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Vacation Rental Glossary

Vacation rental metrics or key performance indicators are critical measurable aspects of your business that you can lean on to understand and manage your business better. From occupancy rates to referrals your vacation rental is getting, it can be helpful to track these metrics. “You can’t improve what you don’t measure!”

If you understand the business metrics, you and/or the vacation rentals’ manager will be able to analyze the return on your investment and return on revenue more accurately to improve your operations.
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  • 24/7 Support -

    Providing guests with access to customer support and assistance around the clock, ensuring any issues or emergencies can be addressed promptly at any time of day or night.

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  • Accessibility Compliance -

    Adhering to regulations, such as the Americans with Disabilities Act (ADA), that mandate certain accessibility features for guests with disabilities.

  • Accessible Tourism -

    Accessible tourism is a conscious effort to provide an all-inclusive travel experience. It essentially means that tourist destinations, services, stays, and products are accessible to all people regardless of their physical or intellectual limitations, disabilities and/or age.

  • Accounting Software -

    Accounting Software helps track income and expenses. Using accounting software simplifies tax reporting and tracking profits.

  • Active Dates -

    Active dates indicate how many days the listing was open to reservations. For example, some host might block off their winter calendar for 3 months and not take bookings during that time. Or it could be a new listing that only started 9 months back. In such cases, we'd report 270 days as active days in the last year.

  • Active Listing -

    A listing that is live on Airbnb or VRBO (or it was during the last 15 days).

  • Adjacent factor -

    The Adjacent Factor customization will adjust the rate for the selected number of days before and after a booking.

  • Airbnb Plus -

    Airbnb plus is a program by Airbnb that incentivises hosts for their exceptional guest experience. These properties receive benefits such as higher visibility, improved reputation, and added services. It is a selection of the highest quality homes with hosts known for great reviews and attention to detail. Every home is verified through in-person quality inspection to ensure quality and design.

  • Airbnb Superhost -

    Airbnb superhost is a host who prioritizes guest experiences and ensures that every one has a great stay in their Airbnb. Airbnb evaluates hosts quarterly and will automatically adjust your status if you meet their qualifications. You can get up to 22% more bookings by becoming a Airbnb superhost. Read more

  • Alternative Accommodation -

    Alternative accommodation refers to lodging options beyond traditional hotels or resorts. These alternatives often cater to travelers seeking unique experiences, more space, or a home-like environment.
    The top websites for booking alternative accommodation are Airbnb, Vrbo (formerly known as HomeAway), and Booking.com.

  • Amenity Fee -

    An amenity fee, also known as a resort fee or facility fee, is an additional charge that hotels, resorts, or vacation rentals may impose on guests. This fee is separate from the advertised room rate and is intended to cover access to certain amenities or services. Common amenities covered by an amenity fee include Wi-Fi, pool access, fitness center usage, and sometimes even local shuttle services. It's important for travelers to check for these fees when booking accommodation, as they can significantly impact the total cost of a stay.

  • API (Application Programming Interface) -

    A set of protocols and tools that allows different software applications to communicate and share data with each other.

  • Automation Tools -

    Software and technology that can automate various tasks and processes in a vacation rental business, such as pricing, messaging, or scheduling.

  • Average Booking Value -

    Average Booking Value is the average revenue per booking. Example: If 10 bookings generate $10,000, the average booking value is $1,000.

  • Average Booking Window -

    It is calculated as the average number of days between the day of reservation and check-in.

  • Average Daily Rate (ADR) -

    The Average Daily Rate (ADR) indicates the average revenue earned per rented night. It's calculated by dividing total income by the number of booked nights.

    Example: If a property earns $1,500 over 10 booked nights, its ADR is $150.

  • Average lead time -

    Mid-positioned time in which guests are booking before the start of the reservation.

  • Average Length Of Stay -

    What is the meaning / definition of Average Length of Stay: It is used to calculate the number of nights the average guest has booked in the  property. It is calculated by dividing the total number of nights the vacation rental is booked by the total number of reservations. This is a vital metric to track because an increase in short-term stays can increase maintenance and operation costs in your vacation rental  property. 

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  • Base Price -

    The minimum per night price for a vacation rental property. Read More

  • Bedroom category -

    By default, listings in the Market Dashboard are grouped by the number of bedrooms they advertise on Airbnb. In addition, a “Room” category groups all listings with 0 or 1 bedroom advertising as a shared, private, or hotel room.

