Vacation Rental Glossary
Vacation rental metrics or key performance indicators are critical measurable aspects of your business that you can lean on to understand and manage your business better. From occupancy rates to referrals your vacation rental is getting, it can be helpful to track these metrics. “You can’t improve what you don’t measure!”
If you understand the business metrics, you and/or the vacation rentals’ manager will be able to analyze the return on your investment and return on revenue more accurately to improve your operations.
- 24/7 Support -
Providing guests with access to customer support and assistance around the clock, ensuring any issues or emergencies can be addressed promptly at any time of day or night.
- Accessibility Compliance -
Adhering to regulations, such as the Americans with Disabilities Act (ADA), that mandate certain accessibility features for guests with disabilities.
- Accounting Software -
Software used to track income, expenses, and other financial data for a vacation rental business.
- Active Dates -
Active dates indicate how many days the listing was open to reservations. For example, some host might block off their winter calendar for 3 months and not take bookings during that time. Or it could be a new listing that only started 9 months back. In such cases, we'd report 270 days as active days in the last year.
- Active Listing -
A listing that is live on Airbnb or VRBO (or it was during the last 15 days).
- Adjacent factor -
The Adjacent Factor customization will adjust the rate for the selected number of days before and after a booking.
- Airbnb Plus -
Airbnb plus is a program by Airbnb that incentivises hosts for their exceptional guest experience. These properties receive benefits such as higher visibility, improved reputation, and added services. It is a selection of the highest quality homes with hosts known for great reviews and attention to detail. Every home is verified through in-person quality inspection to ensure quality and design.
- Alternative Accommodation -
Alternative accommodation refers to lodging options beyond traditional hotels or resorts. These alternatives often cater to travelers seeking unique experiences, more space, or a home-like environment.
The top websites for booking alternative accommodation are Airbnb, Vrbo (formerly known as HomeAway), and Booking.com. - Amenity Fee -
An amenity fee, also known as a resort fee or facility fee, is an additional charge that hotels, resorts, or vacation rentals may impose on guests. This fee is separate from the advertised room rate and is intended to cover access to certain amenities or services. Common amenities covered by an amenity fee include Wi-Fi, pool access, fitness center usage, and sometimes even local shuttle services. It's important for travelers to check for these fees when booking accommodation, as they can significantly impact the total cost of a stay.
- API (Application Programming Interface) -
A set of protocols and tools that allows different software applications to communicate and share data with each other.
- Automation Tools -
Software and technology that can automate various tasks and processes in a vacation rental business, such as pricing, messaging, or scheduling.
- Average Booking Value -
The average amount of revenue generated per vacation rental booking.
- Average Booking Window -
It is calculated as the average number of days between the day of reservation and check-in.
- Average Daily Rate (ADR) -
Average Daily Rate (ADR) is a measure used in the hospitality industry to find out how much money, on average, is earned per room or accommodation unit in one day. It's calculated by dividing the total revenue generated from rooms by the number of rooms sold (occupied) during a specific period, typically a day.
Average Daily Rate (ADR) = Total Revenue from Occupied Rooms ÷ Number of Occupied Rooms - Average lead time -
Mid-positioned time in which guests are booking before the start of the reservation.
- Average Length Of Stay -
What is the meaning / definition of Average Length of Stay: It is used to calculate the number of nights the average guest has booked in the property. It is calculated by dividing the total number of nights the vacation rental is booked by the total number of reservations. This is a vital metric to track because an increase in short-term stays can increase maintenance and operation costs in your vacation rental property.
- Base Price -
The minimum per night price for a vacation rental property. Read More
- Bedroom category -
By default, listings in the Market Dashboard are grouped by the number of bedrooms they advertise on Airbnb. In addition, a “Room” category groups all listings with 0 or 1 bedroom advertising as a shared, private, or hotel room.
- Blackout Dates -
Blackout Dates are specific dates or periods when a vacation rental property is not available for booking. These dates are typically set by the property owner or manager and can be due to various reasons, such as personal use, maintenance, or high demand periods where the property is reserved for direct bookings at higher rates. Blackout dates are common in the hospitality and travel industries to manage availability and optimize revenue.
