A hypothetical term referring to a pricing strategy that leverages data and artificial intelligence to optimize rental rates. Dynamic pricing is crucial for maximizing occupancy and revenue in the short-term rental market.
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Glossary Term: Revenue Management
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Pricing strategy for short-term rentals where higher rates are charged during periods of peak demand, such as holidays, special events, or popular travel seasons.
An estimate of the potential rental income a short-term rental property can generate over a specific period, considering factors like occupancy rates, average daily rates, and expenses.
Leveraging data from IoT devices and external sources to optimize pricing strategies, adjust rates based on demand and occupancy, and maximize rental income.
Utilizing real-time data from IoT devices, such as occupancy sensors or weather stations, to adjust rental prices dynamically based on demand and market conditions.
In the context of short-term rentals, this refers to periods when a property is vacant and not generating revenue between bookings.
The percentage of time a short-term rental property is booked over a specific period, representing the optimal balance between maximizing revenue and avoiding excessive vacancy.
A metric used to measure the percentage of time a short-term rental property is occupied by paying guests over a specific period.
A plan for setting competitive and profitable rental rates for a short-term rental property based on factors like seasonality, demand, and competition.
The practice of analyzing data and market trends to adjust pricing and availability strategies in real-time to maximize revenue and occupancy for a short-term rental property.
Predicting future rental income based on historical data, market trends, and other relevant factors to inform pricing and business decisions.