The fundamental economic principle that influences short-term rental pricing, where higher demand and limited supply lead to increased prices, and vice versa.
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Glossary Term: Pricing Strategy
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A pricing strategy that adjusts rates during school breaks and holidays to capitalize on increased family travel demand, often resulting in higher nightly rates.
A pricing strategy that adjusts rental rates based on factors like demand, seasonality, and property size to maximize revenue as a property manager grows their portfolio.
Strategies for maximizing the percentage of time a rental property is booked, using pricing adjustments, promotions, and calendar management.
The strategic approach to maximizing rental income by adjusting pricing based on factors like seasonality, demand, competition, and special events.
The practice of maintaining consistent rental rates across all distribution channels, such as Airbnb, VRBO, and direct bookings.
A visual representation of the rental rates for a property over a specific period, allowing hosts to adjust pricing based on seasonality, demand, and other factors.
The practice of clearly distinguishing between various room types in a rental property through descriptions, photos, and pricing.
The practice of maintaining consistent pricing for the same room type across all booking channels to avoid customer confusion and platform penalties.
Tools designed to optimize pricing and occupancy for short-term rentals by analyzing market data, seasonality, and competitor pricing.
The practice of maintaining consistent rental rates across different platforms like Airbnb and VRBO to avoid confusing potential guests and potentially violating platform policies. While complete parity isn’t always possible, striving for rate similarity helps build trust and attract bookings.
The practice of adjusting nightly rates for short-term rentals based on fluctuations in demand due to seasonal changes, holidays, or local events.