During the listing process you’ll be asked how much you want to charge for the rental of your item. You’ve got a few options:
1. Setting a daily and weekly price with Smart Pricing enabled
Enabling Smart Pricing will not only suggest a monthly price but will also automatically offer a discount for longer rentals. This price is set by our algorithm which calculates the daily price which will get you the highest revenue over the course of a month. Offering a discount for longer rentals means more people will book your items over other people's items and will book them for longer too! You can read more about Smart Pricing here.
2. Setting a daily, weekly and monthly price with Smart Pricing turned off
If you set a daily, weekly and monthly price without Smart Pricing enabled then the daily price will gradually reduce evenly for each extra day added until the weekly price = 7 x daily price. If the weekly price you're offering is lower than 7 x daily price then you'll be offering a reduction on the daily price each day. Our research shows discounts for longer rentals earn you more money each month in total, as more people will choose your items over others and will rent them for longer!
3. Setting a daily price only with Smart Pricing turned off
If you just set a daily price with Smart Pricing turned off then each additional day the borrower adds will cost the same as the daily price. While this might sound good on paper, our stats show that items without a discount for multiple days get significantly less rentals than those which do offer a discount for longer rentals. Happy renting!