So you have found some items you’d like to start rent, but have no idea where to start with pricing! A few ways you can determine how to price your items is to look at similar items within your community to determine a general price point. This will also allow you to remain competitive within your community.
For example, if you have a Kitchen Aid Mixer and there are a few others on the platform listed at $20 to $25 daily you wouldn’t want to price yourself at $60 daily as you’d likely not get bookings over the other options. Another thing to keep in mind is the retail value of the item. Renters are often looking for a more cost-effective way to enjoy an activity or get a job done. So being conscious of the cost to buy brand new vs. renting is key. For example, if you have a cruiser bike posted for rent at $100 daily but the Renter can buy one brand new at $150 to $175, they are not likely to want to rent will end up just purchasing.
One thing to keep in mind when thinking about pricing your items is the cost to your Renter to purchase on their own. You do not want to out-price your item that a Renter will just buy their own or not consider renting multiple times from you.