A term for a host who approaches their short-term rental business with an entrepreneurial mindset, constantly seeking growth, innovation, and new opportunities.
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Glossary Term: Market Analysis
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The prevailing rental rate for similar properties in the same market area, used as a benchmark for setting competitive pricing.
The process of gathering and analyzing information about a specific short-term rental market, including competitor analysis, pricing trends, and guest preferences.
The process of converting a long-term rental property into a potentially more profitable short-term rental.
A sophisticated software feature that automatically adjusts rental rates based on real-time market data, such as demand fluctuations, competitor pricing, seasonality, and special events, to optimize revenue.
Predicting future rental income based on historical data, market trends, and other relevant factors to inform pricing and business decisions.
The strategic approach to pricing and availability optimization for maximizing revenue from a short-term rental property, considering factors like seasonality, demand, and competition.
Estimating future income potential from short-term rentals based on historical data, market trends, and seasonal demand patterns.
A situation in a specific location where the number of available short-term rentals significantly exceeds guest demand, potentially leading to lower occupancy rates and price competition.
Past occupancy data for a specific short-term rental property or market, used to analyze trends and forecast future demand.
A pricing strategy for short-term rentals that considers the rates and value propositions of comparable hotel accommodations in the same location, aiming to establish competitive pricing while showcasing the distinct advantages of staying in a vacation rental.
Regularly evaluating and comparing a short-term rental property to competitors in the market to identify areas for improvement, adjust pricing strategies, and maintain a competitive edge.