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.
A report that compares a short-term rental property to similar listings in the area to determine its competitive pricing and occupancy potential.