How do I set Prices for my Vancouver Airbnb?
As of October, 2018, there are 2,178 Air bnb listings in Downtown Vancouver.
How should I price my Airbnb? What are the market rates, and how do I remain competitive to hold a high occupancy rate and generate the most revenue to ensure profit for my property??
It is all about Supply and Demand and the market pricing. Here are some Airbnb Vancouver Economic Statistics that may help you price your unit...
Of the 2,100+ Airbnb listings in Vancouver, over 80% are entire home rentals. And of these listings, most of them are one bedrooms. with the second most popular listings being two bedrooms and studios to follow.
What does this mean? Again, Supply and Demand rules that two bedrooms should be able to call for higher pricing, given the lack of supply.
At this time, less than 30% of the market is available. This is a balanced market. For example Toronto is in a similar availability space. However Toronto has about 14,000 active listings!
Its all about economics. Follow these data figures to understand the COMPETITION, and you will have direction on how to set your Airbnb pricing in Vancouver.
Happy hosting all!
The Vancouver Super Host team is a pack of seasoned Airbnb Super Host ninjas. With several consecutive quarters of hosting excellence, VSH helps hosts across the country get the most out of their Airbnbs, financially and in emotional fulfillment.