What is an hourly rate?
An hourly rate is the price a space charges for each hour it is booked, multiplied by the length of the booking to give the base price before extras.
Set it from three things: what the space costs you to run per open hour, how full you can realistically get it, and what comparable spaces charge. Price from cost and demand first; the competitor's number is a check, not a starting point.
Worked through in setting a photo studio's hourly rate.
In Nigeria
Include power in the cost. Many spaces run on a generator or inverter for part of every day, and fuel is often the largest cost that changes month to month.
How Superspace handles it
In Superspace each space has its own hourly rate in naira. The booking total is hours booked times the rate that applies, plus any add-ons and equipment, less any discount, and the customer sees it before paying. See How booking prices are calculated.
Common questions
How do I calculate an hourly rate for my space?
Add up your monthly running costs, divide by the hours you expect to sell in a month, then add your margin. Check the result against similar spaces nearby.