  • Blackout Dates -

    Blackout Dates are specific dates or periods when a vacation rental property is not available for booking. These dates are typically set by the property owner or manager and can be due to various reasons, such as personal use, maintenance, or high demand periods where the property is reserved for direct bookings at higher rates. Blackout dates are common in the hospitality and travel industries to manage availability and optimize revenue.

  • Booked dates -

    Booked dates are a time period where we consider the bookings that were received and whether the stay dates for those bookings have occurred yet or not.

  • Booking Channel -

    A Booking Channel is the platform a guest uses to book, like Airbnb or the property’s website. Example: A booking made through Vrbo is from a different channel than one made directly.

  • Booking Confirmation -

    Booking Confirmation is the document sent to guests once a booking is confirmed. Example: Guests receive an email with their stay details after booking.

  • Booking Curve -

    Booking curve is a tool that visually represents the number of reservations booked over a certain period of time. You can use this to analyze your booking trends, such as when people book reservations on your property.

  • Booking Engine -

    The software or platform used to manage vacation rental bookings and availability.

  • Booking Fees -

    Fees charged by online travel agencies or property management companies for handling reservations.

  • Booking Lead Time -

    Booking Lead Time measures the days between when a guest books a rental and their check-in date.

    Example: If a guest books a stay on May 1 for June 1, the booking lead time is 30 days.

  • Booking Pace -

    Booking Pace is a metric used in the vacation rental and hospitality industries to measure the rate at which reservations are made over a specific period. It helps property managers and owners understand how quickly their properties are being booked and predict future occupancy rates and revenue. Monitoring booking pace allows for better forecasting, pricing strategies, and marketing efforts.

  • Booking Window -

    The Booking Window refers to the number of days between when a guest books a stay and their arrival date.

    Example: If a guest books on May 1 for a stay starting May 15, the booking window is 14 days.

  • Break-Even Point -

    The Break-Even Point is when revenue equals costs, with no profit or loss. Example: A rental reaches break-even when earnings cover its operating costs.

  • Budgeting -

    The process of creating a plan to allocate future income and expenses for a vacation rental business.

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  • Cancellation Fee -

    Fees that guests have to pay if they cancel after the cancellation deadline has expired. These can be a flat amount withheld from the refund. They can also be a full forfeiture of the deposit paid. Deposits are often a percentage of the total cost, for example, 30% or 50%. These are usually non-refundable. In the US, it is always included in the rental agreement or contract.

  • Cancellation Policy -

    The Cancellation Policy defines the terms for how a guest can cancel a reservation and any refund conditions. Policies can be strict, moderate, or flexible. Example: A moderate policy allows free cancellation up to 5 days before arrival.

  • Cancellation Rate -

    It is the percentage of reservations that have been canceled during a specified period of time.

  • Cash Flow -

    Cash Flow is the movement of money in and out of a business.Positive cash flow ensures funds are available for expenses.

  • Changeover Days -

    Specific days of the week that vacation rental managers dedicate for bookings to begin and end. It essentially is the check-in and check-out date.

  • Channel Distribution -

    Channel Distribution lists and manages a rental’s availability across multiple booking platforms. Example: Syncing calendars on Airbnb, Vrbo, and Booking.com for accurate availability.

  • Channel Fee -

    Fees that agencies, channels, or websites charge owners or vacation rental managers for booking through them. In the case of Airbnb, it is charged to the guests as a service fee in addition to a percent commission to the owner or property manager.

  • Channel Manager -

    A channel manager is a software tool that allows you to sell rooms on several connected booking sites (channels) simultaneously. The software will automatically update your availability across sites when a booking is made. Essentially, it is the technological equivalent of having a 24/7 global sales and reservations department.

  • Channels -

    Channels are places where people list their property. and guests can book slots there. Example, tripadvisor, booking.com, etc. You can list your property. , book slots for guests, and automatically send bookings to the property management system or channel manager through channels.

  • Check-In Date -

    The date when a vacation rental guest is scheduled to arrive at the property.

  • Check-Out Date -

    The date when a vacation rental guest is scheduled to depart the property.

  • Cleaning Fee -

    A Cleaning Fee is an additional charge to cover the cost of cleaning the rental after each stay.

    Example: A $50 cleaning fee may be added to a booking to ensure the property is ready for the next guest.

  • Comp set -

    A ‘Comp set’ or competitive set is a list of other competing properties within a specific market that potential customers compare against your listing when booking a property. It is a group that you put together when creating your competitive study based on relevant, specific selection criteria compared to your property.

