The shift in consumer spending towards experiences and memories rather than material possessions, heavily influencing the short-term rental market.
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Glossary Term: Short-Term Rentals
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Specialized insurance policies designed to protect short-term rental hosts from liabilities and damages specific to the sharing economy, covering property damage, liability claims, and income loss.
A charge imposed on guests if their utility usage exceeds a predetermined threshold or allowance during their stay.
A detailed itemization of individual utility expenses (e.g., electricity, water, gas) for a specific period, such as a month or a guest’s stay.
Temporary disruptions in utility services (e.g., power outages, water shut-offs) that can impact guest comfort and require prompt attention.
The recorded measurements of utility consumption taken from meters at the beginning and end of a billing cycle or guest stay.
Features and appliances in a short-term rental property designed to reduce utility consumption, such as energy-efficient lighting, low-flow showerheads, or smart thermostats.
Clear and concise instructions provided to guests outlining responsible utility usage practices during their stay.
Local government rules and guidelines that dictate how land is used and developed within a city, including regulations related to short-term rentals.
Software platforms that help short-term rental hosts track, manage, and automate utility bills for their properties.
The practice of installing separate meters for individual units or areas within a property to track and bill utility usage separately.