Resources
Vacation Rental Glossary
Comprehensive glossary of vacation rental and property management terms. Learn the key concepts behind short-term rental management.
300 terms1
1031 ExchangeA 1031 exchange is a US tax provision that lets an investor defer capital gains tax by reinvesting proceeds from a sold investment property into a like-kind property.Strategy1099-KA US IRS information return that payment processors and platforms issue to report the gross amount of payment transactions they settle for a payee.Strategy14-Day RuleA US tax rule under which rental income is tax-free and need not be reported if a home is rented out for 14 days or fewer during the year.Strategy
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Accessible PropertyA vacation rental property that is designed or adapted to accommodate guests with disabilities or mobility limitations.OperationsActual Cash Value (ACV)Actual cash value pays the replacement cost of damaged property minus depreciation, reimbursing the item's depreciated worth at the time of loss.OperationsADUAn ADU (accessory dwelling unit) is a secondary housing unit on a single-family property — such as a garage apartment or backyard cottage — often used as a short-term rental.IndustryAgodaAgoda is an online travel agency (OTA) especially strong in Asia-Pacific and part of Booking Holdings, listing hotels and short-term rentals worldwide.IndustryAI ConciergeAn AI-powered virtual assistant that answers guest questions and handles common requests automatically, around the clock, through chat or messaging.TechnologyAI PricingThe use of artificial intelligence and machine learning to automatically optimize vacation rental nightly rates in real time.TechnologyAirbnbAirbnb is the world's largest online marketplace for vacation rentals, homestays, and short-term rental experiences.IndustryAirbnb Co-Host NetworkAirbnb's official marketplace connecting property owners with experienced co-hosts who manage their listings.IndustryAirbnb-Friendly ApartmentsMultifamily buildings or units whose leases explicitly permit residents to host short-term stays, often listed through Airbnb's dedicated program of approved buildings.IndustryAirCoverAirCover for Hosts is Airbnb's built-in host protection that provides guest-caused damage protection and host liability insurance, included at no extra cost for Airbnb bookings.OperationsAmenityA feature, facility, or service provided at a vacation rental that adds value to the guest experience.IndustryAncillary RevenueAdditional income earned from upsells, add-on services, and experiences beyond the base accommodation charge.MetricsAnti-Discrimination PolicyRules and legal requirements ensuring vacation rental hosts do not discriminate against guests based on protected characteristics.OperationsAparthotelA hybrid accommodation combining hotel-style services with apartment-style living spaces.IndustryAPI ConnectionAn API connection is a technical integration that allows two software platforms to exchange data automatically, enabling vacation rental tools to work together in real time.TechnologyAutomated MessagesPre-written guest communications that are automatically sent based on booking events or scheduled timing.TechnologyAutomated Review ResponseAutomated review response uses templates or AI to reply to guest reviews on booking platforms without requiring manual input for each response.TechnologyAverage Booking ValueAverage booking value is the mean total revenue generated per confirmed reservation, including accommodation fees, cleaning fees, and any additional charges.MetricsAverage Daily Rate (ADR)The average revenue earned per occupied rental night over a given period.Metrics
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Base RateThe foundational nightly price for a vacation rental before any fees, taxes, or dynamic pricing adjustments are applied.StrategyBleisure TravelA travel trend where business trips are extended to include leisure activities and personal vacation time.IndustryBooking ConfirmationAn official acknowledgment sent to a guest confirming that their vacation rental reservation has been secured.OperationsBooking EngineA software tool embedded on a property manager's website that enables guests to search availability and book directly.TechnologyBooking ModificationA change made to an existing vacation rental reservation, such as adjusting dates, guest count, or property selection.OperationsBooking PaceThe rate at which reservations are being made for future dates compared to the same period in prior years.MetricsBooking SourceThe channel or platform where a reservation originates, used for attribution tracking and marketing analysis.MetricsBooking WindowThe amount of time between when a reservation is made and the actual check-in date.MetricsBooking.comBooking.com is a leading global online travel agency with a massive international audience, particularly strong across European markets.IndustryBoutique HotelA boutique hotel is a small, design-forward independent hotel — typically under 100 rooms — known for distinctive character and personalized service.IndustryBreak-Even OccupancyThe minimum occupancy rate a vacation rental must achieve to cover all operating costs without generating a loss.MetricsBusiness Interruption InsuranceBusiness interruption insurance replaces lost rental income and covers ongoing expenses when a covered peril makes a property untenantable.OperationsBusiness LicenseA business license is a government-issued permit authorizing an operator to conduct short-term rental activities as a commercial business in a specific jurisdiction.StrategyBusiness TravelTrips taken for professional purposes, with an increasing share of business travelers choosing vacation rentals over traditional hotels.Industry