- Booked dates -
Booked dates are a time period where we consider the bookings that were received and whether the stay dates for those bookings have occurred yet or not.
- Booking Channel -
The specific platform or method used by a guest to book a vacation rental, such as a listing site or the property's website.
- Booking Confirmation -
The documentation provided to a guest after a successful vacation rental booking.
- Booking Curve -
Booking curve is a tool that visually represents the number of reservations booked over a certain period of time. You can use this to analyze your booking trends, such as when people book reservations on your property.
- Booking Engine -
The software or platform used to manage vacation rental bookings and availability.
- Booking Fees -
Fees charged by online travel agencies or property management companies for handling reservations.
- Booking Lead Time -
The time between booking and check-in.
- Booking Pace -
Booking Pace is a metric used in the vacation rental and hospitality industries to measure the rate at which reservations are made over a specific period. It helps property managers and owners understand how quickly their properties are being booked and predict future occupancy rates and revenue. Monitoring booking pace allows for better forecasting, pricing strategies, and marketing efforts.
- Booking Window -
The booking window refers to the amount of time between when a guest books a vacation rental and when they arrive for their stay.
- Break-Even Point -
The point at which total revenue equals total expenses, resulting in no profit or loss.
- Budgeting -
The process of creating a plan to allocate future income and expenses for a vacation rental business.
- Cancellation Fee -
Fees that guests have to pay if they cancel after the cancellation deadline has expired. These can be a flat amount withheld from the refund. They can also be a full forfeiture of the deposit paid. Deposits are often a percentage of the total cost, for example, 30% or 50%. These are usually non-refundable. In the US, it is always included in the rental agreement or contract.
- Cancellation Policy -
The cancellation policy outlines the terms and conditions under which a guest can cancel their reservation and receive a refund or credit.
- Cash Flow -
The movement of money in and out of a business over a given period.
- Changeover Days -
Specific days of the week that vacation rental managers dedicate for bookings to begin and end. It essentially is the check-in and check-out date.
- Channel Distribution -
The process of listing and managing a vacation rental property's availability across multiple booking platforms and distribution channels.
- Channel Fee -
Fees that agencies, channels, or websites charge owners or vacation rental managers for booking through them. In the case of Airbnb, it is charged to the guests as a service fee in addition to a percent commission to the owner or property manager.
- Channel Manager -
A channel manager is a software tool that allows you to sell rooms on several connected booking sites (channels) simultaneously. The software will automatically update your availability across sites when a booking is made. Essentially, it is the technological equivalent of having a 24/7 global sales and reservations department.
- Check-In Date -
The date when a vacation rental guest is scheduled to arrive at the property.
- Check-Out Date -
The date when a vacation rental guest is scheduled to depart the property.
- Cleaning Fee -
An additional charge to cover cleaning costs after each stay.
- Comp set -
A ‘Comp set’ or competitive set is a list of other competing properties within a specific market that potential customers compare against your listing when booking a property. It is a group that you put together when creating your competitive study based on relevant, specific selection criteria compared to your property.
- Competitive Set (Comp Set) -
The group of vacation rental properties that compete directly with each other in the same market.
- Competitor Pricing -
Monitoring and adjusting rental rates based on the prices set by competing vacation rental properties in the same market.
- Complaint Resolution -
The process of addressing and resolving any issues or complaints raised by guests during their stay.
- Concierge Service -
Offering personalized assistance and advice to guests, often through a dedicated concierge staff or third-party service, to help with activities, dining reservations, transportation, and other needs during their stay.
- Cost of Goods Sold (COGS) -
The direct costs associated with providing a product or service, such as the cost of cleaning supplies for a vacation rental.
- Cross-Selling -
Promoting complementary products or services to vacation rental guests to increase revenue.
- Custom Seasonal Factor -
You can use this customization to use seasonal base prices instead of PriceLabs market-based seasonality.
- Custom Seasonal Profile -
Custom Seasonal Profiles let you set different minimum, base, and maximum prices for different seasons throughout the year, giving you full control over each listing’s seasonality.
- Customer Support -
The assistance and services provided by a vacation rental business to help guests with inquiries, problems, or needs before, during, and after their stay.
