Best Way to Find Reasonable Monthly STR Pricing?

Question

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.

Luke Carl · Answer

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

Carlos Ptriawan · Answer

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.

Collin Chan · Answer

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.

Allan Smith · Answer

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.

Andrew Steffens · Answer

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.

Michael Baum · Answer

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.

Leslie Anne Morris · Answer

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.

Best Way to Find Reasonable Monthly STR Pricing?

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