  • Competitive Set (Comp Set) -

    A Competitive Set, or Comp Set, is a group of rentals in the same area that compete directly. Example: A beachfront condo compares rates with similar properties nearby to stay competitive.

  • Competitor Pricing -

    Competitor Pricing adjusts rates based on what similar properties are charging nearby. Example: A host checks other beachfront listings and prices competitively.

  • Complaint Resolution -

    The process of addressing and resolving any issues or complaints raised by guests during their stay.

  • Concierge Service -

    Offering personalized assistance and advice to guests, often through a dedicated concierge staff or third-party service, to help with activities, dining reservations, transportation, and other needs during their stay.

  • Cost of Goods Sold (COGS) -

    The direct costs associated with providing a product or service, such as the cost of cleaning supplies for a vacation rental.

  • Cross-Selling -

    Cross-Selling is promoting related services to increase revenue. Example: Suggesting local tours or attractions to guests.

  • Custom Seasonal Factor -

    You can use this customization to use seasonal base prices instead of PriceLabs market-based seasonality.

  • Custom Seasonal Profile -

    Custom Seasonal Profiles let you set different minimum, base, and maximum prices for different seasons throughout the year, giving you full control over each listing’s seasonality.

  • Customer Support -

    The assistance and services provided by a vacation rental business to help guests with inquiries, problems, or needs before, during, and after their stay.

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  • Damage Deposit -

    Also known as a security deposit, this is a refundable amount which a vacation rentals owner collects from their guests. This is a guarantee that guests will return the vacation rentals in the same condition. If there are any damages to the property, the host can make deductions from the damage deposit.

  • Dashboard -

    A user interface that provides an overview of key metrics and data related to a vacation rental business, often displayed visually.

  • Data-specific overrides -

    If you want to make specific exceptions and adjustments to specific days in your calendar, you can use this feature - date-specific overrides. This will enable different pricing for specific dates without altering your pricing for the entire calendar. Read more here.

  • Day of the week trends -

    You might be in a locality where each day of the week might behave differently. You can use this customization to treat each day of the week differently.

  • Day-of-Week Pricing -

    Day-of-Week Pricing sets different rates for different days of the week. Example: A cabin costs $150 per night on weekends but $100 per night on weekdays.

  • Define your own weekened -

    With this customization, you can define the days of your weekend if you are in a market where the weekend differs from the rest of the world. Or the demand for weekend bookings might be different in your locality than in the rest of the world. You can use this feature to define the weekend how you want. 

  • Demand factor -

    The algorithm picks up the demand for the listing by incorporating day-of-week trends, events, and holidays into the demand forecasting process. The algorithm also picks up the booking trends in the market to forecast a high/low demand.

  • Demand factor aggressiveness -

    With this customization, you can choose the aggressiveness with which our demand factor should impact price recommendations. The Demand factor aggressiveness percentage increases or decreases depending on the market and dates, but it changes approximately by 50%.

  • Demand Forecasting -

    Demand Forecasting predicts future rental demand by analyzing market trends and historical data. Example: Analyzing holiday data to forecast peak season demand next year.

  • Depth Of Inventory -

    It is the number of similar vacation rentals that are available in the specified area.

  • Direct Booking -

    Direct Booking is when guests book directly through the owner or manager, avoiding third-party fees. Example: A guest books through the rental’s website instead of a listing site.

  • Distribution Channel -

    A Distribution Channel is any platform where rentals are marketed and booked, like Airbnb or a property’s website. Example: Listing on multiple sites to reach a wider audience.

  • Dynamic Pricing -

    Dynamic Pricing means adjusting rental rates based on demand, season, or other factors.

    Example: Prices increase during a local festival but decrease during quieter periods to attract more bookings.

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  • Environmental Regulations -

    Rules and guidelines around waste disposal, energy efficiency, water conservation, and other environmental impacts that vacation rentals must follow.

  • Event-Based Pricing -

    Event-Based Pricing raises rates during special events, festivals, or holidays to capture high demand. Example: Rates double during a local concert festival as demand surge

  • Eviction Process -

    The legal procedures and requirements for removing guests from a vacation rental property in the event of violations or non-payment.

  • Extra-fee -

    You might have a base number of guests; if the number of guests exceeds that number, the property manager/owner charges an extra fee for each person over the limit. Read more here.