- Damage Deposit -
Also known as a security deposit, this is a refundable amount which a vacation rentals owner collects from their guests. This is a guarantee that guests will return the vacation rentals in the same condition. If there are any damages to the property, the host can make deductions from the damage deposit.
- Dashboard -
A user interface that provides an overview of key metrics and data related to a vacation rental business, often displayed visually.
- Data-specific overrides -
If you want to make specific exceptions and adjustments to specific days in your calendar, you can use this feature - date-specific overrides. This will enable different pricing for specific dates without altering your pricing for the entire calendar. Read more here.
- Day-of-Week Pricing -
Setting different rental rates for weekdays versus weekends to maximize revenue.
- Define your own weekened -
With this customization, you can define the days of your weekend if you are in a market where the weekend differs from the rest of the world. Or the demand for weekend bookings might be different in your locality than in the rest of the world. You can use this feature to define the weekend how you want.
- Demand factor -
The algorithm picks up the demand for the listing by incorporating day-of-week trends, events, and holidays into the demand forecasting process. The algorithm also picks up the booking trends in the market to forecast a high/low demand.
- Demand factor aggressiveness -
With this customization, you can choose the aggressiveness with which our demand factor should impact price recommendations. The Demand factor aggressiveness percentage increases or decreases depending on the market and dates, but it changes approximately by 50%.
- Demand Forecasting -
Analyzing historical data and market trends to predict future vacation rental demand and occupancy.
- Direct Booking -
A vacation rental booking made directly through the property owner or manager's website or communication channels.
- Distribution Channel -
The platforms and methods used to market and book vacation rentals, such as listing sites, direct bookings, and travel agencies.
- Dynamic Pricing -
Adjusting prices based on factors like demand and seasonality.
- Environmental Regulations -
Rules and guidelines around waste disposal, energy efficiency, water conservation, and other environmental impacts that vacation rentals must follow.
- Event-Based Pricing -
Increasing rental rates during special events, holidays, or other high-demand periods in the local area.
- Eviction Process -
The legal procedures and requirements for removing guests from a vacation rental property in the event of violations or non-payment.
- Extra-fee -
You might have a base number of guests; if the number of guests exceeds that number, the property manager/owner charges an extra fee for each person over the limit. Read more here.
- Far out premium -
If you prefer to lock in revenue farther out, our far-out premium customization can help you turn the default far-out premium off. If you want to fine-tune the far-out premium, you can turn this setting off by selecting " No far-out premium", as seen in the screenshot below, and use Occupancy Based Adjustments to create a custom far-out premium.
- Far-Out Pricing -
Setting higher rental rates for bookings made well in advance, as guests are typically more willing to pay a premium.
- Feedback Loop -
A continuous cycle of collecting guest feedback, analyzing it, and using those insights to improve the vacation rental business and guest experience.
- Financial Statement -
A report that summarizes a company's financial performance and position, such as an income statement or balance sheet.
- Fire Safety -
Measures and equipment, like smoke detectors, fire extinguishers, and emergency exits, that must be in place to ensure guest safety in case of fire.
- Forecasting -
Using historical data and market trends to predict future performance, such as occupancy rates or revenue.
- Future Price -
The Future Prices graph details how property managers price their properties for future dates.
- GDPR Compliance -
GDPR Compliance refers to adhering to the General Data Protection Regulation (GDPR), a comprehensive data privacy law enacted by the European Union (EU) in 2018.
The GDPR sets strict rules and guidelines for how companies must handle and protect the personal data of EU citizens, regardless of where the business is located. This regulation applies to vacation rental companies that operate within the EU or process the personal data of EU residents.
- Gross Booking Revenue -
The total revenue that a vacation rental earns from bookings including taxes and fees.
- Gross Operating Profit Per Available Room (GOPPAR) -
A metric that measures the profitability of a vacation rental property.
- Gross Revenue -
The total amount of money received from guests before any expenses are deducted.
- Group customization -
This is a useful feature if you have a large portfolio. You can assign each listing of similar settings to a group. This will help you make changes to customizations in one session altogether. Read more here.
- Guest Agreement -
A contract that specifies the terms and conditions of a guest's stay, including policies around check-in/out, house rules, payment, cancellations, and any penalties or fees.