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CabinA cozy, often rustic vacation rental property typically located in mountain, forest, lake, or rural settings.IndustryCancellation PolicyThe rules governing refunds and penalties when a guest cancels a confirmed reservation.OperationsCap RateA real estate metric that measures the annual return on an investment property based on its net operating income.MetricsCapital Expenditure (CapEx)Capital expenditure is money spent on major improvements or long-lived assets, such as a roof or HVAC system, rather than routine operating costs.MetricsCash FlowThe net amount of money moving into and out of a vacation rental business over a specific period, reflecting its financial health and liquidity.MetricsCash-on-Cash ReturnCash-on-cash return measures annual rental income as a percentage of the cash invested in a property, used to evaluate short-term rental investment performance.MetricsCertificate of Insurance (COI)A certificate of insurance is a document proving that active coverage exists and summarizing its types, limits, and effective dates.OperationsCertificate of OccupancyA certificate of occupancy is an official document confirming a property meets building codes and is legally approved for residential or commercial use.StrategyChaletA vacation rental property typically found in mountainous or ski resort areas, characterized by wooden architecture and alpine charm.IndustryChannel ManagerSoftware that synchronizes property listings, availability, and pricing across multiple booking platforms.TechnologyChannel MappingChannel mapping is the process of correctly matching a property's room or unit types and rate plans in a PMS or channel manager to each OTA's corresponding fields so listings and rates sync accurately.TechnologyChargebackA payment reversal initiated by a guest's bank or credit card company, disputing a vacation rental charge.OperationsChart of AccountsA chart of accounts is the structured, categorized list of all accounts a business uses to record and organize its financial transactions.OperationsCheck-InThe process by which a guest arrives at and gains access to a vacation rental property at the start of their stay.OperationsCheck-OutThe process by which a guest departs a vacation rental property at the end of their stay.OperationsCleaning ChecklistA standardized list of cleaning and preparation tasks that must be completed during turnover between guest stays.OperationsCleaning FeeA one-time charge added to a reservation to cover the cost of cleaning and preparing the property between guests.OperationsCo-HostA person who helps manage a vacation rental property on behalf of the primary host, sharing responsibilities and revenue.IndustryCo-LivingA shared-housing model offering residents private bedrooms alongside communal living spaces, typically furnished and rented on flexible, often mid-term, terms.IndustryCommission RateThe percentage of rental revenue charged by a property management company or booking platform as compensation for their services.MetricsComp SetA group of comparable vacation rental properties used for benchmarking performance and pricing.MetricsCondoAn individually owned residential unit within a larger building or complex, commonly used as a vacation rental in urban and resort markets.IndustryConsumablesSingle-use guest supplies that are used up during a stay and must be replenished for the next guest.OperationsContactless Check-InA guest arrival process that uses technology to enable property access without in-person interaction.OperationsConversion RateThe percentage of listing views or booking inquiries that result in confirmed reservations.MetricsCorporate HousingFully furnished rental properties leased to business travelers and professionals on extended work assignments, typically for 30 days or more.IndustryCorporate LeaseA rental agreement in which a company leases furnished housing, typically for its employees, often on mid-term terms rather than a conventional residential tenancy.StrategyCottageA small, charming vacation rental property typically situated in a rural, coastal, or countryside setting.IndustryCRMCustomer relationship management software used to track guest interactions, preferences, and communication for retention and remarketing.TechnologyCustomer Acquisition CostThe total cost of marketing, commissions, and operational effort required to secure a new guest booking.Metrics
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DAC7An EU directive requiring digital platforms to collect and report sellers' and hosts' income and identity data to EU tax authorities.StrategyDamage ProtectionDamage protection covers the cost of guest-caused property damage during a stay, either through a security deposit, host insurance, or a platform-provided guarantee.OperationsDamage WaiverA non-refundable fee that covers accidental guest damage, replacing the need for a traditional security deposit.OperationsData PrivacyThe practices and regulatory requirements for collecting, storing, and processing guest personal information in vacation rentals.OperationsDeep CleanA periodic, thorough cleaning that goes beyond a standard turnover to address areas not covered between every stay.OperationsDemand ForecastingThe use of data and analytics to predict future booking demand for vacation rental properties.StrategyDepreciationA tax deduction that accounts for the gradual wear, deterioration, and aging of a rental property over its useful life.MetricsDerived RatesRate plans calculated automatically from a base or parent rate by a fixed offset or percentage, so changing the base updates every linked rate.TechnologyDigital GuidebookA digital