Dynamic pricing strategy
You have already thought about your vehicle base price when you set up your rentals but its important to make your rental price dynamic. By adopting dynamic pricing strategies and setting minimum night requirements, you can optimize revenue, provide competitive pricing, and enhance the overall rental experience for guests.
You can read this article to learn how to implement a dynamic pricing strategy or watch the rental pricing strategy video for your visual reference.
Understand guests' booking preferences by analyzing their purchasing behavior, add-on preferences, and price sensitivity. For instance, families tend to book in advance, plan longer trips, and are restricted to school holidays. Adjust pricing for family-friendly RVs at least 8 months in advance and consider school holidays.
Stay informed about market conditions, seasonal demand patterns, competitor pricing, and economic factors. High season, such as July to September for Outdoorsy, experiences high demand, allowing for a price increase of 5 to 15%. Capitalize on high-demand periods like long weekends or local events by adjusting prices accordingly.
During low season, when demand is low, decrease prices to attract price-sensitive guests and maximize rental income. Offering lower prices benefits guests and ensures RV occupancy and revenue.
Renting out an RV involves a significant investment of time and resources, such as cleaning, maintenance, and communication with guest. By setting a minimum night requirement, you can ensure that your efforts are being used efficiently by renting your RV for a longer period of time
Length of stay
with the length of stay pricing rule option you can offer an incentive for guests to extend their booking for a reduced price or encourage them to book longer stays to be eligible for the discounted weekly or monthly rate.