How to Set the Perfect Price for Your Airbnb in Wilkes-Barre
Average Nightly Rate For Airbnb's in Wilkes-Barre by Season:
Here are the typical nightly rates for Airbnb listings in Wilkes-Barre 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 | Summer | $50 - $80 |
| Flat | 1 | Winter | $70 - $100 |
| House | 2-3 | Spring | $100 - $150 |
| Bungalow | 2 | Fall | $80 - $120 |
| Villa | 3-4 | Summer | $200 - $300 |
Occupancy Rate Trends in Wilkes-Barre:
Understand the occupancy patterns in Wilkes-Barre throughout the year. Recognizing peak and low-demand periods can guide your pricing adjustments.
Local Events that Impact Airbnb Prices in Wilkes-Barre:
These are the key events in Wilkes-Barre that affect Airbnb pricing and demand. Aligning your rates with these events can maximize occupancy and revenue.
| Event | Timing | Influence on Demand |
|---|---|---|
| Mohegan Sun Arena Events | Throughout the year | Events at Mohegan Sun Arena such as concerts, sports games, and shows can significantly increase demand for accommodations in Wilkes-Barre, leading to higher Airbnb prices. |
| Luzerne County Fair | September | The Luzerne County Fair attracts many visitors to the area, creating a surge in demand for lodging. Airbnb hosts can capitalize on this event by adjusting their prices accordingly. |
| Wilkes-Barre Scranton Penguins Games | During hockey season | Home games of the Wilkes-Barre Scranton Penguins can draw in spectators from out of town, leading to a higher demand for accommodations near the arena, impacting Airbnb pricing. |
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.
