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.
The published rate for a night’s stay without any discounts or premiums included.
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.
Property consisting of land or buildings.
A reservation for a property that was made due to a recommendation from another guest.
A reservation that qualifies for a refund.
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.
A binding document between a property owner and guest outlines the specific arrangements made between the two parties.
Travelers who return to the same rental property after having stayed there previously.
The process of monitoring how others perceive your business and taking action when necessary to address any negative feedback. The goal is to keep the general consensus is in line with your company goals.
Reserving a vacation rental property for a specific time period for a particular guest. Also known as a “booking”
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”
Return On Investment (ROI)
A performance measure that evaluates the profitability of an investment. To calculate the ROI of a vacation rental, the profit of the property is divided by the cost of the property.
Return On Revenue (ROR)
A performance measure used that compares the net income of a vacation rental to its revenue. It compares the amount of net income generated for each dollar of revenue generated.
Also known as “income” It’s the total amount of money generated by a vacation rental.
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.
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 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.
Glossary terms are provided by the community to provide a quick reference for short term rental owners.
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