Kim Koodwin posted 4 months ago
Pricing Your Rental: A Guide for Lenders
Setting the right price is one of the most important decisions you’ll make as a lender. Price too high and borrowers will look elsewhere – or simply buy something new. Price competitively and you’ll build a strong review record that lets you earn more over time.
Start Lower to Build Trust
When you’re new to ViyahVogue, reviews matter more than margin. For your first few rentals, consider pricing slightly below market rate to encourage borrowers to take a chance on a new lender.
A lower price gets you booked. Bookings get you reviews. Reviews and photos of happy renters in your outfits build the credibility that lets you raise your prices with confidence. Once your profile has a strong track record, you can adjust your pricing to reflect that.
Factor in Your Costs
Your rental price needs to cover more than just the outfit. Before setting your rate, think about:
Cleaning costs. You are responsible for ensuring the outfit is clean and ready before every rental. If your outfit requires specialist cleaning, get a quote from your local cleaner before you list – a £25 cleaning bill on a £40 rental really eats into your profit. Make sure your daily rate accounts for this from the start. For simpler pieces that can be hand or machine washed, the cost is lower but still worth factoring in.
Your time. Coordinating handovers, inspecting the outfit and managing messages all take time. Your daily rate should reflect this.
Your security deposit. Set your deposit at a level that would realistically cover the cost of repairing or cleaning the outfit if something went wrong. For high-end or heavily embellished pieces, repairs can be expensive – a broken zip on a designer lehenga or a significant stain on a silk sherwani could cost considerably more than a low deposit would cover. Think about what it would actually cost to put the outfit right and set your deposit accordingly.
A margin for yourself. Renting out your outfit should be worth your while. Make sure the numbers work before you list.
Price Honestly for the Condition
The condition of your outfit should be reflected in your price. If your garment has minor imperfections – a small pull in the fabric, a missing bead, light wear at the hem – you can absolutely still list it. Just mention the flaw clearly in the description and price it accordingly.
Borrowers appreciate honesty and a fair price for an imperfect piece far more than discovering an issue at handover. A transparent listing leads to better reviews and repeat bookings.
Do Your Market Research
Before setting your price, browse similar listings on ViyahVogue. Look at comparable designers, fabric types and outfit styles to get a sense of where your piece sits in the market.
- Designer or luxury pieces can be priced at a premium – borrowers expect to pay more for a high-end garment
- High street or more accessible pieces should be priced to reflect that
- Check how long similar listings have been live – if something comparable has been sitting unbooked for a while, that’s a signal on pricing
The Buy vs Borrow Line
The fundamental value of renting is that borrowers get to wear something beautiful without paying full price. If your rental fee plus security deposit gets too close to what a borrower could pay for a new outfit, they’ll simply buy one instead.
Your price should make borrowing an obvious choice – a premium experience at a fraction of the cost of buying. Keep this in mind when setting both your daily rate and your deposit amount.
Adjust Over Time
If your listing has been live for a while without bookings, consider revisiting your price. A small reduction can make your listing significantly more competitive. You can always adjust pricing as you learn what the market responds to.
A Note on Photos and Price
High-quality photos justify a higher price point. A listing with well-lit, professionally presented images signals care and attention – borrowers will pay more for a lender who clearly takes pride in their outfit. If you haven’t already, read our Photo Guidelines before setting your final price.