Software that uses data analysis and algorithms to optimize pricing strategies, forecast demand, and maximize rental income for short-term rentals.
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Glossary Term: Rental Income
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The fees charged by a property management company for their services, typically calculated as a percentage of the rental income.
The process of compiling and analyzing financial data related to short-term rental activity over a year, including income, expenses, and taxes, often for tax purposes or investment evaluation.
Real estate purchased with the primary intention of generating income, such as through renting on platforms like Airbnb and VRBO, rather than for personal use.
The practice of leveraging underutilized assets, such as a spare room or an entire property, to generate income through short-term rentals.
Strategies and techniques used to maximize the occupancy rate of a short-term rental property, such as adjusting pricing, using multiple booking channels, and offering promotions.
Strategies for minimizing tax liabilities associated with short-term rental income. This can involve deducting eligible expenses, taking advantage of depreciation deductions, and consulting with a tax professional.
The practice of using market data, rental analytics, and pricing tools to estimate the potential profitability of a short-term rental property.
The revenue generated by hosts from short-term rentals after deducting expenses such as platform fees, cleaning costs, and maintenance.
A metric used to evaluate the profitability of a rental property, calculated by dividing the annual rental income by the property’s purchase price or market value.
Refers to using rental income from platforms like Airbnb and VRBO to finance travel expenses for personal trips and vacations.
The process of tracking, analyzing, and reporting on the financial performance of a short-term rental property, including revenue, expenses, and profitability.