Best Way to Find Reasonable Monthly STR Pricing?

[James Carr]

Just curious about what people recommend to do the research. AirDNA requires me to pay before even beginning but gives me a quote of $787 average daily rate for the house's address. That doesn't "feel" right, that would mean about $23,000 monthly. 

[Collin Chan]

Try Rabbu (free again) and Pricelabs to cross compare.  Also check the calendars for properties that most closely resemble yours (enemy method) and use that data to see what your projected should be.

[Luke Carl]

Enemy Method dot com. Walmart uses it to price their products! 

[Carlos Ptriawan]

Quote from @James Carr:

Just curious about what people recommend to do the research. AirDNA requires me to pay before even beginning but gives me a quote of $787 average daily rate for the house's address. That doesn't "feel" right, that would mean about $23,000 monthly. 

 AirDNA statistic has been wrong for so many years. You don't need AirDNA as you could gauge your competition in front of your eyes.

[John Underwood]

Quote from @Luke Carl:

Enemy Method dot com. Walmart uses it to price their products! 

I agree!
No better way than to check your competition.  

[Leslie Anne Morris]

Another option would be market research using your agent, property management companies, etc. Finding someone who has eyes on the market. Keep in mind though that not all PMs are considered equal. 

[Michael Baum]

Hey @James Carr, I would also use the enemy method to check against AirDNA. Just go out to AirBNB and VRBO and see what others are doing with their rentals. Their nightly rates, occupancy and amenities. That will give you a good idea.

Also, Awning.com has a estimator tool to try as well. It is free. Just put in an address and you can see how others are doing in the area.

[Andrew Steffens]

Are you looking to rent nightly or monthly? I see the title says monthly rate.  I am not aware of a tool that does monthly pricing, for this I usually look at Zillow when a client asks for MTR as there are a lot of furnished rentals offered monthly on Zillow in my area.  If you are looking to rent nightly but to have an attractive monthly price, you can charge the daily rate using all of the tools mentioned above and then figure out the monthly discount you'd like to offer, and then set your monthly discount into the listing.  I hope that helps.

[Allan Smith]

it's important to remember that air DNA shows the average nightly rate, but your occupancy might only be 50 or 60% at that rate. That's roughly what ours turned out to be.