Introducing Custom Comp Sets and Hotel Comp Sets for Apartment Rentals

Introducing Custom Comp Sets and Hotel Comp Sets for Apartment Rentals

In revenue management, the quality of your pricing decisions is only as good as the data behind them. For apartment-style rental properties, relying on STR (short-term rental) data has always been a challenge. These datasets often include noisy or unreliable information, such as units not run as businesses or sporadically available properties. This makes it difficult to establish an accurate measure of nightly demand.

That’s why we’re excited to announce Custom Comp Sets and Hotel Comp Sets for GPTPricing users. These new features allow for more precise, hotel-like comparisons, reducing noise and improving the accuracy of your dynamic base night pricing.

Why STR Data is Noisy

Unlike hotel data, STR data often comes with inconsistencies. Many STR units aren’t managed like professional businesses—they might only be listed part-time, have irregular availability, or lack competitive pricing strategies. This variability can skew demand measures, leading to suboptimal pricing decisions.

For example, a high-demand period in your market may appear diluted because many STR units are unavailable during those dates, even though they are technically included in the dataset. The result? Pricing based on incomplete or misleading demand signals.

The Solution: Custom Comp Sets and Hotel Comp Sets

GPTPricing’s new Custom Comp Sets and Hotel Comp Sets solve this problem by offering a more reliable comparison framework:

• Custom Comp Sets: Tailor your competitive set by selecting properties that match your operation’s scale, business model, and quality. This ensures your pricing strategy reflects true competition and not noise from part-time or poorly managed units.

• Hotel Comp Sets: For apartment-style rentals that operate more like hotels, GPTPricing incorporates hotel data to create a comp set that mirrors your business model. This provides a clearer, more stable measure of nightly demand, leveraging the consistency and reliability of hotel benchmarks.

Benefits of Custom and Hotel Comp Sets

1. Improved Demand Accuracy: By eliminating noisy STR data, these comp sets provide a cleaner, more accurate measure of nightly demand.

2. Better Dynamic Pricing: With reliable demand signals, GPTPricing can optimize your base night prices more effectively, ensuring you capture the full revenue potential of high-demand periods.

3. Tailored Comparisons: Custom comp sets allow you to select competitors that align with your unique market position, improving the relevance of your pricing strategy.

4. Hotel-Like Precision: For apartment-style rentals, leveraging hotel data brings consistency and clarity, making your pricing as competitive as a professionally managed hotel.

Revolutionizing Apartment Rental Pricing

Custom Comp Sets and Hotel Comp Sets are designed to bring the precision of hotel revenue management to apartment-style rental properties. By reducing the noise in traditional STR data and incorporating cleaner, more reliable benchmarks, GPTPricing helps property managers make smarter pricing decisions with confidence.

This new feature is now available to all GPTPricing users. Ready to take your pricing strategy to the next level? Contact us today to learn more or activate Custom and Hotel Comp Sets for your portfolio!