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  • Far out premium -

    If you prefer to lock in revenue farther out, our far-out premium customization can help you turn the default far-out premium off. If you want to fine-tune the far-out premium, you can turn this setting off by selecting " No far-out premium", as seen in the screenshot below, and use  Occupancy Based Adjustments to create a custom far-out premium.

  • Far-Out Pricing -

    Far-Out Pricing is for advance bookings, often priced higher due to early demand. Example: Guests booking six months ahead may pay more than those booking a month out.

  • Feedback Loop -

    A continuous cycle of collecting guest feedback, analyzing it, and using those insights to improve the vacation rental business and guest experience.

  • Financial Statement -

    A report that summarizes a company's financial performance and position, such as an income statement or balance sheet.

  • Fire Safety -

    Measures and equipment, like smoke detectors, fire extinguishers, and emergency exits, that must be in place to ensure guest safety in case of fire.

  • Forecasting -

    Using historical data and market trends to predict future performance, such as occupancy rates or revenue.

  • Future Price -

    The Future Prices graph details how property managers price their properties for future dates.

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  • GDPR Compliance -

    GDPR Compliance refers to adhering to the General Data Protection Regulation (GDPR), a comprehensive data privacy law enacted by the European Union (EU) in 2018.

    The GDPR sets strict rules and guidelines for how companies must handle and protect the personal data of EU citizens, regardless of where the business is located. This regulation applies to vacation rental companies that operate within the EU or process the personal data of EU residents.

  • Gross Booking Revenue -

    The total revenue that a vacation rental earns from bookings including taxes and fees.

  • Gross Operating Profit Per Available Room (GOPPAR) -

    A metric that measures the profitability of a vacation rental property.

  • Gross Revenue -

    The total amount of money received from guests before any expenses are deducted.

  • Group customization -

    This is a useful feature if you have a large portfolio. You can assign each listing of similar settings to a group. This will help you make changes to customizations in one session altogether. Read more here.

  • Guest Agreement -

    A contract that specifies the terms and conditions of a guest's stay, including policies around check-in/out, house rules, payment, cancellations, and any penalties or fees.

  • Guest Amenities -

    The complimentary items, facilities, or services provided to guests staying at a vacation rental property to enhance their comfort and convenience, such as toiletries, linens, kitchen supplies, pool/gym access, etc.

  • Guest Experience -

    The overall perception and feelings that guests have throughout their entire interaction with a vacation rental business, from booking to check-out.

  • Guest Profile -

    The information collected about a vacation rental guest, including their personal details and booking history.

  • Guest Relations -

    The policies, practices, and personnel dedicated to fostering positive interactions with guests, managing their needs and concerns, and ensuring a high-quality experience.

  • Guest Satisfaction -

    The level of contentment and positive experience that guests have during their stay at a vacation rental property.

  • Guest Turnover -

    Guest Turnover refers to the frequency of guest check-ins and check-outs, often tied to cleaning needs and booking patterns.

    Example: If guests usually stay only 2 nights, the property has high guest turnover.

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  • Health and Safety Regulations -

    Local, state, or federal laws and codes pertaining to the safe operation of vacation rentals, such as fire safety, sanitation, occupancy limits, and accessibility requirements.

  • High Season -

    High Season is the busiest time of year for rentals, often with higher prices due to demand.

    Example: A beach rental may see its high season in summer when rates increase to match high demand.

  • Historic trends -

    We analyze your listings and the market’s past (historical) data to recommend prices for your listing. 

  • Hotel data -

    If you are curious about how hotels in your area? Then this feature will be helpful. We display the nightly rates of up to 10 nearby hotels in the Neighborhood Data dashboard.

  • Housekeeping -

    Housekeeping involves cleaning and maintenance between guest stays. Example: A cleaning crew tidies up and restocks essentials for the next guest.

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  • In-House Services -

    Services offered directly by the vacation rental company or on-site staff, such as private chefs, massage therapists, equipment rentals, or activity bookings.

  • Inquiry To Booking Conversion Rate -

    It is calculated by multiplying the number of inquiries received into the total number of bookings for the property.

  • Instant Booking -

    The ability for guests to book a vacation rental immediately without needing approval from the owner.

  • Insurance -

    Obtaining appropriate insurance policies, such as property, liability, and vacation rental-specific coverage, to protect against potential risks and liabilities.

  • Integration -

    Integration refers to the connection and seamless flow of data between different software applications or platforms that are used to manage various aspects of the business operations.

