A group of similar short-term rental properties in the same market area that compete for the same pool of guests.
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Glossary Term: Market Analysis
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A formal written document that outlines the goals of a business and how it plans to achieve them. A comprehensive business plan for short-term rentals includes market analysis, financial projections, marketing strategies, and operational plans.
Emerging patterns and shifts in traveler behavior and preferences related to short-term rental bookings.
A realistic occupancy rate that a short-term rental property can achieve in a specific market, considering factors like seasonality, competition, and property type.
A realistic average daily rate that a short-term rental can achieve in a given market, considering factors like property size, amenities, location, and competition.
A realistic RevPAR that a short-term rental can achieve based on its attainable occupancy rate and attainable average daily rate (ADR).
The typical timeframe in advance that guests book short-term rentals in a particular market or for a specific property type, influenced by factors like seasonality and demand.
The average number of nights that guests typically stay in a short-term rental, influenced by factors like property type, location, and seasonality.
A pricing strategy that considers factors like seasonality, demand, competitor pricing, and perceived value to determine optimal rental rates for a short-term property.
A dynamic pricing tool that automatically adjusts nightly rates based on factors like demand, seasonality, and competitor pricing.
A dynamic pricing tool for short-term rentals that analyzes market data, seasonality, and demand fluctuations to automatically adjust rental rates for optimal revenue generation.