The average expense of basic necessities in a specific location, such as housing, food, transportation, and utilities, influencing pricing strategies for short-term rentals.
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Glossary Term: Pricing Strategy
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A software solution used to optimize pricing and availability for short-term rental properties. It analyzes factors like demand, seasonality, competitor pricing, and historical data to recommend dynamic pricing strategies that maximize revenue.
The process of enhancing a short-term rental listing to improve its visibility, ranking, and booking appeal on platforms like Airbnb and VRBO. This involves using relevant keywords, high-quality photos, compelling descriptions, and competitive pricing strategies.
The nightly or total price charged for a short-term rental stay that includes a Friday and/or Saturday night, often set at a premium compared to weekday rates due to higher demand.
The nightly or total price charged for a short-term rental stay that falls on a Monday through Thursday night, often set at a lower rate compared to weekend rates due to lower demand.
A reduced rate offered to guests who book a short-term rental for a full week or longer, incentivizing extended stays and increasing occupancy during slower periods.
A specific nightly rate set for a specific period, event, or guest. It allows hosts to adjust pricing based on demand fluctuations and special circumstances.
The process of researching and comparing similar short-term rental properties in the same market to understand pricing trends, occupancy rates, and guest preferences.
A report that compares similar short-term rental properties in the same location to determine a competitive rental rate.
Setting rental rates strategically to remain competitive within the market while maximizing occupancy and revenue.
Strategies and tools used to optimize occupancy rates and revenue based on factors like seasonality, demand, and pricing.
The practice of adjusting rental prices based on factors like demand, seasonality, and competition to maximize revenue.