Determine your nightly price

It can take time and fine-tuning to find a nightly price that works for you and is attractive to guests. You’re always in charge of your price and you can change it anytime.

You set your initial price when you list your space on Airbnb. The suggested price in Airbnb Setup is based on factors like location, amenities and guest demand for similar listings.

Do your best to balance your costs with what guests are willing to pay. Considerations include:

• Hosting expenses, such as the mortgage, maintenance and taxes.
• The value you provide, such as popular amenities or proximity to local attractions.
• The total price guests will pay, including any fees you plan to charge.

Keeping your listing description, photos and amenities up to date helps explain the value you offer and set guest expectations.

Whenever you update your price, you can tap Guest price before taxes to get a breakdown of your base price plus the guest service fee. Tap You earn to see your base price minus the host service fee.

Comparing the prices of similar homes in your area can help you set a competitive price and attract more bookings. If you offer the same price every night, consider adding weekday and weekend rates. Varying your pricing based on the night can help maximise bookings.

To compare similar listings:

• Go to the Pricing tab in your listing’s calendar.
• Select a date range of up to 31 days.
• Tap View similar listings.

You’ll see the average prices of similar listings nearby on a map of your area. Buttons on the map let you view booked or unbooked listings. The factors that determine which listings are similar include location, size, features, amenities, ratings, reviews and the other listings that guests browse while considering yours.

“If I’m seeing similar listings that are priced lower and I still have availability, I’ll look and see why,” says Katie, a Host Advisory Board member and Superhost in Palm Springs, California, US. “I analyse my decor, my amenities, my cancellation policy, my cleaning fees. There are a lot of things that go into why someone else might get a booking over me.”

You control your pricing and other settings at all times. Your results may vary.

Hosts were paid for their participation in interviews.

Information contained in this article may have changed since publication.