guidebook is an online resource hosts provide to guests with property instructions, local recommendations, and essential information accessible by smartphone.TechnologyDigital Nomad VisaA special residence permit allowing remote workers to live and work in a foreign country for an extended period.IndustryDirect BookingA reservation made directly with a property manager's own website, bypassing OTA platforms and their commission fees.IndustryDirect Booking ShareDirect booking share is the percentage of a manager's total bookings or revenue that comes through their own direct-booking website rather than through OTAs.MetricsDirect Booking WebsiteA property manager's own branded website where guests can search availability and book without going through an OTA.StrategyDispute ResolutionThe process of handling and resolving conflicts between property managers and guests, including damage claims and refund requests.OperationsDouble BookingWhen the same property is accidentally reserved by two different guests for overlapping dates.OperationsDSCR LoanA DSCR loan is a real estate mortgage qualified on the property's debt-service-coverage ratio rather than the borrower's personal income.StrategyDynamic PricingAn automated pricing strategy that adjusts nightly rates in real-time based on demand, competition, and market conditions.Technology
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Early Check-InAn option allowing guests to arrive and access the property before the standard check-in time, often offered as a paid upsell.OperationsEarly-Bird DiscountA reduced rate offered for bookings made well in advance of arrival, rewarding early commitment and securing occupancy ahead of time.StrategyEmail MarketingThe use of targeted email campaigns to nurture past guest relationships, encourage repeat bookings, and drive direct reservations.StrategyEvent-Driven PricingA pricing strategy that adjusts vacation rental rates based on local events, festivals, and occasions that spike demand.StrategyExpediaExpedia is a major global online travel agency (OTA) and part of Expedia Group, which distributes accommodation, flights, and vacation rentals across its brands.IndustryExperience EconomyThe experience economy describes a shift in consumer spending toward immersive, memorable experiences over material goods, directly shaping how travelers choose and value vacation rentals.IndustryExtended StayExtended stay refers to accommodation designed for guests staying 30 days or longer, with amenities like full kitchens and discounted weekly or monthly rates.IndustryExtra Guest FeeAn additional nightly charge applied when the number of guests exceeds the base occupancy included in the rate.Operations
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Family TravelFamily travel refers to leisure trips taken by households with children, a major guest segment that prioritizes space, safety, and kitchen facilities in vacation rentals.IndustryFurnished FinderFurnished Finder is a platform for mid-term, furnished monthly rentals aimed at traveling professionals such as travel nurses, charging hosts a flat listing fee instead of per-booking commission.IndustryFurnished RentalA property rented fully furnished and equipped so tenants can move in without supplying their own furniture, spanning short- and mid-term stays.Industry
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Gap NightAn unbooked night between two reservations that is too short to attract a new booking.OperationsGlampingA form of luxury outdoor accommodation that combines camping with hotel-like amenities and comforts.IndustryGood Neighbor PolicyA set of community conduct rules that vacation rental guests must follow to minimize disturbance to surrounding residents.OperationsGoogle Free Booking LinksGoogle Free Booking Links are the unpaid property and hotel listings shown in Google's travel and hotel search results, letting hosts and OTAs appear without paying per click.IndustryGoogle Vacation Rental AdsGoogle Vacation Rental Ads are property listings that appear directly in Google Search and Google Maps results, allowing vacation rentals to reach travelers outside of OTA platforms.StrategyGoogle Vacation RentalsGoogle's commission-free metasearch platform that displays vacation rental listings directly in Google Search and Maps.TechnologyGOPPARGOPPAR (Gross Operating Profit Per Available Room) measures a vacation rental's profitability by dividing gross operating profit by the total nights available in a period.MetricsGross Booking Value (GBV)The total monetary value of all bookings before any deductions for commissions, fees, or expenses are applied.MetricsGross Rental IncomeThe total revenue generated from a vacation rental property before subtracting any operating expenses, management fees, or taxes.MetricsGross YieldGross yield is the annual gross rental income of a property divided by its value or purchase price, expressed as a percentage before expenses.MetricsGroup BookingA group booking is a vacation rental reservation made for a large party — typically eight or more guests — often for special occasions, reunions, or corporate retreats.OperationsGuaranteed RentGuaranteed rent is an arrangement where a property owner receives a fixed rent regardless of occupancy, while the operator keeps any income above that amount.StrategyGuest CommunicationAll messaging and interactions between property managers and guests throughout the booking lifecycle.OperationsGuest FeeA guest fee (or guest service fee) is a charge added to a guest's booking total by an OTA platform on top of the nightly rate set by the host.MetricsGuest JourneyThe complete end-to-end experience of a guest from initial property discovery through post-stay