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  • Keyless Entry -

    A system that allows guests to access a vacation rental property without the need for a physical key, such as through a keypad or smartphone app.

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  • Last Synced -

    This gives an indication of when the listing has been last updated. New listings will show as ‘not synced.’ Read more on that here.

  • Last-Minute Pricing -

    Last-Minute Pricing discounts rates closer to the check-in date to fill vacancies. Example: A property listed at a 20% discount for next-day bookings.

  • Length of Stay (LOS) -

    Length of Stay (LOS) measures how long guests stay at a rental, counted in nights.

    Example: If a guest books from Friday to Monday, the length of stay is 3 nights.

  • Length of Stay and Booking Window Trends -

    In the length of stay and booking window trends graph, you can see how many nights get booked from reservations with different booking windows and stay lengths.

  • Length of Stay Discounts -

    Length of Stay Discounts reduce rates for longer bookings, like weekly or monthly stays. Example: A guest receives a 10% discount for booking seven nights instead of five.

  • Length of Stay Pricing -

    Length of stay (LOS) refers to the total number of nights a guest stays at a rental property, hotel, or accommodation. LOS impacts revenue management, as longer stays often result in discounted rates or special offers, while shorter stays may have higher rates to compensate for operational costs.

  • Liability Waiver -

    A legal document that releases the vacation rental owner or company from liability in the event of injury, damage, or loss during a guest's stay.

  • Licensing -

    The legal requirements, permits, and regulations that vacation rental owners or companies must comply with to lawfully operate their business in a particular location, such as tax registration, safety inspections, or zoning restrictions.

  • Linen Service -

    The provision and laundering of bedding, towels, and other linens for vacation rental properties.

  • Listing -

    A vacation rental that is open for bookings. For example, if you are renting multiple rooms within one apartment, then each room that you have made available for booking is a listing.

  • Listing Health -

    Listing health indicates your property’s performance against your property and the market in any specified period. You can set any period of time that you want to analyze. For example, if your property has been booked for 15 out of 30 days, your listing occupancy would be 50%. You can compare this with that of the market (average market listing health) and understand how close to or far from the market occupancy your listing is.

  • Listing level metrics -

    The listing insights scatter plot is a great way to quickly identify how each listing in your portfolio is doing. The default view shows the next 30 days' occupancy on the y-axis and days since a listing last got booked on the x-axis (both x- and y-axes are configurable if you want to look at some other metrics)

  • Listing Name -

    Your Listing name is imported from channels /OTAs, this can not be changed on PriceLabs. However, you can use tags to nickname your listing to easily identify them. With the name, the channel/PMS and the account the listing belongs to is mentioned. This hyperlink will take you to the listing page or calendar in your PMS or channel listing page.

  • Listing Site -

    A Listing Site is an online platform where rentals are advertised and booked, like Airbnb or Vrbo.

  • Local Ordinances -

    Municipal laws and codes specific to a particular city or town that govern various aspects of operating vacation rentals within that jurisdiction.

  • Loyalty Program -

    A program designed to encourage repeat business and foster guest loyalty by offering rewards, discounts, or other incentives.

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  • Mapped listings -

    Mapped listings are listings that you have mapped. One of them would be parent listing and the other child listing. You can read more about it here.

  • Market Demand -

    Market Demand is the level of interest in bookings for a specific area and period. Example: Demand rises in beach towns during summer as travelers seek vacation rentals.

  • Market percentile calculator -

    In PriceLabs, percentiles are used frequently to understand how a property is priced relative to the market. It is a way of expressing where an observation falls in a range of other observations.

  • Market Rate -

    Market Rate is the average rental price for comparable properties in the same market. Example: Checking nearby rental prices to set a competitive rate.

  • Maximum Price -

    The highest price a vacation rental owner can charge for a booking, usually during peak seasons or high-demand periods.

  • Minimum Price -

    The lowest price a vacation rental owner is willing to accept for a booking. This is the base rate that cannot be discounted further.

  • Monthly discounts -

    You can use this customization to add monthly percentage discounts for your listings.

  • Multilingual Support -

    Offering customer service and guest communications in multiple languages to accommodate international travelers and ensure clear understanding.

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  • Neighborhood and profile data source - -

    With this customization, you can select the source for Neighborhood Data.

  • Neighborhood data -

    Neighborhood data compares your listing's prices & occupancy with other properties around this listing. Read more here.

  • Net Operating Income (NOI) -

    The total revenue generated by a vacation rental property minus its operating expenses.

