Vacation Rental Glossary
Regularly updated list of commonly used short term rental terms.
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Our growing list of commonly used vacation rental terms to explain confusing acronyms or jargon you might encounter in your hosting journey.
A system that collects and processes payments.
Period of the year where travel to a particular location is in higher demand, resulting in more bookings and higher nightly rates able to be charged to guests. Also referred to as “high” season.
Per Person Sharing
The amount each person pays when sharing a room, therefore the rate increases, as the number of guests staying in the room increases.
A refundable sum of money that a property owner collects from a guest to cover the risk of damage from a pet. At the end of a stay if there is no damage the deposit is refunded.
An additional charge on top of the rental rate if a guest chooses to bring a pet during their stay. This is usually charged to cover additional cleaning or wear and tear to a property.
A property that allows guests to bring pets during their stay. Owners may also require a pet deposit or fee.
Pool heating fee
An additional fee on top of the property rate charged to guests who wish to heat a pool or hot tub. This is usually to cover the costs associated with fuel or electricity.
Preparation Time Before Arrival (PTBA)
The minimum amount of time a booking for a property must be made before a guest arrives. This allows hosts the required time to get a rental ready for guests.
Price per guest
Setting rates for a property based on the number of guests.
Setting different rates for a property based on rental seasons.
Offering an incentive for a guest when they book a property, for example offering a night free if you book a during certain time periods.
A dwelling offered to guests as a short-term rental.
The content on a distribution platform or property website that provides guests an understanding of why your property is the for them. The description usually includes the major amenities and offerings for a property, but also entices a guest to book your rental vs others.
A collection of short-term rental properties that have similar attributes and amenities.
Property management agreement
A binding document between a property owner and property managers which outlines in writing the specific expectations made between the two parties. This can include the house rules, cleaning expectations and maintenance requirements.
Property management cost
The expenses incurred to manage a rental property.
Property Management System (PMS)
Software suite that property owners use to manage rental properties. Features can include viewing reservations and booking calendars, communication with guests, setting rates, posting properties on distribution channels, and updating property information.
An individual or company that is hired to oversee the day-to-day operations of a property. They sometimes specialize in managing long-term or short-term rental housing.
Glossary terms are provided by the community to provide a quick reference for short term rental owners.
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