PriceLabs’ new pacing reports offer hosts and managers the insights and tools to easily navigate the uncertain short-term rental market of 2023. These innovative features provide up-to-date analysis on local markets and comparative insights into performance versus last year, all included in each of PriceLabs’ dynamic pricing and market report products. With these reports, hospitality professionals can optimize rates and maximize revenue while staying ahead of the competition.
How will 2023 pan out? PriceLabs’ pacing reports let short-term rental operators research their markets in minutes
(Chicago; IL – February 28, 2023) Navigating the uncertain short-term rental market of 2023 can be intimidating–but it doesn’t have to be. With its new pacing reports, PriceLabs provides hosts and managers with the insights and tools they need to stay ahead of the competition, optimize rates, and maximize revenue. With these innovative features, hospitality pros get up-to-date analysis on local markets and comparative insight into their performance versus last year –all included in each of PriceLabs’ dynamic pricing and market report products at no extra cost to current users. For those who are not current users, the Portfolio Analytics product is worth trying as it is free forever. This feature allows access to pacing data for their market without any cost. It’s a great opportunity to see how pacing can benefit their business.
Why Analyzing Performance is Key in 2023 for Airbnb Hosts and Short-Term Rental Managers: Comparing to the Market and Last Year.
Traditional vacation rental markets saw an incredible surge in 2021 and 2022, but 2023 is different. Sea, mountain, and rural locations still thrive, but travelers are more price sensitive. Lake Tahoe’s winter tourism declined (-9%), but a slight increase (+6%) is expected for July 14-15. Wisconsin Dells’ bookings have remained stable, pacing ahead of 2022 (+7.5%). Cities are experiencing a resurgence in demand with varying recovery rates; Bordeaux, France, is an example, with a decline from January to March (-2.5%), followed by a surge on September 9 (+28%), potentially due to a Rugby World Cup match.
Cities are experiencing a resurgence in demand, but the pace of recovery varies greatly between markets and seasons. For instance, in 2023, most European cities are surpassing their 2022 levels, with Bordeaux, France being a notable example. Although Bordeaux’s market experiences a decline from January to March (-2.5%), it picks up momentum throughout the year (+3%). It sees a surge on September 9 (+28%), potentially due to a Rugby World Cup match.
In response to these shifts, property managers and hosts comparative data to reduce uncertainty for their urban and non-urban short-term rental businesses.
Moreover, the #Airbnbust trend on social media indicates that some Airbnb hosts might see fewer bookings per listing than before; therefore, measuring current performance against the same period last year can help them determine if they are affected.
Fortunately, PriceLabs provides a solution through its pacing and historical comparison features, allowing hosts and property managers to measure their success against the local market and track changes in key performance metrics compared to their previous performance.
Analyzing and Optimizing Listing Performance with PriceLabs’ Pacing Tools.
Hosts and managers can take their revenue management strategy to the next level with Pacing – a feature now available within each of PriceLabs’ dynamic pricing and market report products.
Pacing is a powerful strategy for individual hosts and hospitality professionals that helps them maximize revenue and make informed decisions. The concept of pacing focuses on setting reference points, typically in the form of pacing curves.
With the aid of its industry-leading data science team, PriceLabs compiles and analyzes market data from sources such as Airbnb and Vrbo. This process provides unique insights into each short-term rental market, which are then presented as easy-to-read graphs and metrics.
Hosts and managers can now easily identify whether their listings, local competitors, or an entire market are slowing down or accelerating compared to last year. In addition, they can keep track of rates, occupancy, and reservations on forthcoming dates straight from each of PriceLabs’ industry-leading tools, Market Dashboards, Portfolio Analytics, and Neighborhood Data – all at no added cost for current users.
See how your listings are pacing today – for free.
Current PriceLabs users will immediately find the new pacing and historical tools available within Market Dashboards, Portfolio Analytics, and Neighborhood Data.
Other hosts and property managers can start a 30-day free trial at pricelabs.co. With the company’s flat-fee pricing model and lock-in contract, it is not risky. Access to the Portfolio Analytics and its pacing data stays free of charge, even beyond the trial period.
Established in 2014 and headquartered in Chicago, PriceLabs is a leading provider of innovative and easy-to-use dynamic pricing and revenue management solutions for the accommodation industry. PriceLabs provides a data-driven approach, automation rules, and customizations to manage pricing and stay restrictions that help the owners and managers of vacation rentals increase revenues efficiently and easily. With over 90 integrations and a growing list of channels and property management systems, PriceLabs’ automated revenue management solution is built to serve the needs of large property managers to single-property owners. Learn more at www.pricelabs.co.