  • Net Revenue -

    The amount of money left after deducting expenses from gross revenue.

  • Nightly Price Or Daily Rate -

    Price per night advertised to the consumer by the vacation rental manager or the channel. It essentially is the price that your potential customers pay to stay in your vacation rental. This is always rent-only or could also include external fees depending on the channel.

  • No-Show -

    A No-Show occurs when a guest doesn’t arrive as scheduled. No-shows often incur fees or partial refunds depending on the policy.

  • Noise Ordinance -

    Local laws that restrict excessive noise levels, often pertaining to vacation rentals, to prevent disruptions to surrounding residents.

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  • Occupancy -

    We estimate the occupancy of each listing after applying our block-removal logic (see 'block removal' below). Read more here.

  • Occupancy Forecast -

    It is the occupancy that a vacation rental is expected to book within a specific period of time.

  • Occupancy Rate -

    The Occupancy Rate shows the percentage of available rental days that are booked within a certain time period. It's calculated by dividing booked days by total available days.

    Example: If a rental is booked for 20 days out of a 30-day month, its occupancy rate is 67%.

  • Occupancy Tax -

    Occupancy Tax A tax levied on guests by local governments for staying in a rental property.

  • Occupancy-based adjustments -

    Occupancy-based adjustment looks at your listings' horizontal occupancy and adjusts your rates accordingly. This factor helps us to consider your property's performance and not just the market when recommending prices. Read more here.

  • Occupancy-Based Pricing -

    Occupancy-Based Pricing adjusts rates based on current and forecasted occupancy levels. Example: If a property is booked at 90% for a month, rates increase for the remaining dates.

  • Off-Peak Season -

    Off-Peak Season is the quieter period when fewer people book rentals. Prices often drop to attract more guests.

    Example: A mountain cabin may offer lower rates in spring, the off-peak season.

  • Online Reviews -

    Feedback and ratings left by previous guests on platforms like Airbnb, Vrbo, or Google, which serve as valuable social proof and influence booking decisions for potential new guests.

  • Online Travel Agencies (OTA) -

    OTAs are places where people can book hotels, short term rentals, cars, and tours. You can list your service, book slots for guests, and automatically send bookings to the property management system or channel manager through channels.

  • Operating Expenses -

    Operating Expenses are the costs to maintain and manage a rental. Example: Cleaning fees, utilities, and supplies are typical operating expenses.

  • Orphan day -

    An orphan day is a gap in between your bookings in your calendar. You can read more about it here.

  • Orphan Gaps -

    An orphan gap occurs when some nights are left unbookable due to minimum requirements set in length of stay. For example, if you require a 7 night minimum and bookings leave less than 7 nights open between the last checkout and next check-in.

  • OTA Ranking -

    OTA ranking is the method to rank vacation rental properties based on the quality and completeness of their visual and textual content. It is influenced by: photos and text descriptions, reviews, commission, conversion, quality of content.

  • Overbooking -

    When more reservations are accepted than there are available units, leading to overbooking.

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  • Pacing -

    With Pacing, you can look at your listed rates and occupancy for future dates and overlay it with the same data from a Market Dashboard to easily identify where your prices stand against the market and how your occupancy relates to the market.

  • Parent and child listings -

    These are mapped listings. Parent listing is the main listing in which you can make all changes. These changes will be reflected in the child listing. 

  • Payment Gateway -

    A Payment Gateway processes secure online payments. Example: Using a payment gateway allows secure credit card transactions.

  • Percentile -

    The percentage of listings that fall at or below the given value. For example, if the 25th percentile price is $144, that means 25% of listings have a price equal to or lower than $144.

  • Personalization -

    Tailoring the guest experience to individual preferences and needs, such as pre-stocking preferred snacks or beverages, providing customized local recommendations, or adjusting smart home settings based on guest profiles.

  • Pest Control -

    The management of insects, rodents, or other pests that may affect vacation rental properties.

  • Portfolio occupancy-based adjustments -

    Portfolio occupancy-based adjustment looks at your portfolio’s horizontal occupancy and adjusts your rates accordingly. This factor helps us to consider your portfolio’s performance and not just the market when recommending prices. Read more here.

  • Preparation Time Before Arrival (PTBA) -

    It is the minimum number of days required to prepare the vacation rentals for the booking.

  • Price Adjustment -

    Price Adjustment refers to changing the daily rates in response to demand, seasonality, or competition.

