Setting rental rates strategically to remain competitive within the market while maximizing occupancy and revenue.
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Glossary Term: Revenue Management
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The practice of adjusting rental prices based on factors like demand, seasonality, and competition to maximize revenue.
The strategic application of data analysis and pricing strategies to maximize revenue and profitability from short-term rental properties.
Strategies and tools used to optimize occupancy rates and revenue based on factors like seasonality, demand, and pricing.
In the context of short-term rental management, breakage refers to revenue lost due to cancellations, guest no-shows, or other unforeseen circumstances.
A pricing strategy that adjusts rental rates based on factors like demand, seasonality, and competitor pricing.
A visual representation of the booking pace for a short-term rental property, showing the time between when reservations are made and the actual stay dates.
A measure of how quickly a short-term rental property receives bookings over a given period. A higher velocity indicates strong demand.
Tools that track rental prices across multiple platforms to ensure consistent pricing and avoid discrepancies that could impact bookings.
A performance metric used in the hospitality industry that calculates the average revenue generated per available room, considering both occupancy rate and average daily rate.