Owners have full control over the pricing of their listing. Factors to consider include utility costs, similar listings, seasonality, and lease-up time.
Determining your pricing is ultimately your decision, but these tips can guide you in making an informed choice:
1. Understanding the total monthly and per bedroom price breakdown, these can be found under your listing dashboard:
- Go to 'Manage Listing'
- Select the property you are editing
- Select 'Dashboard'
- Click on the 'Edit' button to Edit your pricing.
Dashboard view
2. Turning on Smart Pricing - Alcove Smart Pricing combines automated algorithms and human expertise to calculate the best rate for your room at any moment. By activating Smart Pricing, 85% of homes are rented out within 30 days, and 96% within 60 days. For more details, please see: How long will it take to fill my home with Alcove?
3. Estimating your total utilities cost - owners are responsible for electricity, water, gas, sewage, trash, and wifi. For more details, see: Property Setup - Utilities
4. Taking into account seasonality - While we have thousands of leads looking for rooms each month, we typically see the strongest demand in March - August. Due to Supply / Demand Dynamics, it is typically easier to clear higher prices in summer months (March-October) than in winter months (November-February).
5. Similar Listings - Check out other listings in your area here to compare your pricing to similar listings.
6. Consider offering a signing promotion for leases of 6+ months, you can add a promotion by editing your listing configuration. This can be found under your listing dashboard:
- Go to 'Manage Listing'
- Select the property you are editing
- Select 'Dashboard'
- Click on the 'Edit' button to Edit your add any available promos.
7. Extra fees for pets, you will receive a $300 non-refundable pet fee per pet in your home, this does not apply to ESAs and Service Animals.
8. Your renewal listing will default to the last leased price for the bedroom. If the room is not leased 30 days before it becomes vacant and Smart Pricing is turned on, weekly automatic price drops will begin until an application is submitted. If you wish to increase the price upon renewal, we recommend implementing this in your dashboard 90+ days out, as this is when the current tenant will be invited to renew.