    Example: Adjusting rates higher in peak summer and lower in off-peak spring.

  • Price and accupancy trends -

    Key Future Dates spotlights a few dates with a higher occupancy percentage than those surrounding them. You can use the dates shown here to spot emerging high-demand periods and adjust pricing and stay requirements accordingly. You can check out how each of these dates appears on the Future Occupancy Chart below to compare how bookings are being made on surrounding dates.

  • Pricing Algorithm -

    A Pricing Algorithm is an automated tool that calculates the best nightly rate by analyzing data like demand, season, and competition. Example: Using PriceLabs algorithm, a property’s rate automatically updates daily based on demand.

  • Pricing calender -

    The pricing calendar shows recommended prices for each available night in the future. 

  • Pricing offset -

    The Pricing Offset customization sets a "Fixed" or "Percent" price change on the Recommended Price (after all other customizations have been applied).

  • Pricing offsets for mapped listings -

    If you want Airbnb prices to be higher than Vrbo prices, this can be done by going to the Airbnb account level customizations and editing this. Here, you can enter the desired offset value.

  • Pricing Strategy -

    Pricing Strategy is the overall approach to setting and adjusting rental prices to attract bookings and maximize revenue. Example: Offering weekend discounts to boost bookings.

  • Privacy Policy -

    The document that explains how a vacation rental company collects, uses, shares, and protects guests' personal information and data.

  • Profit Margin -

    Profit Margin is the percentage of revenue kept as profit after expenses. Example: With $4,000 profit from $10,000 revenue, the margin is 40%.

  • Property Inspection -

    Property Inspection checks a rental’s condition before and after stays. Example: Inspecting for damages or missing items after each guest.

  • Property Management System (PMS) -

    A Property Management System (PMS) is software for managing vacation rentals. It helps with bookings, scheduling, cleaning coordination, and guest communication.

    Example: An Airbnb host uses a PMS to automate guest messaging and organize bookings.

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  • Rate Parity -

    Rate Parity means keeping rental prices the same across all booking platforms. Example: Listing a property at $150 per night on both Airbnb and Vrbo.

  • Rate Shopping -

    Rate Shopping is tracking competitor prices to set competitive rates for your rental. Example: Checking similar rentals in the area and adjusting rates accordingly.

  • Refund Policy -

    A Refund Policy explains under what conditions refunds are given. Example: A flexible refund policy offers full refunds for cancellations 30+ days in advance.

  • Request to Book -

    The process where a guest submits a booking request that requires the owner's approval.

  • Reservation ID -

    A Reservation ID is a unique booking code assigned to each reservation. Use case could be that a guest provides their reservation ID for easy check-in.

  • Reservation Management -

    Reservation Management is the process of tracking, adjusting, and confirming bookings and cancellations. Example: A property manager uses reservation management tools to avoid double bookings.

  • Return On Investment (ROI) -

    It is used to evaluate the efficiency of an investment by dividing the profit from the vacation rentals by the cost of the property.

  • Revenue -

    We use the last seen price to estimate the revenue from the booking at that point (cleaning fee, extra guest fee, etc, are not included in the estimate).

  • Revenue Management -

    The strategic approach to pricing and selling vacation rentals to optimize revenue and profitability.

  • Revenue Management System (RMS) -

    An RMS is software that uses data to forecast demand, adjust prices, and maximize rental income. Example: An RMS helps set seasonal rates and manage high-demand dates to boost revenue.

  • Revenue Optimization -

    Revenue Optimization is the process of adjusting prices and availability to maximize income. Example: Offering early bird discounts to fill dates in advance.

  • Revenue Per Available Room (RevPAR) -

    RevPAR is a metric used in the hospitality industry to measure the revenue generated per available room. It is calculated by dividing the total room revenue by the total number of available rooms.

  • Revenue Stream -

    A Revenue Stream is any income source for the rental. Example: Rent, cleaning fees, and upsells are all revenue streams.

  • Review prices -

    Review prices dashboard will show a snapshot of your individual listing’s performance. You can look at your listing’s customizations, pricing calendar, and neighborhood data.

  • RevPan -

    Revenue per Available Night (RevPAN) calculates your total revenue and divides it by the total number of nights when the listing was available for booking.

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  • Scraped data -

    Data that comes from publicly viewable websites and pages. For listings, some examples of data we scrape are future prices, future available dates, and listing info such as the number of bedrooms and amenities included.

  • Seasonal Demand -

    Seasonal Demand refers to the fluctuations in rental bookings throughout the year.

