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Vacation Rental

An alternative to a hotel, vacation rental refers to a private accommodation rented to travelers for a short-term stay. It usually provides a more “at home” feel as amenities include an entire furnished apartment, house, cottage, cabin, or lodge. Also called “short term rental”.

Transient Use

A transient use is the temporary rental of a residential property, typically for less than a year. The most common types of transient use are vacation rentals and short-term rentals.

Tourist board

An official organization that promotes travelers a city, country, or region. Usually sponsored or funded by local businesses or government and provide information about the area.

Smart home

A property that has devices that are connected with each other and can be accessed through one central point, for example, a smartphone, tablet, or laptop.

Smart Lock

A digital lock that does not require a key to operate, allowing renters to enter a code or use their smartphones to access a property. Also called an “electronic lock”

Self Check-In

The self check-in is an option offered by some distribution platforms (Airbnb, Vrbo) that allows guests to enter your rental when you arrive without meeting directly with the property manager or owner.

Security deposit

A refundable amount of money that a property owner collects from their guests in addition to the total rental amount at the time of booking. The deposit is to cover any guest damages to the property. The deposit is returned at the completion of a visit if the property in the same condition they found it. Also referred to as a damage or breakage deposit.

Sales tax

Most cities and/or states require hosts who rent out their vacation homes to charge and collect a tax on the income earned. Depending on the distribution channel these might need to be calculated and submitted directly by a host or handled by the platform directly.


Feedback from previous guests about a specific property. Reviews are valued by potential guests for a perspective on a vacation rental and are important to attract new bookings.

Revenue management

Revenue management involves the use of analytics to optimize the financial results of a vacation rental. As each property has a set amount of fixed costs and a perishable inventory (a night without a booking cannot be resold at a later date) a certain number of nights must be sold at an appropriate rate to break cover costs.


Revenue per available room (RevPAR) is a metric used to measure the performance of a vacation rental. It is calculated by multiplying a property’s average daily room rate (ADR) by its occupancy rate.

Reservation confirmation

A notification via email, SMS, or other means to a guest. This usually includes a specific booking reference number, time period, and rate. Additionally can include additional information such as a rental contract and house rules. Also known as a “booking confirmation”


Local restrictions applicable to short-term rentals which set legal requirements on whether properties can be offered for short-term rental. For example, the total amount of days they rent out each year, minimum rental periods, and licensing requirements. Requirements differ by city or state, search for yours in our short-term rental city directory.

Rate parity

An agreement between a property owner and an online travel agency that provides the same rate for a property on all the distribution channels including the individual property owner’s website.


The price for a reservation offered to a potential guest. A quote is offered before a formal reservation or booking.

Qualified rate

A special rate that a guest must meet certain conditions in order to book. Examples include working for a specific corporation, membership club, or promotional package rate with specific booking conditions.