- Guest Amenities -
The complimentary items, facilities, or services provided to guests staying at a vacation rental property to enhance their comfort and convenience, such as toiletries, linens, kitchen supplies, pool/gym access, etc.
- Guest Experience -
The overall perception and feelings that guests have throughout their entire interaction with a vacation rental business, from booking to check-out.
- Guest Profile -
The information collected about a vacation rental guest, including their personal details and booking history.
- Guest Relations -
The policies, practices, and personnel dedicated to fostering positive interactions with guests, managing their needs and concerns, and ensuring a high-quality experience.
- Guest Satisfaction -
The level of contentment and positive experience that guests have during their stay at a vacation rental property.
- Guest Turnover -
Guest turnover refers to the rate at which guests check in and out of a vacation rental property.
- Health and Safety Regulations -
Local, state, or federal laws and codes pertaining to the safe operation of vacation rentals, such as fire safety, sanitation, occupancy limits, and accessibility requirements.
- High Season -
The busiest and most in-demand time of year for vacation rentals.
- Historic trends -
We analyze your listings and the market’s past (historical) data to recommend prices for your listing.
- Hotel data -
If you are curious about how hotels in your area? Then this feature will be helpful. We display the nightly rates of up to 10 nearby hotels in the Neighborhood Data dashboard.
- Housekeeping -
The cleaning and maintenance services provided to vacation rental properties between guest stays.
- In-House Services -
Services offered directly by the vacation rental company or on-site staff, such as private chefs, massage therapists, equipment rentals, or activity bookings.
- Inquiry To Booking Conversion Rate -
It is calculated by multiplying the number of inquiries received into the total number of bookings for the property.
- Instant Booking -
The ability for guests to book a vacation rental immediately without needing approval from the owner.
- Insurance -
Obtaining appropriate insurance policies, such as property, liability, and vacation rental-specific coverage, to protect against potential risks and liabilities.
- Integration -
Integration refers to the connection and seamless flow of data between different software applications or platforms that are used to manage various aspects of the business operations.
- Keyless Entry -
A system that allows guests to access a vacation rental property without the need for a physical key, such as through a keypad or smartphone app.
- Last-Minute Pricing -
Discounting rental rates closer to the check-in date to fill vacant properties.
- Length of Stay (LOS) -
The length of stay (LOS) is the number of nights a guest stays in a vacation rental.
- Length of Stay and Booking Window Trends -
In the length of stay and booking window trends graph, you can see how many nights get booked from reservations with different booking windows and stay lengths.
- Length of Stay Discounts -
Offering reduced rates for longer-term vacation rental bookings, such as weekly or monthly stays.
- Length of Stay Pricing -
Length of stay (LOS) refers to the total number of nights a guest stays at a rental property, hotel, or accommodation. LOS impacts revenue management, as longer stays often result in discounted rates or special offers, while shorter stays may have higher rates to compensate for operational costs.
- Liability Waiver -
A legal document that releases the vacation rental owner or company from liability in the event of injury, damage, or loss during a guest's stay.
- Licensing -
The legal requirements, permits, and regulations that vacation rental owners or companies must comply with to lawfully operate their business in a particular location, such as tax registration, safety inspections, or zoning restrictions.
- Linen Service -
The provision and laundering of bedding, towels, and other linens for vacation rental properties.
- Listing -
A vacation rental that is open for bookings. For example, if you are renting multiple rooms within one apartment, then each room that you have made available for booking is a listing.
- Listing Health -
Listing health indicates your property’s performance against your property and the market in any specified period. You can set any period of time that you want to analyze. For example, if your property has been booked for 15 out of 30 days, your listing occupancy would be 50%. You can compare this with that of the market (average market listing health) and understand how close to or far from the market occupancy your listing is.
- Listing level metrics -
The listing insights scatter plot is a great way to quickly identify how each listing in your portfolio is doing. The default view shows the next 30 days' occupancy on the y-axis and days since a listing last got booked on the x-axis (both x- and y-axes are configurable if you want to look at some other metrics)
- Listing Name -
Your Listing name is imported from channels /OTAs, this can not be changed on PriceLabs. However, you can use tags to nickname your listing to easily identify them. With the name, the channel/PMS and the account the listing belongs to is mentioned. This hyperlink will take you to the listing page or calendar in your PMS or channel listing page.
