The 4 Best Dynamic Pricing Tools For Short Term Rentals

Dynamic pricing tools have become essential for short-term rental hosts and property managers looking to maximize their revenue and stay competitive in an ever-changing market. These tools leverage advanced algorithms, real-time data, and market insights to automatically adjust rental rates based on demand, seasonality, and other critical factors. By using dynamic pricing, hosts can ensure their properties are always priced optimally, attracting more bookings and increasing their income.

In this guide, we will explore some of the best dynamic pricing tools available for short-term rentals. We’ll provide an overview of each tool, discuss their key features, pricing models, and performance, and highlight the pros and cons to help you make an informed decision.

The best dynamic pricing tools for short term rentals are:

• Wheelhouse: Known for its user-friendly interface and robust data-driven approach, Wheelhouse offers customizable pricing strategies to help hosts maximize revenue.
• PriceLabs: This tool provides highly customizable pricing recommendations and integrates seamlessly with over 100 property management systems.
• Beyond Pricing: A pioneer in dynamic pricing, Beyond Pricing uses daily market data to optimize prices and includes comprehensive market insights and revenue management support.
• AirDNA: Leveraging extensive market data, AirDNA’s Smart Rates offers flexible pricing strategies and detailed competitive analysis to ensure hosts stay ahead in the market.

Wheelhouse

Wheelhouse is a dynamic pricing tool designed for short-term rental hosts and managers. Founded in 2014 by Andrew Kitchell, Wheelhouse leverages local data, machine learning, and AI to predict market trends and optimize pricing strategies. The tool aims to ensure that rentals are priced at the best rate every night, helping hosts maximize their revenue.

Pros:

• Comprehensive revenue management automation
• Flexible pricing strategies
• Scalable solution for both individual hosts and property managers
• Direct integration with Airbnb
• Integrations with widely used short-term rental management software products
• Flexible pricing structure

Cons:

• No direct integration with Vrbo and Booking.com (requires third-party PMS)
• Separate pricing for different products
• Some users report variability in automatic pricing accuracy
• Web-based only, with no mobile app

Features

Wheelhouse offers a range of features that make it a robust tool for dynamic pricing:

• Customizable Rule-Based Pricing Strategy: Allows users to create multiple rules and adjust settings based on occupancy pacing and revenue pacing. This is particularly beneficial for experienced hosts who understand local market dynamics.
• Hybrid Pricing Strategy: Combines data-driven rates with manual adjustments, giving users the flexibility to leverage both approaches as needed.
• Dashboard: Clean and easy to navigate, the dashboard provides access to tools like portfolio management, bookings, market intel, and competitive set intel.
• Calendar Display: Allows users to view trends over time, set base prices, and see how recommended prices are calculated based on various demand factors.
• Performance Analytics and Market Insights: Offers detailed performance analytics and market insights, helping users track the performance of their listings and make data-driven decisions​​.

Pricing

Wheelhouse offers two main pricing plans:

• Pro Flat Plan: Starts at $19.99 per month per listing, with discounts available for more listings.
• Pro Flex Plan: Charges 1% of the listing’s revenue.
• Free Plan: Limited functionality.
• Flexibility: This flexible pricing structure allows hosts to choose a plan that best suits their needs and scale their business effectively​
• Free Trial: Wheelhouse offers a 30-day free trial to allow users to explore their platform, link listings, and access market reports.

Performance 

Wheelhouse is known for its effectiveness in increasing rental revenue, with some users reporting up to a 40% boost. The tool’s data-driven approach ensures that pricing decisions are backed by solid market insights, helping hosts stay competitive and maximize their occupancy rates. Wheelhouse integrates with popular booking channels like Airbnb and TripAdvisor, as well as numerous property management systems (PMS) and channel managers, making it a versatile choice for property managers​​.

Support and Resources 

Wheelhouse provides continuous customer support via a 24/7 live chat. The onboarding and training team help users set up and optimize the tool for their business. Wheelhouse also offers extensive educational resources and a range of training materials on its website, ensuring that users can get the most out of the platform​.

Who Wheelhouse is Best For?

Wheelhouse is best suited for individual hosts and small to medium-sized property management companies looking for robust data insights and customizable pricing strategies. Its features are designed to help users optimize their rental income and manage their properties more efficiently​.

How to Get Started with Wheelhouse

Getting started with Wheelhouse is straightforward. Users can sign up online, connect their listings, and begin using the dashboard to set base prices and adjust pricing strategies. Wheelhouse provides detailed guides and support to help users through the setup process​

PriceLabs

PriceLabs is a dynamic pricing and revenue management tool tailored for short-term rental hosts and property managers. Established in 2014, PriceLabs is renowned for its powerful pricing algorithms and extensive customization options, making it a popular choice among over 5000 hosts globally​​

Pros:

• Integration with both Airbnb and Vrbo
• Optimization of occupancy, revenue, and profit
• Extensive customization options
• Excellent customer service
• Wide range of integrations with property management systems and channel managers

Cons:

• Complicated dashboard and options for beginners
• Occasionally inaccurate rate recommendations
• Complex pricing for multiple features​.