    Example: A ski lodge sees high seasonal demand in winter, while demand drops in summer.

  • Seasonal Pricing -

    Adjusting rental rates based on the high, shoulder, and low seasons to match changes in market demand.

  • Seasonal trends -

    Seasonal trends refer to the pattern of demand and pricing changes that occur over different seasons and events.

  • Seasonality graph -

    We apply seasonal factors estimated from historic rentals and hotels in the area. Note that the seasonality is for a broad region. You can customize this by applying custom seasonal base prices.

  • Security Deposit -

    A Security Deposit is a refundable fee that covers potential damages or extra cleaning costs.

    Example: Guests pay a $200 deposit, refunded if no damage occurs.

  • Security Deposit Laws -

    Regulations around collecting, holding, and refunding security deposits for vacation rentals, including allowable deductions and timely returns.

  • Service Recovery -

    The actions taken by a vacation rental business to resolve a service failure, regain guest satisfaction, and prevent future occurrences of the same issue.

  • Short-Term Rental (STR) -

    A Short-Term Rental, or STR, is a property rented out for brief stays, generally under 30 days. STRs include homes, apartments, condos, or other lodging types, often booked for vacations or temporary housing.

    Example: An apartment listed on Airbnb for weekend stays is an STR.

  • Shoulder Season -

    Shoulder Season is the period between high and low seasons, often with moderate prices and availability.

    Example: Autumn might be shoulder season for a beach house rental.

  • Smart Home Technology -

    Internet-connected devices and systems that allow remote control and monitoring of aspects of a vacation rental property, such as lighting, temperature, and security.

  • Special Requests -

    Any additional needs or preferences expressed by a vacation rental guest during the booking process.

  • Stay dates -

    Stay dates are a time period where we consider bookings where guests have stayed at the listing during the period. “Past 30 Stay Dates” can be read as “In the past 30 days for bookings where guests have stayed”.

  • Sync Prices -

    Sync prices toggle shows the current status of the property. Prices get updated every night if the switch is ON and green. If the switch is OFF and gray then we will not change prices. 

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  • Tags -

    You can use tags to find the listing with the search function easily. Examples could be anything from the listing’s location or nicknames. Nicknames in some management systems will be imported to PriceLabs. Read more here

  • Tax Compliance -

    Following applicable tax laws and regulations, such as collecting and remitting lodging taxes, sales taxes, and income taxes related to operating a vacation rental business.

  • Tenant Rights -

    Legal protections and entitlements afforded to vacation rental guests, such as privacy, security deposit refunds, and habitable living conditions.

  • Terms of Service -

    The legal agreement that outlines the rules, guidelines, and conditions that both the vacation rental provider and guests must abide by when using the service or platform.

  • Total Revenue Management (TRM) -

    TRM is a comprehensive approach that considers all revenue sources, not just room rates. Example: Factoring in parking fees, cleaning fees, and service charges.

  • Trends by booking creation date -

    These trends show trends based on the date a booking was made, overlaying it with various KPIs - RevPAR, Revenue, Average LOS, No. of Reservations, Average lead time, and Occupancy %.

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  • Upselling -

    Upselling is offering extra services to guests to increase the booking value. Example: Providing an option to rent bikes for an additional fee.

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  • Vacation Rental -

    A Vacation Rental is a home, apartment, or condo available for rent to travelers, typically for short stays focused on leisure or holiday purposes.

    Example: A beach house rented out weekly during summer is a vacation rental.

  • Virtual Tour -

    An interactive, 360-degree tour of a vacation rental property that allows potential guests to view the space online.

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  • Waitlist -

    A Waitlist is a list of guests interested if a booking becomes available. Adding guests to a waitlist helps fills last-minute cancellations.

  • Weekly discounts -

    You can use this customization to add weekly percentage discounts for your listings.

  • Welcome Guide -

    A Welcome Guide is a document for guests with property info, local tips, and rules. Example: Including Wi-Fi info, check-out procedures, and nearby attractions.

  • Welcome Package -

    A collection of items, information, and instructions provided to guests upon arrival at a vacation rental, often including a personal note, local area guide, house rules, and small gifts or snacks.

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  • Yield Management -

    The practice of adjusting rental rates in response to market demand to maximize revenue.

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  • Zoning Regulations -

    Local laws and ordinances that dictate where and how vacation rentals can operate, including restrictions on the types of properties, areas, or zones where they are permitted.

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