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.
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.
Being open and upfront with guests about expected utility consumption and any associated costs or guidelines for their stay.
Recommendations and best practices for reducing utility consumption in a short-term rental property, such as using energy-efficient appliances or promoting mindful usage to guests.
A predetermined amount of money included in the rental rate to cover a portion or all of the expected utility costs for a guest’s stay.
Disagreements or conflicts that may arise between hosts, guests, or utility providers regarding the accuracy or responsibility for utility charges.
Professional assessments of a property’s energy and water consumption patterns to identify areas for improvement and cost savings.