Features 

PriceLabs stands out due to its comprehensive feature set designed to optimize rental income. Key features include:

• Market Dashboards: These provide real-time data and insights on market trends, helping users understand supply and demand patterns. The dashboards can be customized based on various factors such as guest reviews, occupancy rates, and amenities​.
• Portfolio Analytics: This tool delivers important performance data and KPIs in real-time, allowing property managers to compare individual listings against others in their portfolio and competitors’ listings​​.
• Revenue Estimator Pro: It helps users estimate potential monthly and annual income for properties before they are listed, factoring in local demand and seasonality.
• Hyper Local Pulse (HLP) Algorithm: Enhances dynamic pricing capabilities by providing performance metrics, smart presets, and customizable settings to adapt to specific market conditions​​.

Pricing 

PriceLabs offers a structured pricing model catering to different needs:

• Market Dashboards: Subscriptions start at $15 per month.
• Dynamic Pricing: $24.99 per listing per month in the USA, UK, Canada, Europe, Australia, New Zealand, and Israel. $14.99 per listing per month for other countries.
• Portfolio Analytics: Included at no additional cost when you subscribe to Dynamic Pricing.
• Add-Ons: Additional API usage is available at $1 per listing per month. Extra syncs per day are available for $0.50 per listing per month.
• Free Trial: PriceLabs offers a 30-day free trial for new users, allowing you to explore and utilize their features without any commitment.

Performance 

PriceLabs is highly regarded for its effectiveness in optimizing occupancy, revenue, and profit. Its advanced algorithms consider multiple factors to provide precise pricing recommendations. The tool integrates seamlessly with over 100 property management systems and channel managers, enhancing its versatility​​.

Support and Resources 

PriceLabs offers robust customer support, including a 30-day free trial for new users. The platform is known for its excellent customer service, which is crucial for onboarding and ongoing assistance. Educational resources and a desktop app further enhance user experience​.

Who PriceLabs is Best For 

PriceLabs is best for property managers and hosts who want a data-driven approach to dynamic pricing with seamless integration and flexible pricing options. Its comprehensive features are suited to those managing both small and large portfolios​​.

How to Get Started with PriceLabs

Getting started with PriceLabs involves signing up for an account, connecting your listings, and utilizing the dashboard to customize pricing strategies. The platform provides detailed guides and support to assist users through the setup process​

Beyond Pricing

Beyond Pricing, founded in 2013, is a revenue management tool designed to help short-term rental hosts and property managers maximize their property’s revenue through dynamic pricing. The platform utilizes a data-driven approach, leveraging real-time analytics to determine optimal pricing strategies that adjust based on market conditions and demand​.

Pros:

• Dynamic pricing that incorporates multiple market factors
• Calendar syncing to prevent double bookings
• Strong customer support
• Intuitive interface that simplifies setup and use
• Comprehensive dashboard with detailed insights
• Free 30-day trial

Cons:

• Initial steep learning curve
• Limited mobile accessibility
• Customization options can be complex for some users
• Percentage-based fees can be costly in high-rate areas
• Setting up a base price can be challenging
• No free plan; costs vary with booking volume​

Features 

Beyond Pricing offers a comprehensive suite of features:

• Dynamic Pricing: Automatically adjusts prices based on market demand, local events, and other relevant factors. The algorithm updates daily to ensure optimal pricing​.
• Channel Management (Relay): Synchronizes listings across major platforms like Airbnb, Vrbo, and Booking.com, preventing double bookings and ensuring consistent pricing across channels​.
• Direct Booking Website (Signal): Provides an SEO-optimized website for direct bookings, enhancing visibility and conversion rates​​.
• Insights and Performance Data: Offers deep analytics on market trends and competitor activities, integrating with over 50 property management systems and booking channels​.
• Revenue Management Experts: Access to dedicated experts who provide personalized rate recommendations and insights into key performance indicators​.
• Modernize Payments (Tally): Simplifies payment processing with daily payouts, transaction management, and detailed financial reporting​​.

Pricing 

Beyond Pricing offers three tiered pricing plans:

• Growth Plan: Charges 1% of booking earnings per month, ideal for property managers looking to expand their portfolios. 
• Pro Plan: Set at 1.25% of bookings, tailored for professional managers seeking advanced tools. 
• Guidance Plan: Charges 1.5% of bookings, designed for high-performance users requiring the most advanced features. Payment 
• Processing: An additional fee of 2.9% plus $0.30 per successful card charge applies for using their payment processor. 
• Free Trial: New users can enjoy a 30-day free trial to explore Beyond Pricing's features and benefits.

Performance 

Beyond Pricing is recognized for significantly increasing booking revenue, with some users reporting up to a 40% boost. The platform's dynamic pricing algorithm and deep market insights help property managers optimize their rental income and maintain competitive pricing strategies​.

