Lay My Hat

We are looking to 2019 and considering increasing our rental prices.
I have looked at similar properties in our locality and compared their rates to ours. Currently we are very competitively priced and I would not like to lose our 'edge' over them. However we have not increased our prices at all for the three years we have been in business and of course costs of running the holiday let have gone up during this period.
Are others on this site considering upping their rates next year?

Yes - I've gone up about 3% after holding for 2 years.

I've never been convinced that being the cheapest is much of an edge at all. If you have confidence in your product, price & market it accordingly & you will sell it. Something that is good value is often more attractive than something that is just inexpensive.

COYS wrote:I've never been convinced that being the cheapest is much of an edge at all. If you have confidence in your product, price & market it accordingly & you will sell it. Something that is good value is often more attractive than something that is just inexpensive.

+1

+1

COYS wrote:I've never been convinced that being the cheapest is much of an edge at all. If you have confidence in your product, price & market it accordingly & you will sell it. Something that is good value is often more attractive than something that is just inexpensive.

On the other hand and from personal experience something very expensive is no guarantee of satisfaction or quality either.
Our holiday let is not at the luxury end of the market, thus our rental prices reflect this. We offer warm, comfortable premises to people seeking a holiday at reasonable prices.
There is quite a lot of local FHL competition in our area and that is why we try to meet this competition with sensible and realistic rental prices.

I tend to put my weekly rate up for periods that have proved especially popular in the previous 12 months

AirBnb's increasing hold locally has led me to reduce short break rates ..

Drax wrote:

COYS wrote:I've never been convinced that being the cheapest is much of an edge at all. If you have confidence in your product, price & market it accordingly & you will sell it. Something that is good value is often more attractive than something that is just inexpensive.

On the other hand and from personal experience something very expensive is no guarantee of satisfaction or quality either.
Our holiday let is not at the luxury end of the market, thus our rental prices reflect this. We offer warm, comfortable premises to people seeking a holiday at reasonable prices.
There is quite a lot of local FHL competition in our area and that is why we try to meet this competition with sensible and realistic rental prices.

+1. This is my approach too

I too think I should make some sort of increase for 2019, after holding prices for f our years. I think my prices are too cheap anyway.