follow-up.OperationsGuest Lifetime Value (LTV)The total revenue a property manager can expect from a single guest across all their bookings over time.MetricsGuest OnboardingGuest onboarding is the process of communicating property information, check-in instructions, and house rules to guests between booking confirmation and arrival.OperationsGuest PersonaA profile representing a specific traveler segment that a vacation rental targets, based on demographics, preferences, and booking behavior.StrategyGuest PortalA digital interface where guests can access booking details, check-in instructions, and property information.TechnologyGuest RegistrationThe legal requirement for short-term rental operators to collect, record, and in many cases report guest identity information to local authorities.OperationsGuest ReviewWritten feedback and star rating left by a guest after their stay at a vacation rental property.OperationsGuest SatisfactionA systematic measure of how well a vacation rental experience meets or exceeds guest expectations, often tracked via surveys or reviews.MetricsGuest ScreeningThe process of verifying guest identity and evaluating risk before confirming a reservation.OperationsGuest VerificationGuest verification is the process of confirming a guest's identity through ID documents and platform checks before approving or completing a booking.OperationsGuest Welcome BasketA curated selection of snacks, essentials, or local treats left for arriving guests as a hospitality touch.Operations
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HOA RestrictionsRules in a homeowners association's governing documents (CC&Rs) that can limit or prohibit short-term rentals within a community.StrategyHoliday PricingPremium nightly rates applied during holidays and high-demand periods to maximize revenue from predictable surges in travel demand.StrategyHomeowner AcquisitionHomeowner acquisition is the marketing and sales process a management company uses to attract and sign new property owners to its portfolio.StrategyHomesharingHomesharing is the practice of renting out a room or portion of your primary residence to guests while you continue living in the home.IndustryHomeToGoHomeToGo is a vacation-rental metasearch and marketplace that aggregates listings from many providers so travelers can compare properties across sources in one place.IndustryHopper HomesHopper Homes is the home and vacation-rental offering within the Hopper travel app, adding short-term rentals alongside its flights and hotels booking features.IndustryHospitalityHospitality is the industry encompassing lodging, food service, and guest experiences, including short-term rentals and vacation properties.IndustryHost FeeA host fee is a service charge deducted from a host's payout by an OTA platform, typically ranging from 3% to 15% of the booking subtotal.MetricsHost PermitA host permit (or STR permit) is a property-specific authorization required by many cities for operators to legally rent a home on a short-term basis.StrategyHost-Only FeeAirbnb's simplified pricing model that charges the host a single fee of about 15.5% and shows guests no separate service fee.MetricsHostaway AIHostaway's native artificial intelligence features for automated guest communication and operational optimization.HostawayHostaway AnalyticsHostaway's reporting and business intelligence tools for vacation rental performance tracking.HostawayHostaway AutomationHostaway's workflow automation tools that streamline repetitive property management tasks.HostawayHostaway CapitalHostaway's financing program that provides property managers with funding to grow their rental business.HostawayHostaway Channel ManagerHostaway's built-in channel management tool that syncs listings across 200+ booking platforms in real-time.HostawayHostaway Direct BookingHostaway's website builder and booking engine that enables commission-free direct reservations.HostawayHostaway Dynamic PricingHostaway's built-in dynamic pricing tool that automatically optimizes nightly rates based on market data.HostawayHostaway Guest CommunicationHostaway's unified inbox and automated messaging system for managing all guest interactions.HostawayHostaway MarketplaceHostaway's ecosystem of 200+ integrated third-party tools and services for vacation rental management.HostawayHostaway PMSHostaway's all-in-one property management system for managing vacation rental operations at scale.HostawayHostaway Smart LocksHostaway's smart lock integrations that enable automated keyless access for guests.HostawayHouse HackingAn investment strategy in which an owner lives in one part of a property while renting out the other parts to offset or eliminate their housing costs.StrategyHouse RulesA set of guidelines and expectations that guests must follow during their stay at a vacation rental.OperationsHouseboatA floating residential vessel used as a vacation rental, offering a distinctive waterfront accommodation experience.IndustryHousekeepingThe cleaning, sanitation, and preparation process performed between guest stays to maintain vacation rental quality standards.OperationsHybrid Management ModelA hybrid management model blends more than one pricing or service structure, such as commission plus a guaranteed base or full-service plus self-service tiers.Strategy
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iCalA calendar file format used to synchronize availability between booking platforms and calendar applications.TechnologyInquiryA pre-booking message from a prospective guest asking about availability, pricing, or property details before committing.OperationsInstant BookA booking setting that allows guests to reserve a property immediately without requiring host approval.IndustryInsurance EndorsementAn insurance endorsement, also called a rider, is an amendment that adds, removes, or modifies coverage on an existing policy.OperationsInventory ManagementThe process of tracking and replenishing supplies, amenities, furnishings, and consumables across vacation rental properties.Operations
