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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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.
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.
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.