What is dynamic pricing?
We use dynamic pricing on all our short-term rental platforms to maximize revenue. What this simply means is that pricing is regularly changed to follow current fluctuations in the market. The most common changes in the market are supply and demand. When there’s a high demand in the local market, we increase the rental price. When there’s a high supply in the local market of short-term property rentals and low demand, we decrease the rental price to assure the property is still generating profit rather than remaining vacant. These changes are often affected by the seasons, events in the area, or a vast variety of other factors. Therefore, we use special market software to stay on top of these market changes. On average dynamic pricing generates 10% to 50% more revenue than following a static pricing model.
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