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Key ExchangeThe traditional process of physically handing off property keys to guests upon arrival at a vacation rental.OperationsKeyless EntryKeyless entry systems allow vacation rental guests to access a property using a code, smartphone, or smart lock instead of a physical key.TechnologyKeypad LockA code-based door lock that enables self-check-in for vacation rental guests without physical keys.Technology
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Last-Minute BookingA reservation made within a short window before the check-in date, typically 1–7 days prior.IndustryLast-Minute DiscountA reduced rate applied to bookings made close to the arrival date to fill unsold nights, including orphan and gap nights.StrategyLate Check-OutAn option allowing guests to depart after the standard checkout time, commonly offered as a paid upsell service.OperationsLength of Stay (LOS)The total number of nights a guest stays at a property during a single reservation.MetricsLength-of-Stay DiscountA reduced nightly rate offered to guests who book longer stays, such as weekly or monthly reservations.StrategyLiability InsuranceInsurance coverage that protects vacation rental operators against claims for guest injuries, property damage, or third-party losses.OperationsLinen ServiceA professional service providing clean bed linens and towels for vacation rental turnovers, either owned or rented.OperationsListingA property profile published on a booking platform, containing descriptions, photos, pricing, and availability.IndustryListing OptimizationThe process of improving a vacation rental listing's content, photos, and settings to increase visibility and bookings.StrategyListing SEOListing SEO is the practice of optimizing a vacation rental's title, description, amenities, and photos to rank higher in booking platform and search engine results.StrategyListing SyndicationListing syndication is the practice of distributing a single property listing's content across multiple channels and OTAs from one central source.TechnologyLoan-to-Value (LTV)Loan-to-value is the ratio of a loan amount to the appraised value of the property, expressed as a percentage.MetricsLodging TaxLodging tax (also called transient occupancy tax) is a government-imposed tax on short-term rental stays that hosts are required to collect from guests and remit to authorities.StrategyLost and FoundThe process and policy for handling personal items left behind by guests at a vacation rental property.Operations
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Maintenance RequestA report submitted by a guest, cleaner, or inspector documenting a needed repair or fix at a rental property.OperationsMaintenance ScheduleA planned calendar of preventive and routine maintenance tasks to keep vacation rental properties in optimal condition.OperationsManagement AgreementA formal contract between a property owner and a management company defining responsibilities, fees, and terms of service.OperationsManagement FeeThe percentage or flat fee charged by a property management company to an owner for managing their vacation rental.MetricsMarket Penetration Index (MPI)A benchmark that compares your property's occupancy to your competitive set's occupancy, expressed as an index where 100 means you match the market.MetricsMarriott Homes & VillasHomes & Villas by Marriott Bonvoy is Marriott's curated premium home-rental program where qualifying stays earn and redeem Bonvoy loyalty points.IndustryMaster LeaseA long-term agreement in which one party leases an entire property or building from the owner and then re-rents the units, keeping the difference between the rent paid and the income collected.StrategyMaximum OccupancyMaximum occupancy is the legally or contractually set limit on the number of guests permitted to stay in a rental property at any one time.OperationsMetasearch EngineA travel platform that aggregates and compares vacation rental listings from multiple booking sites without taking commissions.TechnologyMicro-Season PricingAn advanced pricing strategy that uses 75+ granular time periods instead of traditional quarterly seasons.StrategyMid-Term RentalA furnished property rented for 1 to 6 months, bridging the gap between short-term and long-term rentals.IndustryMinimum StayThe shortest number of nights a guest must book in order to reserve a property.OperationsMulti-CalendarA consolidated calendar view showing availability and bookings across all properties and channels in one place.Technology
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Net Promoter Score (NPS)Net Promoter Score (NPS) is a guest loyalty metric that measures how likely guests are to recommend a vacation rental property or management company.MetricsNet RevenueThe revenue a property manager retains after subtracting OTA commissions, payment processing fees, and platform costs.MetricsNightly RateThe price charged per night for a vacation rental stay.MetricsNo-ShowWhen a guest with a confirmed reservation fails to arrive at the property on their check-in date.OperationsNOI (Net Operating Income)Total rental revenue minus all operating expenses, before debt service and income taxes.MetricsNoise MonitoringPrivacy-safe devices that detect excessive noise levels at vacation rental properties to prevent disturbances.Technology
