When it comes to running a successful short-term rental, pricing is one of the most critical factors that can make or break your bookings. Set your rates too high, and you might scare away potential guests. Set them too low, however, and you’ll fill your calendar but leave money on the table. The secret is finding a rate that attracts steady bookings while maximizing your revenue.
At Southern Charmed Hospitality Group, we’ve helped countless Charleston property owners fine-tune their pricing strategy to stay competitive and profitable year-round. Continue below to discover how you can do it, too.
1. Understand Your Market
Before you set your nightly rate, you need to know what’s happening in your area. Research similar properties in your neighborhood, focusing on rentals with the same size, amenities, and style as yours.
Look at:
- Average nightly rate during different seasons
- Occupancy rates
- How far in advance properties are booking
Pro tip: Sites like Airbnb, VRBO, and even Google Travel can give you a quick snapshot of the competition.
2. Consider Seasonality
Charleston’s rental market shifts with the seasons. Summer and spring often bring in vacationers, while fall and winter might attract more business travelers and long-weekend guests. Adjusting your rates to reflect demand ensures you stay competitive without losing money during slower months.
3. Use Dynamic Pricing Tools
Dynamic pricing tools like PriceLabs, Wheelhouse, or AirDNA adjust your nightly rates automatically based on local demand, events, and occupancy trends. They take the confusion out of pricing and keep you competitive 24/7.
4. Factor in Your Amenities
Properties with high-demand features—like a hot tub, pet-friendly policy, free parking, or a prime downtown location—can command higher rates. If your property offers something special, make sure your pricing reflects that value.
5. Offer Discounts Strategically
Discounts can be a powerful tool when used wisely. Consider the following:
- Last-minute deals to fill empty dates on the calendar
- Weekly or monthly discounts for more extended stays, which reduce your turnover costs
- Early-bird pricing for guests who book well in advance
6. Track Your Numbers
You can’t improve what you don’t measure. Keep a close eye on the following factors:
- Occupancy rate
- Average nightly rate
- Revenue per available night (RevPAN)
If you notice a loss in bookings, it might be time to re-evaluate your rates.
7. Partner with a Professional
Pricing a short-term rental isn’t a “set it and forget it” task—it’s a living, breathing strategy that changes with the market. At Southern Charmed Hospitality Group, we use real-time data, deep local market knowledge, and years of property management experience to help owners maximize both occupancy and income.
Make The Most of Your Short-Term Rentals in Charleston with the Help of Southern Charmed Hospitality
The right pricing strategy balances occupancy and profitability. With a bit of research, the right tools, and expert guidance, your short-term rental properties can thrive in Charleston’s competitive market.
Want your property to earn more without the stress?
Contact Southern Charmed Hospitality Group today and let us manage your pricing, bookings, and guest experience so you can enjoy the rewards of hosting without the hassle.