- Listing Site -
An online platform where vacation rentals are advertised and booked.
- Local Ordinances -
Municipal laws and codes specific to a particular city or town that govern various aspects of operating vacation rentals within that jurisdiction.
- Loyalty Program -
A program designed to encourage repeat business and foster guest loyalty by offering rewards, discounts, or other incentives.
- Mapped listings -
Mapped listings are listings that you have mapped. One of them would be parent listing and the other child listing. You can read more about it here.
- Market Demand -
The level of interest and willingness of travelers to book a vacation rental in a specific location and time period.
- Market percentile calculator -
In PriceLabs, percentiles are used frequently to understand how a property is priced relative to the market. It is a way of expressing where an observation falls in a range of other observations.
- Market Rate -
The prevailing rental rate for comparable vacation rentals in a specific market.
- Maximum Price -
The highest price a vacation rental owner can charge for a booking, usually during peak seasons or high-demand periods.
- Minimum Price -
The lowest price a vacation rental owner is willing to accept for a booking. This is the base rate that cannot be discounted further.
- Monthly discounts -
You can use this customization to add monthly percentage discounts for your listings.
- Multilingual Support -
Offering customer service and guest communications in multiple languages to accommodate international travelers and ensure clear understanding.
- Neighborhood and profile data source - -
With this customization, you can select the source for Neighborhood Data.
- Neighborhood data -
Neighborhood data compares your listing's prices & occupancy with other properties around this listing. Read more here.
- Net Operating Income (NOI) -
The total revenue generated by a vacation rental property minus its operating expenses.
- Net Revenue -
The amount of money left after deducting expenses from gross revenue.
- Nightly Price Or Daily Rate -
Price per night advertised to the consumer by the vacation rental manager or the channel. It essentially is the price that your potential customers pay to stay in your vacation rental. This is always rent-only or could also include external fees depending on the channel.
- No-Show -
When a guest does not show up for their reservation without canceling.
- Noise Ordinance -
Local laws that restrict excessive noise levels, often pertaining to vacation rentals, to prevent disruptions to surrounding residents.
- Occupancy -
We estimate the occupancy of each listing after applying our block-removal logic (see 'block removal' below). Read more here.
- Occupancy Forecast -
It is the occupancy that a vacation rental is expected to book within a specific period of time.
- Occupancy Rate -
The occupancy rate is a measure of the percentage of available rooms or units that are occupied during a given period. It is calculated by dividing the number of rooms or units occupied by the total number of rooms or units available.
- Occupancy Tax -
A tax levied on guests by local governments for staying in a rental property.
- Occupancy-based adjustments -
Occupancy-based adjustment looks at your listings' horizontal occupancy and adjusts your rates accordingly. This factor helps us to consider your property's performance and not just the market when recommending prices. Read more here.
- Occupancy-Based Pricing -
Dynamically adjusting rental rates based on current and forecasted occupancy levels.
- Off-Peak Season -
The less busy time of year for vacation rentals.
- Online Reviews -
Feedback and ratings left by previous guests on platforms like Airbnb, Vrbo, or Google, which serve as valuable social proof and influence booking decisions for potential new guests.
- Online Travel Agencies (OTA) -
OTAs are places where people can book hotels, short term rentals, cars, and tours. You can list your service, book slots for guests, and automatically send bookings to the property management system or channel manager through channels.
- Operating Expenses -
The ongoing costs associated with running a vacation rental business, such as cleaning fees, maintenance, utilities, and marketing.
- Orphan day -
An orphan day is a gap in between your bookings in your calendar. You can read more about it here.
- Orphan Gaps -
An orphan gap occurs when some nights are left unbookable due to minimum requirements set in length of stay. For example, if you require a 7 night minimum and bookings leave less than 7 nights open between the last checkout and next check-in.
- OTA Ranking -
OTA ranking is the method to rank vacation rental properties based on the quality and completeness of their visual and textual content. It is influenced by: photos and text descriptions, reviews, commission, conversion, quality of content.