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Occupancy RateThe percentage of available rental nights that are booked over a given period.MetricsOccupancy SensorA device that detects presence or occupancy in a space, used to manage energy and to flag potential unauthorized occupancy or parties without recording video or audio.TechnologyOccupancy Tax ReportingThe process of calculating, filing, and remitting lodging or occupancy taxes collected from short-term rental guests to the appropriate government authorities.OperationsOff-SeasonThe period of lowest travel demand when vacation rental occupancy and rates are typically at their minimum.StrategyOpen APIA publicly available programming interface that allows third-party developers to integrate with a platform.TechnologyOperating ExpensesThe recurring costs required to manage and maintain a vacation rental property, including cleaning, maintenance, utilities, insurance, and management fees.MetricsOrphan DaysOrphan days are short gaps between bookings in a vacation rental calendar that are too brief to attract new reservations at standard minimum stays.StrategyOTA (Online Travel Agency)A website or platform where travelers search for and book vacation rentals and accommodations online.IndustryOwner BlockAn owner block is a range of dates a property owner reserves for personal use, blocking those nights from guest bookings on the rental calendar.OperationsOwner ChurnOwner churn is the rate at which a property management company loses homeowner clients from its portfolio over a given period.MetricsOwner OnboardingThe structured process of adding a new property and its owner to a vacation rental management company's portfolio.OperationsOwner PortalA dedicated dashboard where property owners can view their rental performance, bookings, and financial statements.TechnologyOwner StatementsFinancial reports generated for property owners showing rental income, expenses, and net payouts.Operations
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Par LevelThe predetermined minimum quantity of an item that must be kept on hand, triggering reordering when stock falls below it.OperationsPayment ProcessingThe handling of financial transactions for booking payments, refunds, and payouts in vacation rental management.OperationsPayoutThe disbursement of rental earnings from a property management company or booking platform to the property owner or host after deducting applicable fees and expenses.OperationsPeak SeasonThe time of year with the highest travel demand, when vacation rental rates and occupancy are at their maximum.StrategyPenthouseA premium upper-floor vacation rental unit offering luxury amenities, panoramic views, and high-end finishes.IndustryPet FeeA charge applied to guests who bring pets to a vacation rental property.OperationsPet-Friendly HostingPet-friendly hosting means explicitly welcoming guests traveling with pets and adapting a vacation rental's policies, amenities, and pricing to accommodate animals.StrategyPlum GuidePlum Guide is a curated online marketplace that lists only vetted premium and luxury vacation homes that pass its rigorous acceptance criteria.IndustryPreventive MaintenancePreventive maintenance is scheduled, proactive upkeep performed to prevent equipment failures and property issues before they occur.OperationsPrice FloorThe minimum nightly rate a host allows a dynamic-pricing tool to charge, preventing automated rates from dropping below a defined threshold.StrategyPrice OptimizationPrice optimization is the strategic process of setting vacation rental rates to maximize revenue by balancing occupancy, nightly rate, and booking lead time.StrategyPrincipal Residence RuleA regulation limiting short-term rental to a host's primary residence, often combined with an annual cap on the number of nights it can be let.StrategyProfessional HostA professional host is an operator who manages short-term rental properties as a primary business, typically overseeing multiple listings with systems and staff.IndustryPromotional RateA temporary discounted nightly price used to stimulate bookings during a specific period or for a targeted purpose.StrategyProperty Condition ReportA documented record of a vacation rental property's state before and after each guest stay.OperationsProperty InspectionA systematic check of a vacation rental property's condition, safety features, and amenities.OperationsProperty Management CompanyA business that manages vacation rental properties on behalf of property owners for a fee or revenue share.IndustryProperty Management System (PMS)A centralized software platform for managing all aspects of vacation rental operations.TechnologyProperty ManagerA property manager in the STR industry is a professional who oversees the operations of vacation rental properties on behalf of property owners, for a fee.IndustryProperty PortfolioThe total collection of rental properties managed by a property manager or management company.IndustryProperty StagingProperty staging for vacation rentals is the process of furnishing, decorating, and styling a rental space to maximize guest appeal in listing photos and during stays.OperationsProptechProptech (property technology) refers to software and digital tools that automate and optimize real estate and rental property operations.Technology
