Customer type: Property Manager
Property Type: Short-Term Rental
Region: Europe
Products: Dynamic Pricing
Number of listings: 170+
PMS: BookingSync
Executive Summary
Air Rental, a property management company based in Montpellier, increased its occupancy rate to 90% and enhanced profitability by over 15% after implementing PriceLabs. This case study highlights the challenges Air Rental faced with its manual vacation rental pricing strategy, the solution provided by PriceLabs, and the impressive results it achieved. Jules Renaud, Co-Founder and CEO of Air Rental shares their journey, highlighting how they managed their pricing and offering critical insights for other revenue managers considering dynamic pricing tools. He also highlights how PriceLabs customizations help you manage your pricing.
About Air Rental
Founded in Montpellier, France, Air Rental manages over 170 short-term rental properties across multiple cities. Initially present on only Airbnb with 25 listings, the company quickly expanded. Jules Renaud, the Co-Founder and CEO, initially managed the pricing strategy until Yuri Attali took over, enhancing pricing customizations.
Jules Renaud Shares Air Rental’s Journey with PriceLabs
Challenges Before PriceLabs
Before adopting PriceLabs, Air Rental managed only 25 listings exclusively on Airbnb, and their vacation rental pricing strategy depended mainly on daily manual adjustments. Jules Renaud recalls that it took hours to adjust prices, and they often missed opportunities during key events in the city due to a lack of local event knowledge. Expanding to other cities with which they were less familiar would have been challenging with this manual approach.
“We spent hours adjusting prices daily and still missed events happening in the city, causing us to lose potential bookings.”
– Jules Renaud, Air Rental
PriceLabs as a Solution
Air Rental discovered PriceLabs as a dynamic pricing solution and integrated it seamlessly with their PMS, BookingSync. Jules appreciated the ease of setup and its intuitive interface, even for those with little experience in yield management and who didn’t know how to manage their pricing. PriceLabs automatically calculates rates based on base prices and other factors, helping Air Rental save over 4 hours per week and ensure prices reflect local events. While PriceLabs’ base features were easy to use, mastering its advanced customizations, like adjusting minimum stays and fine-tuning prices for low-performing listings, gave Air Rental a competitive edge in its vacation rental pricing strategy.
“We love the customization features, especially setting a one-night minimum stay for last-minute bookings and gradually adjusting prices for underperforming listings.”
– Jules Renaud, Air Rental
Implementation and Results
With PriceLabs, Air Rental achieved a 90% occupancy rate and increased profitability by over 15%. For example, their hostel in Montpellier, which caters to budget-conscious travelers, saw substantial rate increases during the high season. Initially, the property owner doubted these price hikes, but PriceLabs proved effective, resulting in higher profits than ever anticipated.
“The hostel’s owner was amazed by the increased profits thanks to PriceLabs. We would never have reached such levels manually.”
– Jules Renaud, Air Rental