- Overbooking -
When more reservations are accepted than there are available units, leading to double-booking.
- Pacing -
With Pacing, you can look at your listed rates and occupancy for future dates and overlay it with the same data from a Market Dashboard to easily identify where your prices stand against the market and how your occupancy relates to the market.
- Parent and child listings -
These are mapped listings. Parent listing is the main listing in which you can make all changes. These changes will be reflected in the child listing.
- Payment Gateway -
A service that securely processes credit card payments from guests.
- Percentile -
The percentage of listings that fall at or below the given value. For example, if the 25th percentile price is $144, that means 25% of listings have a price equal to or lower than $144.
- Personalization -
Tailoring the guest experience to individual preferences and needs, such as pre-stocking preferred snacks or beverages, providing customized local recommendations, or adjusting smart home settings based on guest profiles.
- Pest Control -
The management of insects, rodents, or other pests that may affect vacation rental properties.
- Preparation Time Before Arrival (PTBA) -
It is the minimum number of days required to prepare the vacation rentals for the booking.
- Price Adjustment -
A change made to the base price of a vacation rental, either manually or through an automated system, to account for factors like seasonality, demand, or competition.
- Price and accupancy trends -
Key Future Dates spotlights a few dates with a higher occupancy percentage than those surrounding them. You can use the dates shown here to spot emerging high-demand periods and adjust pricing and stay requirements accordingly. You can check out how each of these dates appears on the Future Occupancy Chart below to compare how bookings are being made on surrounding dates.
- Pricing Algorithm -
An automated system that uses data and rules to determine the optimal rental rate for a vacation property.
- Pricing calender -
The pricing calendar shows recommended prices for each available night in the future.
- Pricing offset -
The Pricing Offset customization sets a "Fixed" or "Percent" price change on the Recommended Price (after all other customizations have been applied).
- Pricing offsets for mapped listings -
If you want Airbnb prices to be higher than Vrbo prices, this can be done by going to the Airbnb account level customizations and editing this. Here, you can enter the desired offset value.
- Pricing Strategy -
The overall approach a vacation rental owner takes to setting and adjusting rental rates.
- Privacy Policy -
The document that explains how a vacation rental company collects, uses, shares, and protects guests' personal information and data.
- Profit Margin -
The percentage of revenue that remains after all expenses are deducted, calculated as (net revenue / gross revenue) x 100.
- Property Inspection -
The process of checking a vacation rental property before and after a guest's stay to ensure its condition.
- Property Management System (PMS) -
A property management system (PMS) is a software application used by vacation rental owners and managers to streamline the management of their properties, including booking, scheduling, and guest communication.
- Rate Parity -
Ensuring that the rental rate for a vacation property is consistent across all distribution channels.
- Rate Shopping -
The process of monitoring and adjusting rental rates based on competitor pricing.
- Refund Policy -
The rules that govern when and how guests can receive a refund for their reservation.
- Request to Book -
The process where a guest submits a booking request that requires the owner's approval.
- Reservation ID -
A unique identifier assigned to a vacation rental booking.
- Reservation Management -
The process of managing reservations, including taking bookings, tracking availability, and handling cancellations.
- Return On Investment (ROI) -
It is used to evaluate the efficiency of an investment by dividing the profit from the vacation rentals by the cost of the property.
- Revenue -
We use the last seen price to estimate the revenue from the booking at that point (cleaning fee, extra guest fee, etc, are not included in the estimate).
- Revenue Management -
The strategic approach to pricing and selling vacation rentals to optimize revenue and profitability.
- Revenue Management System (RMS) -
A comprehensive tool that analyzes data, forecasts demand, and automates pricing and distribution decisions to maximize revenue for vacation rental properties.
- Revenue Optimization -
The process of continuously analyzing and adjusting rental rates and inventory to maximize revenue.
- Revenue Per Available Room (RevPAR) -
RevPAR is a metric used in the hospitality industry to measure the revenue generated per available room. It is calculated by dividing the total room revenue by the total number of available rooms. Read More.
- Revenue Stream -
A source of income for a business, such as nightly rental fees or cleaning fees.