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Rate ParityA policy or contractual requirement that vacation rental pricing remains consistent across all booking platforms.StrategyRate PlanA named pricing configuration that defines nightly rates, minimum stays, and fees for specific time periods or conditions.StrategyRate PushRate push is the process by which a channel manager sends updated rates and availability out to all connected OTAs so pricing stays consistent across channels.TechnologyRate ShoppingThe practice of monitoring competitor pricing to inform rate decisions and maintain competitive positioning in a market.StrategyRental ArbitrageA business model where an operator leases properties long-term and rents them out as short-term vacation rentals for profit.IndustryRental Day LimitA legal restriction imposed by local governments that caps the total number of days a property can be rented as a short-term rental per year.OperationsRental QuoteA customized price estimate provided to a prospective guest for a specific property, dates, and guest configuration.OperationsRepeat GuestA traveler who books the same property or with the same host or management company more than once.StrategyReplacement Cost CoverageReplacement cost coverage pays to repair or replace damaged property at today's cost, without deducting for depreciation.OperationsRequest to BookRequest to book is a booking flow where guests submit a reservation request that the host must manually review and approve before the booking is confirmed.OperationsResponse RateThe percentage of guest inquiries a host replies to within a specified timeframe, typically 24 hours.MetricsResponse TimeHow quickly a host or manager replies to guest inquiries and messages, a factor in guest satisfaction and search ranking on booking platforms.MetricsRestockingThe process of replenishing guest supplies and amenities to their target quantities during each turnover.OperationsReturn on Investment (ROI)Return on investment (ROI) is a financial metric measuring the profitability of a vacation rental property relative to its total investment cost.MetricsRevenue ManagementThe strategic use of analytics and pricing to maximize rental income from available inventory.StrategyRevenue Management System (RMS)Specialized software that uses data analytics to optimize vacation rental pricing and maximize revenue across a portfolio.TechnologyRevenue SplitA revenue split defines how booking income is divided between the property owner and the management company, typically set by the manager's fee percentage.StrategyReview ManagementReview management is the systematic process of monitoring, responding to, and leveraging guest reviews to protect a vacation rental's reputation and improve booking conversion.StrategyRevPAN (Revenue Per Available Night)A vacation rental performance metric measuring total revenue generated per available rental night.MetricsRevPAR (Revenue Per Available Room)A metric that measures revenue generated per available rental night, combining occupancy and rate performance.Metrics
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Same-Day BookingA reservation made and completed on the same day as the guest's check-in date.IndustrySchedule EThe US IRS form, filed with Form 1040, used to report income and expenses from rental real estate and certain other passive activities.StrategySeasonal PricingA pricing strategy that adjusts nightly rates based on predictable demand patterns throughout the year.StrategySecurity DepositA refundable amount collected from guests to cover potential property damage during their stay.OperationsSelf Check-InSelf check-in allows guests to access a vacation rental property independently using a keypad, smart lock, or lockbox — without requiring the host to be present.OperationsSelf-InsuranceSelf-insurance is the practice of retaining risk and paying losses out of pocket, often through a reserve fund, instead of buying insurance.OperationsService FeeA fee charged by booking platforms to guests, hosts, or both to cover the cost of facilitating the reservation.IndustryServiced ApartmentA serviced apartment is a fully furnished rental unit with hotel-like amenities and housekeeping, designed for stays typically ranging from a few days to several months.IndustrySet-JettingA travel trend where tourists visit destinations featured in popular movies, TV shows, or streaming content.IndustrySharing EconomyThe sharing economy is an economic model where individuals rent or share underutilized assets — like homes or vehicles — peer-to-peer through digital platforms.IndustryShort-Term Rental (STR)A property rented for short periods, typically fewer than 30 consecutive days.IndustryShort-Term Rental InsuranceSpecialized insurance coverage designed to protect vacation rental properties and hosts from risks specific to short-term renting.OperationsShort-Term Rental PermitA government-issued authorization that grants property owners or managers the legal right to operate a short-term rental in a specific jurisdiction.OperationsShoulder SeasonThe transition period between peak and off-season when demand and pricing are moderate.StrategySlow TravelSlow travel is a travel philosophy centered on spending longer periods in fewer destinations to experience local culture more deeply, driving demand for longer vacation rental stays.IndustrySmart LockAn electronic lock that allows keyless property access using codes, apps, or other digital credentials.TechnologySmart PricingSmart pricing is automated rate-setting technology that adjusts vacation rental nightly rates in real time based on demand signals, market data, and booking patterns.StrategySmart ThermostatAn internet-connected thermostat that lets hosts control and cap heating and cooling remotely, saving energy between stays and setting comfortable temperatures for arrivals.TechnologySnowbirdA traveler, often retired, who relocates from a colder climate to a warmer one for the winter, typically booking mid-term or monthly stays.IndustrySocial ProofSocial proof in vacation rentals refers to evidence from past guests — reviews, ratings, photos, and endorsements — that builds trust and confidence in prospective bookers.StrategySolo