Support and Resources 

Beyond Pricing offers robust customer support, including email support and detailed tutorials to guide users through setup and optimization. The platform provides a comprehensive dashboard that includes health scores for listings, market insights, and performance metrics​​.

Who Beyond Pricing is Best For 

Beyond Pricing is best for property managers and hosts who want an automated, data-driven approach to dynamic pricing with extensive integration capabilities and expert support. It’s particularly suitable for those managing multiple listings and seeking to optimize revenue through advanced pricing strategies.

How to Get Started with Beyond Pricing

To get started with Beyond Pricing, users need to sign up for an account, connect their listings, and utilize the dashboard to set base prices and customize pricing strategies. The platform offers a 30-day free trial to explore its features and benefits​

AirDNA

AirDNA is a dynamic pricing tool designed to help Airbnb hosts and short-term rental managers optimize their pricing strategies based on real-time market data. Founded in 2015 and headquartered in Denver, Colorado, AirDNA leverages data from over 10 million properties across 120,000 markets globally, providing hosts with valuable insights to maximize their rental income.

Pros:

• Detailed market insights and competitive data
• Flexible pricing strategies tailored to market conditions
• Integration with major booking platforms
• Customizable comp sets for strategic pricing adjustments

Cons:

• Higher cost in larger markets
• Lacks automated pricing adjustments for some integrations
• Complexity in setting up and interpreting data for new users​.

Features 

AirDNA offers a range of features to help hosts set competitive prices:

• Dynamic Pricing: AirDNA’s Smart Rates adjusts nightly rates based on market demand, seasonal trends, and local events. Users can choose between balanced, conservative, or aggressive pricing strategies and set minimum and maximum daily rate parameters​.
• Market Insights: The tool provides access to detailed market data, including average daily rates, occupancy rates, booking lead times, and revenue growth. This information helps hosts understand market trends and adjust their strategies accordingly​.
• Competitive Analysis: Hosts can create competitive sets (comp sets) of similar properties to monitor how their prices compare. This feature allows for strategic adjustments to stay competitive within the local market​​.
• Integration: AirDNA integrates with property management software like Futurestay, allowing automatic synchronization of pricing recommendations to booking platforms.

Pricing 

AirDNA offers several subscription plans, including a free plan with basic market insights. The paid plans are tiered based on the depth of data and features required:

• Free Plan: Basic access to limited market data and insights, free forever.
• Basic Plan: $15 per month when billed annually ($40/month when billed monthly), offering richer market insights and full revenue calculations.
• Pro Plan: $25 per month when billed annually ($85/month when billed monthly), including advanced insights and unlimited dynamic pricing.
• Advanced Plan: Custom pricing tailored to business needs, offering the most comprehensive data and tools.

Performance 

AirDNA is known for its accuracy and effectiveness in optimizing rental income. The tool's ability to provide real-time market data and personalized pricing recommendations helps hosts maintain high occupancy rates and maximize revenue throughout the year​.

Support and Resources 

AirDNA offers customer support through phone, email, and chat, ensuring hosts have access to assistance when needed. The platform also provides extensive educational resources, including tutorials and guides to help users make the most of its features​.

Who AirDNA is Best For 

AirDNA is best suited for Airbnb hosts and short-term rental managers who want to leverage data-driven insights to optimize their pricing strategies. It is particularly useful for those managing multiple properties and looking to stay competitive in dynamic markets​.

How to Get Started with AirDNA

To get started with AirDNA, users can sign up for an account on the AirDNA website and select a subscription plan that fits their needs. The platform offers a free plan to explore basic features, with paid plans providing more comprehensive data and advanced tools for serious hosts and investors​.

How to Choose the Best Dynamic Pricing Tools for Your Short Term Rental

Choosing the best dynamic pricing tool for your short-term rental involves evaluating several key factors. 

Start by considering the tool's ease of use and integration capabilities with your current property management system. Look for tools that offer robust data analytics and customizable pricing strategies to match your market's unique dynamics. Ensure the tool provides real-time market data and insights, allowing for responsive adjustments to pricing based on demand, seasonality, and local events.

Additionally, assess the pricing models and scalability of the tools. Some tools charge a flat fee per listing, while others may take a percentage of your revenue. Consider your property's booking volume and revenue potential to determine which pricing structure aligns best with your budget. Customer support and educational resources are also crucial, as they can help you navigate the tool's features and optimize your pricing strategies effectively. 

By carefully evaluating these factors, you can select a dynamic pricing tool that maximizes your rental income and enhances your property's competitiveness.

Final Thoughts

Choosing the right dynamic pricing tool for your short-term rental can significantly impact your revenue and overall success. Each of the tools we've discussed—Wheelhouse, PriceLabs, Beyond Pricing, and AirDNA’s Smart Rates—offers unique features and strengths, catering to different needs and preferences.

Ultimately, the best dynamic pricing tool for you will depend on your specific requirements, the size of your property portfolio, and your familiarity with using data-driven tools. By leveraging these advanced pricing solutions, you can optimize your rental rates, attract more bookings, and maximize your income.