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.
Professional assessments of a property’s energy and water consumption patterns to identify areas for improvement and cost savings.
Regularly tracking and analyzing utility consumption data to identify trends, anomalies, and potential areas for optimization.
A pricing strategy where the rental rate includes all utility costs, simplifying the booking process for guests.
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.