Rental Pricing in EZRentOut

equipment rental software

Rental Pricing in EZRentOut

EZRentOut offers flexible ways to set up pricing. The pricing model requires that each Asset (and Asset Stock entry) have its individual rental rates.
Let’s take the example of a bike rental shop where we have Road Bikes, Mountain Bikes, and Beach Cruisers. We’ll use different rate examples to show how they can be laid out.

Using the table below, determine the pricing structure that you have, and then jump directly to the relevant section.

 ScenarioExample
1Single pricing per item– Road Bikes @ $5 per hour
– Mountain Bikes @ $7 per hour
2A simple mix of different time
periods in pricing
– Road Bikes
— $5 per hour
— $60 per day
— $300 per month
– Mountain Bikes
— $7 per hour
— $70 per day
3Pricing by brackets– Road Bikes
— $70 per day for 1 day
— $60 per day for 1 to 3 days
— $55 per day for any days more than 3
– Mountain Bikes
— $80 per day for up to 3 days
— $50 per day for any days more than 3
4Pricing by brackets for flat rates– Road Bikes
— $70 flat for 1 day
— $100 flat for 1 to 3 days
— $170 flat for 3 to 7 days
— $60 per day for any time greater than a week
5You can also have a mix of any of the above 

1. Single Pricing per Item

rental pricing
rental pricing field

To rent out Road Bikes at $5 per hour and Mountain Bikes at $7 per hour, you simply need to specify these rates with your assets. When creating/editing a Mountain Bike, specify only the per hour rate under the rental pricing section:

Similarly, you can set the $5 per hour rate for the Road Bikes.

Bike Rented Out ForCalculationRate Applied
1 hour1 x 7$7
10 hours10 x 7$70
1 day1 x 24 x 7$168
1 week1 x 7 x 24 x 7$1176

Since rates are item level, every asset (or asset stock) will need this rate. To quickly set up rates in bulk, see the last section of this article.

2. A mix of time periods in pricing

rental pricing - mixed
rental pricing field - mixed

To rent out a mountain bike at $7 per hour and $70 per day, specify both the hourly and daily rate when adding/editing a mountain bike asset.

Bike Rented Out ForCalculationRate Applied
1 hour1 x 7$7
12 hours12 x 7$84 (with Best Pricing off)
$70 (with Best Pricing on)*
1 day1 x 70$70
1 day and 2 hours1 x 70 + 2 x 7$84

* To use Best Pricing, enable this option from the Add Ons. Best pricing gives a rate that’s lower.

Since rates are item level, every asset (or asset stock) will need this rate. To quickly set up rates in bulk, see the last section of this article.

3. Pricing by brackets (at some rate)

To get started, enable the advanced pricing from Settings –> Add Ons –> Advanced Rental Rates.

Make sure to scroll down and save the settings.
Once you’ve saved the settings, go back to the add on to set up rental pricing brackets on the company level. Brackets are the durations. As an example:

Road Bikes
$70 per day for 1 day
$60 per day for 1 to 3 days
$55 per day for any days more than 3

This will have the following brackets:

pricing brackets

Apart from company level brackets, you can also specify brackets on the group level. For the following example, we can categorize bikes into two groups:

Road Bikes (group A)
$70 per day for 1 day
$60 per day for 1 to 3 days
$55 per day for any days more than 3

Mountain Bikes (group B)
$80 per day for up to 3 days
$50 per day for any days more than 3
The group level brackets can be set up from Items → Groups. Open a group:

pricing brackets for groups

In this example, we’ll have all the Road Bikes in the road bikes group, and all the mountain bikes in the mountain bikes group. Here’s what we should do for Mountain Bikes.

pricing bracket overlay
advanced pricing mode
pricing brackets field

Now that we have brackets, the price can be defined for every asset or asset stock while adding/editing it.

Bike Rented Out ForCalculationRate
8 hours0 – 3 day bracket
1 x 80
$80
3 days0 – 3 day bracket
3 x 80
$240
3 days and 2 hoursGreater than 3 days bracket
4 x 50
$200
5 daysGreater than 3 days bracket
5 x 50
$250
5 daysWhen brackets are stacked*
3 x 80 for first 3 days
2 x 50 for next 2 days
Total: 3 x 80 + 2 x 50
$340
Brackets of time

* Choose whether or not to stack brackets from the Advanced Rates add on

Since rates are item level, every asset (or asset stock) will need rates to be specified. To quickly set up rates in bulk, see the last section of this article

4. Pricing by brackets (with some flat rental rates)

This a variation of what’s described in section 3 above. Read through section 3 to see how brackets are configured. The only difference is that, when specifying rates, choose a flat rate where required.
Let’s see how we can set up these rates:

Road Bikes
$70 flat for 1 day.
$100 flat for 1 to 3 days.
$170 flat for 3 to 7 days.
$60 per day for any time greater than a week.

Flat pricing by brackets
rental rates
flat pricing brackets

This is the bracket structure that we will set up for Road Bikes group:
When creating a road bike asset or editing it, rates can be specified.

Bike Rented Out ForCalculationRate
8 hours0 – 1 day bracket$70
3 days1 – 3 day bracket$100
3 days and 2 hours3 – 7 day bracket$170
1 week3 – 7 day bracket$170
10 daysGreater than 7 days bracket
10 x 60
$600

5. Updating prices in bulk

You can select a number of items on the asset/asset stock list and update their pricing by choosing the mass edit option in the Actions Dropdown.

Say you want to update the pricing for all mountain bikes. You can go to the Mountain Bikes group, select all items on a page, and from Actions dropdown, choose Edit.

Mass edit action

Note that page size can be increased to 100 records per page if you want to select more items in one go. This setting is available under Settings –> My Settings –> Misc –> Maximum Records per page. 

From mass edit, you can also choose whether to apply usual rates (scenario 1 and 2) or advanced ones (scenario 2 and 3). Pricing can also be set while importing or updating items from excel.

For feedback or questions: support@ezrentout.com