TravelSolo travel refers to trips taken by individuals traveling alone, a growing guest segment with specific preferences for location, safety, and value in vacation rental accommodations.IndustrySplit FeeAirbnb's legacy commission model where the host pays about 3% and the guest pays a separate service fee of roughly 14% to 16%.MetricsStaycationA vacation spent at home or close to home rather than travelling far, often driving local and regional short-stay demand.IndustrySTR BanA regulatory prohibition or severe restriction on short-term rental operations imposed by a local government or HOA.IndustrySTR ComplianceThe process of meeting all legal, regulatory, and tax requirements for operating a short-term rental property.OperationsSTR LoanAn STR loan is any financing used to purchase or refinance a property operated as a short-term rental, and may be conventional, DSCR, or portfolio-based.StrategySTR Registration NumberA permit or license ID that many cities require short-term rental hosts to obtain and display on their listings to operate legally.OperationsSubleaseAn arrangement in which an existing tenant rents out all or part of a leased property to another occupant while remaining bound by the original lease with the landlord.StrategySuperhostAn Airbnb recognition badge awarded to hosts who consistently deliver exceptional guest experiences.Industry
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Task ManagementA system for assigning, tracking, and coordinating operational tasks like cleaning and maintenance across properties.OperationsTiny HouseA compact, often creatively designed vacation rental property typically under 400 square feet, popular as a unique stay experience.IndustryTourist TaxA local or municipal tax on overnight stays, typically charged per guest per night and remitted to the local authority.StrategyTownhouseA multi-story residential property sharing walls with adjacent units, commonly used as a vacation rental in urban and resort areas.IndustryTransient Occupancy Tax (TOT)A tax levied on short-term accommodation stays, collected from guests and remitted to local government.OperationsTreehouseAn elevated vacation rental built in or around trees, offering a unique and memorable guest experience in natural settings.IndustryTRevPARTRevPAR (Total Revenue Per Available Room) measures all revenue streams — accommodation, fees, and ancillary services — generated per available room night.MetricsTripadvisor RentalsTripadvisor Rentals was Tripadvisor's vacation rental listing channel, including its FlipKey and Holiday Lettings brands, which ceased operations in November 2025.IndustryTrust AccountingA legally required accounting practice in some jurisdictions that separates owner funds from management company operating funds.OperationsTrust and SafetyTrust and safety in vacation rentals refers to the policies, tools, and verification systems that protect both guests and hosts from fraud, damage, and unsafe experiences.OperationsTurnoverThe process of preparing a vacation rental for the next guest between check-out and check-in.OperationsTurnover ChecklistA standardized list of cleaning, restocking, and inspection tasks completed between a guest's check-out and the next guest's check-in.OperationsTwo-Way SyncTwo-way sync automatically keeps calendar availability and reservation data updated in both directions between a property management system and connected booking channels.Technology
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Umbrella PolicyAn umbrella policy is extra liability insurance that provides coverage above the limits of underlying home, auto, or short-term rental policies.OperationsUnified InboxA centralized messaging hub that consolidates guest communications from all booking channels into one interface.TechnologyUnit EconomicsUnit economics measures the revenue, costs, and profitability of a single rental property, helping operators assess performance at the individual asset level.MetricsUpsellingOffering guests additional services or upgrades to increase the total revenue per booking.StrategyUser RolesPermission levels assigned to team members within property management software to control access to features, data, and operations.Technology
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Vacation RentalA furnished property rented to travelers on a short-term basis as an alternative to hotel accommodation.IndustryVacation Rental SoftwareTechnology platforms designed to help property managers automate and streamline vacation rental operations at scale.TechnologyVendor ManagementVendor management is the process of sourcing, coordinating, and overseeing the third-party service providers a management company relies on.OperationsVillaA luxury standalone vacation rental property, often featuring a private pool, spacious grounds, and premium amenities.IndustryVirtual TourAn interactive 3D walkthrough of a vacation rental property that allows prospective guests to explore the space remotely.TechnologyVrboVrbo is a major vacation rental marketplace owned by Expedia Group, focused on whole-home rentals for families and groups.Industry
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WebhookAn automated notification sent from one system to another when a specific event occurs.TechnologyWelcome BookA guest-facing guide containing property instructions, house rules, local recommendations, and emergency contact information.OperationsWork OrderA work order is a documented request and authorization to carry out a specific maintenance or repair task at a property.OperationsWorkationA trip where travelers combine remote work with vacation, staying at destinations where they can be productive and enjoy leisure time.Industry
