Is there a best time to book?
Finding the best price on an Airbnb is an art and a science. Many factors go into pricing (more on that below), but according to recent NerdWallet research, the sweet spot seems to be about four weeks in advance of your travel date. Using data from 10 cities, NerdWallet found that, when compared to booking far in advance (almost a year ahead of travel) and last minute (three days before travel), median prices were 10-15% less four weeks out.Short-term rental alternative: Co-owned second homes
What factors affect Airbnb prices?
According to the same NerdWallet research, 84% of properties listed on Airbnb use dynamic pricing, where an algorithm automatically changes per-night pricing based on a variety of factors. Many things affect the price of a specific Airbnb property, including:- Seasonality: Visiting the beach in the summer or a ski area in the winter will undoubtedly cost you more than visiting in the destination’s off season.
- Days of the week: You’ll typically pay more for a weekend stay than a weeknight stay, depending on the destination.
- Overall demand: Like anything else, prices go up when availability is limited. If you’re looking for a vacation rental over a holiday weekend, during a concert or sporting event or in a location where rental options are limited, expect to pay more.
- Location: Even within a single city, you’ll find that prices vary dramatically based on neighborhood amenities, the popularity of the neighborhood and proximity to area attractions.
- Property features: Bigger properties with more bedrooms and better amenities can and will charge more.
- Reviews: An Airbnb rental with many five-star reviews can charge a premium. Properties with not-so-great reviews — or those that have not been on the market long enough to garner many reviews — often charge a little less.
Do Airbnb prices get cheaper closer to my trip?
It is possible to score last-minute deals on Airbnb listings, as both dynamically priced and statically priced homes may drop prices a few days ahead of time to prevent a property from sitting empty. However, this tactic is best employed by flexible travelers. When you book last minute, you may find yourself with limited options and end up in a home or part of town that isn’t your first choice. If you’re okay with that, you might be able to save quite a bit.What do I need to know about cancellation policies?
How early you’re comfortable booking often comes down to the cancellation policy, and on Airbnb, property owners have their choice of multiple options. As a traveler, be sure to review the cancellation policy for the property before booking to make sure it works for your travel plans. While there are many cancellation policy types at Airbnb, here are a few of the most common you’ll encounter. Be sure to read the full policy before booking, as there are some rules regarding partial payments:- Flexible: You can cancel up to 24 hours before check-in for a full refund.
- Moderate: You can cancel until 5 days before check-in for a full refund.
- Firm: You must cancel at least 30 days before check-in for a full refund
- Strict: You must cancel within 48 hours of booking, and at least 14 days before check-in for a full refund
Tips for getting the best price
Ready to seek out the best possible price for the Airbnb you’re eyeing? Here are a few tips for getting the best price:- Consider staying at off-peak times, like low season or weeknights.
- Use an online tool to track Airbnb pricing changes. AirDNA and PriceofTravel are popular options.
- Attempt to negotiate with the host. This often works best for last-minute bookings.
- Book longer stays. Many listings offer significant discounts for stays of a week or more.
- Look for static-priced properties to find good deals during peak periods.
- Choose a new listing. If a property doesn’t have many reviews yet, it’s probably new to the platform. The property owner may accept a lower price in hopes of you leaving a good review.
- Keep an eye on fees. The fee structure at Airbnb is complicated and based on multiple factors, but fees can make a big difference in your overall cost.
