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Glossary Term: Short-Term Rental
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An individual who occasionally rents out their primary residence or a spare room on platforms like Airbnb, often for supplemental income.
The visible elements of a brand, such as its name, logo, color palette, and overall aesthetic. A strong brand identity helps differentiate a short-term rental property and attract guests.
A day or more left vacant between bookings to allow for cleaning, maintenance, or unexpected delays in guest checkout/new guest arrival.
Providing large, cost-effective quantities of essential amenities like toiletries, coffee, and cleaning supplies, often preferred by short-term rental hosts to minimize replenishment trips and reduce costs.
A clause in a lease or rental agreement that prohibits short-term rentals, often included by landlords or property management companies to prevent Airbnb-style rentals.
The projected percentage of time a short-term rental property is expected to be occupied over a year, taking into account seasonal fluctuations and historical data.
A long-term guest who books a short-term rental for an extended period, providing consistent income and occupancy during slower seasons.
Proactively anticipating and fulfilling guest needs before they arise, going beyond expectations to create a memorable experience.
A comprehensive record of all expenses incurred in a year related to a short-term rental property, including mortgage payments, utilities, maintenance, and supplies.
A yearly assessment of a short-term rental property’s performance, including financial analysis, guest feedback review, and identification of areas for improvement.
Insurance coverage specifically designed for short-term rental properties, protecting against liabilities, property damage, and loss of income.