Short-Term Rental Glossary

Navigate the world of short-term rentals with ease using this comprehensive guide. Understanding the lingo is crucial to making the most of your rental experience, whether you're a host or a guest.

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C

Corporate Booking

Corporate booking refers to a reservation made by a business for its employees traveling for business-related purposes.

Credit Card Fee

Credit card processing fees are charges levied by credit card issuers to facilitate the payment of short-term rental fees.

Changeover Clean

Changeover cleaning is a comprehensive cleaning process that occurs between guest stays.

Compliant

Compliance is adherence to local laws, regulations, and platform policies pertaining to short-term and holiday rentals.

Calendar Blocks

Calendar Blocks denote specific dates when your property is not available for reservations.

Check-Out

Check-out is the process by which guests bid farewell to the property and officially conclude their stay.

Cleaning Fee

A cleaning fee is an additional charge imposed upon guests to cover the expenses incurred in cleaning the property following their occupancy.

Check-In

Check-in is the process through which guests arrive and gain access to the property at the commencement of their stay.

Channel Manager

The channel manager serves as a centralized platform, enabling hosts to effectively manage multiple listing platforms or distribution channels from a single interface.

Cancellation Policy

The cancellation policy outlines the terms and conditions for guests to cancel their booking, including any applicable penalties or refunds.

Calendar Management

Calendar management entails tracking a property’s availability for bookings. This involves managing reservations, effectively blocking off unavailable dates, and ensuring that the calendar is updated in real-time.

Co-hosting

Co-hosting involves sharing the hosting responsibilities for a property with another individual, typically a friend, family member, or neighbor.

Q, R, S

Quality Control

Quality control is the process of verifying that a property conforms to predetermined standards of cleanliness, comfort, and safety.

Quiet Hours

Quiet hours are a designated period during which guests are politely requested to refrain from excessive noise levels.

Quoted Rate

The quoted rate is the price given to a guest for their occupancy of a property.

Ramp-up Period

The ramp-up period refers to the initial period following the listing of a property, during which bookings and revenue may experience a temporary decline as the property gains visibility and accumulates reviews.

Refundable Deposit

A refundable deposit is a sum remitted by the guest upon arrival, which may be repaid at the conclusion of their stay, contingent upon the absence of any damages or other unforeseen circumstances.

Rental Agreement

A rental agreement is a legally binding contract between the host and the guest, establishing the terms and conditions of the rental accommodation.

Reservation

A reservation is a booking made by a guest to occupy a property for a predetermined duration.

Revenue Forecast

A revenue forecast is an estimation of future income generated from a property, contingent upon factors such as booking rates, pricing strategies, and prevailing market trends.

Revenue per Available Rental (RevPAR)

Revenue per Available Rental (RevPAR) is a key performance metric in the short-term rental industry that combines occupancy rate and average daily rate (ADR) to evaluate overall revenue generation per available unit. Calculated as: RevPAR = Occupancy Rate × ADR

Reviews

Reviews are feedback provided by guests following their stay.

Routine Inspection

Routine inspections are periodic evaluations of a property to ascertain its proper maintenance and to identify any necessary repairs or maintenance tasks.

Search Ranking

Search ranking refers to the position of a property in the search results displayed on a booking platform.

Seasonal Pricing

Seasonal pricing is a pricing strategy wherein the rental cost fluctuates based on the time of year.

Security Deposit

A security deposit is a monetary sum remitted by guests to safeguard potential damages to the property during their occupancy.

Self Check-In

Self check-in is a process that enables guests to check into a property independently of the host’s presence.

Short-Term Rental

A short-term rental property is leased for brief durations, typically spanning from a few days to several months.

Shoulder Season

A shoulder season refers to the transitional period between the peak and off-peak seasons, characterized by moderate demand.

Static Pricing

Static pricing is a pricing strategy wherein the price of a property remains constant irrespective of factors such as demand fluctuations or seasonal variations.