Wondering what’s happening in your market – or perhaps markets where you’re considering a new investment? PriceLabs, known for their dynamic pricing software, recently launched a new Market Dashboards product, and the company is offering every user access to 5 dashboards for markets of your choice.
What exactly do these dashboards show? Which markets can you view? And does this vacation rental data analysis come at a price? We’ll explain everything you need to know about PriceLabs’ new market dashboards in this article.
What are PriceLabs’ Market Dashboards?
PriceLabs now offers access to five market dashboards for any market you choose. Free accounts can select a country and city, and existing PriceLabs users with an active paid subscription can enter a specific address and a radius. PriceLabs will display data for the area of your choice, which refreshes every day until June 30. Each dashboard contains data from a maximum of 1000 listings.
Each market dashboard shows six different metrics:
- Summary Statistics: This chart describes the listings that are included in the dashboard. It shows the number of bedrooms (studio, 1, 2, and 3+ bedrooms) and the median price, length of stay, and lead time over the last week.
- Future Occupancy, Bookings, and Cancellations: This chart shows several exciting pieces of data – the current occupancy rate for dates up to a year in the future, the volume of new bookings in the last week, and the volume of cancellations within the last week. In this chart, you can see which future dates received the most bookings and the most cancellations.
- Future Prices: This chart outlines the 25th, 50th, and 75th percentile rates for the market. You can filter by property size, showing only 1BR units, for example, so the data is most relevant to you.
- New Bookings: This graphs tallies up the number of new bookings in the market per day over the last week. It shows a simple count of new bookings.
- Lead Time: Out of the bookings made in the past week, which the earlier graph shows, this graph shows the lead time for those bookings – how far in advance of the arrival date they were booked. You can determine if people are booking last-minute reservations or if they’re planning for travel far in the future.
- Length of Stay: Like the previous graph, this one looks at new bookings from the past week, but it separates them by length of stay. You can notice if there’s a trend towards shorter or longer bookings in the market.
You can filter by property size (number of bedrooms) on all charts except for the first one, the summary chart.
How much do the dashboards cost?
For now, they’re free! PriceLabs has credited all existing accounts with 5 free dashboards that refresh daily until the end of June. New accounts will also have access to 5 free dashboards. Existing users will continue to pay their same monthly rates for PriceLabs’ dynamic pricing software, while new users get a 30-day free trial before the standard fees kick in. PriceLabs offers several plans with different rates depending on the number of listings you manage.
Where can I find the dashboards?
If you’re already a PriceLabs user, you will see a new “Market Dashboards” tab when you log into your account.
After clicking on “Market Dashboards,” you can click “Create New Dashboard” to set up the first of your 5 free dashboards. Simply enter an address and a radius for the area you want to analyze.
If you’re not a PriceLabs user yet, you can sign up for a 30-day free trial at this link.
Want to know more about the dashboards? Watch PriceLabs’ tutorial video below.