# How to price your listing
> How to price your listing Setting the right price for your space is a critical part of maximizing your earnings and attracting reliable renters Finding the
Source: https://help.neighbor.com/en_us/how-to-price-your-listing-B1XnlXUyT
Last updated: 2025-02-25T20:45:57.022Z
Setting the right price for your space is a critical part of maximizing your earnings and attracting reliable renters. Finding the sweet spot in pricing can help you maintain a steady stream of renters, leading to long-term success on Neighbor. Let’s dive in.
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## The power of starting low
Pricing is a strategic tool in building a successful listing. Starting with a competitive rate not only makes your space more attractive to potential renters but also paves the way for future growth and adjustments.
**Benefits of starting low:**
* By offering an affordable price, you’ll attract more renters. Lower barriers to entry make your listing more appealing to a wider audience
* As you collect 5-star reviews, you'll be able to justify your price increases to your renter base. At the end of the day, renters will be more willing to pay extra to store with a highly-rated host. An extra $10 a month is a small price to pay for a seamless storage experience
## Smart Pricing
[Smart Pricing](https://help.neighbor.com/en_us/smart-pricing-ryLMaDtIq) is Neighbor’s automated pricing tool designed to maximize your earnings. You’ll set a minimum price, then our tool will work in the background to continually adjust the price based on demand. To make the most of this feature:
**Enable Smart Pricing + parameters:**
1. Navigate to the “Listings” tab and find the published listing you want to change
2. Click the “Edit” button on the listing
3. Scroll down to “Price” and click “Edit”
4. Switch on the tab next to “Smart Pricing”
5. Set a minimum amount you want to make and start maximizing your earnings. (Setting parameters gives you the option to set a minimum price to ensure the listing price stays within a range you’re comfortable with)
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## Adjusting price for existing reservations
Hosts cannot currently adjust the price of an existing reservation through the Neighbor app. To request a price change, follow these steps:
1. Message your renter through the Neighbor app to discuss and agree on the new price.
2. Once you have both agreed, email [support@neighbor.com](mailto:support@neighbor.com) with the updated monthly price. Our team will manually update the reservation going forward.
Please note that the agreed-upon price reflects the space fee only. The service fee may adjust based on the new space fee, and the renter is responsible for paying the updated service fee.
## First Month Discount
Offer a 50% discount on the first month of a reservation using Neighbor's special [first-month discount](https://help.neighbor.com/en_us/first-month-discount-SJngcIcFq) feature (if the reservation is for a two-month span or longer). This attracts potential renters and increases the likelihood of your listing being reserved.
**Enabling the first-month discount:**
1. Navigate to your “listings” tab
2. Find the listing you’d like to offer a discount for
3. Select the “edit” button that listing
4. Scroll down to find “First-month discount” and select “edit”
5. Turn on “offer discount”
6. Hit “Save”
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## The price is right
Pricing your storage space is so much more than slapping a dollar amount on your listings. You’ll want to strategize and keep a pulse on pricing trends in the Neighbor community. By implementing these tips, you set the stage for a more successful and profitable hosting experience.