- Review prices -
Review prices dashboard will show a snapshot of your individual listing’s performance. You can look at your listing’s customizations, pricing calendar, and neighborhood data.
- Scraped data -
Data that comes from publicly viewable websites and pages. For listings, some examples of data we scrape are future prices, future available dates, and listing info such as the number of bedrooms and amenities included.
- Seasonal Demand -
The fluctuations in vacation rental bookings and occupancy throughout the year.
- Seasonal Pricing -
Adjusting rental rates based on the high, shoulder, and low seasons to match changes in market demand.
- Seasonal trends -
Seasonal trends refer to the pattern of demand and pricing changes that occur over different seasons and events.
- Seasonality graph -
We apply seasonal factors estimated from historic rentals and hotels in the area. Note that the seasonality is for a broad region. You can customize this by applying custom seasonal base prices.
- Security Deposit -
A refundable amount paid upfront to cover potential damages or cleaning costs.
- Security Deposit Laws -
Regulations around collecting, holding, and refunding security deposits for vacation rentals, including allowable deductions and timely returns.
- Service Recovery -
The actions taken by a vacation rental business to resolve a service failure, regain guest satisfaction, and prevent future occurrences of the same issue.
- Short-Term Rental (STR) -
A short-term rental is a property that is rented out for a short period of time, typically less than 30 days. This can include homes, apartments, condos, or other types of accommodations that are used for vacation or temporary housing purposes.
- Shoulder Season -
The transitional periods between high and off-peak seasons.
- Smart Home Technology -
Internet-connected devices and systems that allow remote control and monitoring of aspects of a vacation rental property, such as lighting, temperature, and security.
- Special Requests -
Any additional needs or preferences expressed by a vacation rental guest during the booking process.
- Stay dates -
Stay dates are a time period where we consider bookings where guests have stayed at the listing during the period. “Past 30 Stay Dates” can be read as “In the past 30 days for bookings where guests have stayed”.
- Sync Prices -
Sync prices toggle shows the current status of the property. Prices get updated every night if the switch is ON and green. If the switch is OFF and gray then we will not change prices.
- Tags -
You can use tags to find the listing with the search function easily. Examples could be anything from the listing’s location or nicknames. Nicknames in some management systems will be imported to PriceLabs. Read more here
- Tax Compliance -
Following applicable tax laws and regulations, such as collecting and remitting lodging taxes, sales taxes, and income taxes related to operating a vacation rental business.
- Tenant Rights -
Legal protections and entitlements afforded to vacation rental guests, such as privacy, security deposit refunds, and habitable living conditions.
- Terms of Service -
The legal agreement that outlines the rules, guidelines, and conditions that both the vacation rental provider and guests must abide by when using the service or platform.
- Total Revenue Management (TRM) -
A comprehensive approach to revenue management that considers all sources of revenue, not just room rates.
- Trends by booking creation date -
These trends show trends based on the date a booking was made, overlaying it with various KPIs - RevPAR, Revenue, Average LOS, No. of Reservations, Average lead time, and Occupancy %.
- Upselling -
Offering additional products or services to vacation rental guests to increase the overall booking value.
- Vacation Rental -
A vacation rental is a property, such as a house, apartment, or condo, that is rented out to guests for a short period of time, usually for vacation or leisure purposes.
- Virtual Tour -
An interactive, 360-degree tour of a vacation rental property that allows potential guests to view the space online.
- Waitlist -
A list of potential guests who are interested in booking a property if a cancellation occurs.
- Weekly discounts -
You can use this customization to add weekly percentage discounts for your listings.
- Welcome Guide -
A document provided to vacation rental guests with information about the property, local area, and any rules or instructions.
- Welcome Package -
A collection of items, information, and instructions provided to guests upon arrival at a vacation rental, often including a personal note, local area guide, house rules, and small gifts or snacks.
- Yield Management -
Yield management, also known as revenue management, is a pricing strategy that involves adjusting the price of products or services based on consumer demand, competition, and other influencing factors. The goal of yield management is to maximize revenue or profits by selling the right product to the right customer at the right time for the right price.
- Zoning Regulations -
Local laws and ordinances that dictate where and how vacation rentals can operate, including restrictions on the types of properties, areas, or zones where they are permitted.
