Dynamic pricing
Configure rules that automatically update unit type prices based on real-time occupancy percentages
Be advised that dynamic pricing only applies to move-ins processed in the customer booking portal. If you are processing a move-in from the management portal, it will default to the individual unit price.
Overview
You can automatically increase or decrease the cost of rent for your unit types by utilizing the dynamic pricing feature. This is based on the occupancy percentage of the unit type, and you can set different rules for each unit type you offer.
This gives you flexibility and more precise control in approaching the pricing of your units. The function is completely automated, so simply set the rules you desire and the system will update your unit type pricing in real time.
Creating a rule
To manage dynamic pricing rules, first navigate to the desired unit type in your site settings. In the 'Details' tab, scroll down to view the 'Dynamic pricing' module.
To create a rule, simply click on the blue + button. This will open the window where you will set your desired rules.
How it works
Dynamic pricing rules are based on the unit type's occupancy percentage. The breakdown of this percentage is found at the top of the 'Details' tab within a unit type's settings.
When creating a rule:
- Enter the occupancy percentage threshold
- Select whether the rule activates when it is either less than or greater than this percentage
- Based on this, set whether the price will increase or decrease
- Enter the percentage that the rent cost will be changed by
For example, if you would like your unit type rent to increase when there is a high occupancy, you could use the following settings:
When you configure these settings, the window has an info banner that will show you precisely what the price will be changed to. In the example above, you can see that if this unit type has occupancy greater than 75% that the price will be increased by 25% which will change the price from the original cost of $179 to $223.75.
Alternatively, the example below shows what a rule may look like if you want to decrease the cost of rent if occupancy is low:
Price rounding
You can set whether you want the price change to be rounded up to either 2, 1, or 0 decimals. By default it will always round to 2 decimals. To change this, simply click on the '> Price rounding' tab.
Managing rules
Once you have entered your desired settings, click the 'Add' button to finish creating the rule.
There is no limit to the amount of rules you can add to each unit type. When you create new rules, the system will automatically place them in order based on occupancy percentage. This makes it easy at a glance to see the breakdown of your rules.
You can edit or delete a rule anytime by simply clicking on it within the dynamic pricing list.
The system will also clearly mark which rule is currently active in several parts of the management portal UI.
Dynamic pricing module:
Unit type details:
Unit types list in site settings:
