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
190 posts
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.
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.
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.