Rented, a widely-used revenue management partner for vacation rental professionals, today announced the launch of Art, an Automated Rate Tool that helps property managers set competitive nightly rates for every property.
Art provides market-driven pricing recommendations along with a simple interface so vacation rental managers can make adjustments based on their expert insights. Rates are then synced directly to reservation software and marketing channels.
Initially conceived as an internal product, Art was intended to support the work of Rented’s team of revenue managers who, since 2019, have provided hundreds of vacation rental firms with end-to-end revenue management as a service.
“We’ve always believed that vacation rental pricing requires a blend of art and science,” said Rented founder and CEO Andrew McConnell. “Our full-service clients have hired us because set-it-and-forget-it pricing tools don’t typically work for destination markets, where most properties are unique and relevant pricing data is hard to surface.”
McConnell continued, “As we built out Art to increase our own revenue managers’ efficiency and performance, we quickly realized there was an opportunity to deliver that same capability to a much wider audience.”
PMI Summit Colorado signed on as an early customer, using Art to set rates for 20+ properties. “Thus far, it has been one of the best pricing tools I have used, and I’ve played with a lot of them,” said Shana Lewis, PMI Summit Colorado’s vice president. “The product data being produced and used to generate pricing is more realistic—it doesn’t just bottom-out at the lowest dollar.”
Art uses pricing models built around demand and availability, not just historical reservation data, which has proven unexpectedly essential after the global pandemic brought leisure travel to a halt in the spring of 2019—making pricing based on historic data more challenging going forward.
“The last year has been a rough one for our industry, but the silver lining is that more travelers are turning to private, professionally managed vacation rentals than ever before,” said McConnell. “It’s our great hope that Art empowers more vacation rental managers to optimize their pricing, deliver the best possible return to their homeowners, and see their business flourish in 2021 and beyond.”
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Rented provides technology, tools, and services to help vacation rental pros optimize their portfolio of properties.
Art, the Automated Rate Tool, is the only dynamic pricing software built for and by professional short-term rental revenue managers. With Art, in-house specialists are empowered to set the right price for every property, with intelligent rate recommendations and easy custom adjustments. For companies that need hands-on support, Rented’s Revenue Management Service provides a dedicated revenue manager that specializes in handling every detail: setting prices, monitoring performance, and making custom adjustments.