How to calculate your night rate on Airbnb?

[Luis Ramirez]

Hello everyone,

I recently started an Airbnb on February of this year, I have a 2000 mortgage payment and I am not sure how to calculate the amount that I should be charging per night. This Airbnb is located in Royal Oak Michigan, which is a really central location to the Detroit City Area, which is why I believe is a good location. From what I have noticed this last couple of months is that the place is usually only rented on weekends. I would like to ask to you guys, what are the factors that you consider when calculating your nightly rate?

Below is a link to my Airbnb, if you could give me some feedback on what you think of the listing it would also be much appreciated

Airbnb Link

Thank you!!!

[John Underwood]

Quote from @Caleb Brown:

I would look on Airbnb and see what others are asking. You could also invest in AirDNA to get an idea of how others are performing(each property does vary so it's a rough estimate). Regarding your listing the first thing that stands out is photos. Hire professionals, it is the very first impression when potential guests are looking. It's a cute house. I would also see about getting it staged better. On the backyard(not urgent) you could add a gazebo and dress it up. Add a firepit and some things guests could do to hang outside. On your description are you able to highlight nearby amenities and fun things to do? 

 As Caleb said, check your competition.

Vrbo has really goof built in Analytic tools to show the competition.

Your mortgage payment has nothing to do with what should be charged.