setup: No need for third-party tools. | Priced too low: Airbnb often favors higher occupancy, leading to lower prices and, consequently, lower revenue. |
| Automatic adjustments: Adapts to area demand, so you don’t need to constantly update prices. | Reduced control: You can set minimum and maximum prices, but the algorithm’s primary focus is occupancy over earnings. |
Example: Airbnb might suggest $65 for a property that typically rents for $120. This may fill up your calendar but at the expense of significant income.
3. Dynamic Pricing Tools (Best Option)
Third-party dynamic pricing tools, like Beyond Pricing, use advanced data to set daily rates based on market conditions, similar to hotels and airlines.
| Pros | Cons |
|---|---|
| Data-driven algorithms: Factors like local events, competitor pricing, and seasonality ensure you’re optimizing rates. | Cost: Typically a small commission or monthly fee (e.g., 1% of bookings or $10 monthly). |
| Revenue maximization: Capture peak rates during busy times while staying competitive in slower periods. | Learning curve: Getting comfortable with the tool’s settings and reports takes a little time. |
| Automated and customizable: Set your base price, minimums, and even specific discounts. Prices update daily. |
Beyond Pricing offers features like orphan gap filling and last-minute discounts to avoid leaving money on the table. If you’re earning over $2,500 monthly, their flat $10 monthly fee is generally more cost-effective than a percentage commission.
Special Offer: Beyond Pricing offers a 1-month free trial. Follow this link to sign up and give it a try to see how it can optimize your earnings.
Practical Pricing Tips
Regardless of the method you choose, here are some practical steps for setting an effective baseline:
- Check the local market: Look up similar properties to get a sense of the going rate. If similar listings are priced at $100 per night, start slightly higher.
- Start high, adjust down: Try setting a rate of $120, then reduce it by $5 every three days until bookings pick up. This strategy helps you find the ideal rate where bookings are consistent.
- Focus on the nightly rate: Ignore service fees and commissions when comparing, as Airbnb automatically adds these to the listing price.
Why Pricing it Right Matters
Pricing is not just about covering your costs; it’s a key factor in your property’s visibility and booking rate. Lower prices can lead to more bookings, but balancing occupancy and rate is essential for maximizing revenue.
With a dynamic pricing tool like Beyond Pricing, you get automated, data-backed rate adjustments that help you capture the highest possible earnings while keeping your calendar full. I highly recommend Beyond Pricing as a reliable, market-savvy tool that adjusts rates in real time based on demand.
