The guide will cover some of this. There's a pretty simple algorithm you can follow right now. If you aren't getting enough contracts, lower the price. If you are getting too many contracts, raise the price.
The methods for picking the best hosting constants are going to evolve as the renter gets smarter at picking hosts. Today it is almost exclusively looking at price, but in the future there will be a huge reliability component, as well as a proof-of-burn component.