Reference

Short-term rental glossary

Plain-English definitions of the short-term rental and property-management terms owners encounter.

175 terms defined8 categories, plain English

175 terms

Rental basics & stay types

The core vocabulary: what a short-term rental is, the kinds of stays, and the calendar terms behind them.

Short-term rental (STR): A furnished residential property rented to guests for brief stays, typically under 30 nights, often booked through platforms such as Airbnb or Vrbo. Local regulations frequently define the exact night threshold that separates short-term from longer rentals.
Vacation rental: A furnished home, condo, or cabin rented to travelers for leisure stays, usually the entire property rather than a single room. The term is often used interchangeably with short-term rental, though it emphasizes tourist and holiday use.
Mid-term rental (MTR): A furnished rental booked for a medium stay, commonly one to six months, that falls between nightly short-term stays and year-long leases. Typical guests include traveling professionals, relocating families, and insurance-housing tenants.
Long-term rental: A property leased for an extended period, usually six months or longer, under a standard residential lease. It generally involves a fixed monthly rent and, in many markets, an unfurnished unit.
Furnished rental: A rental supplied with furniture, kitchenware, linens, and household essentials so a guest can move in without bringing their own belongings. Furnished units are standard for short- and mid-term stays.
Corporate / executive housing: Fully furnished, service-inclusive accommodation aimed at business travelers and relocating employees, typically rented by the week or month. Utilities, internet, and housekeeping are often bundled into one rate.
Extended stay: A stay long enough that the accommodation is set up for daily living, often with a kitchen and in-unit laundry, commonly one week or more. The term also describes hotels purpose-built for these longer visits.
Nightly rate: The price charged for one night of a stay, before fees and taxes. It is the base unit from which most short-term rental pricing is built.
Length of stay (LOS): The number of nights in a single reservation. Operators use length of stay to shape pricing, discounts, and minimum- or maximum-night rules.
Minimum-night requirement: The fewest nights a guest must book to reserve a property for a given date. Hosts raise or lower this threshold to manage turnover costs, peak demand, and local regulations.
Maximum-night limit: A cap on how many nights a single reservation may span. It is often used to comply with local rules or to avoid a booking being treated as a long-term tenancy.
Gap night: One or a few vacant nights left between two reservations that are hard to fill because they are shorter than the minimum-night requirement. Operators sometimes lower minimums or discount these nights to close the gap.
Orphan night: A single isolated open night stranded between two bookings, too short to attract a standalone reservation. Hosts often reduce the price or relax minimum-night rules to avoid leaving it empty.
Shoulder season: The transitional period between a market's peak and off-season, when demand and rates are moderate. It typically offers softer pricing than peak dates but stronger demand than the low season.
Peak season: The stretch of highest travel demand for a market, such as summer at a beach destination or ski months in a mountain town. Rates, occupancy, and minimum-night requirements are usually at their highest.
Off-season: The period of lowest travel demand for a market, when occupancy and nightly rates tend to fall. Operators often lower prices or minimums to keep bookings flowing.
Blackout dates: Specific dates on which a property is intentionally made unavailable to book, whether for owner use, maintenance, or local event restrictions. They are blocked on the calendar so no reservations can be made.
Occupancy (guest count) vs. occupancy rate: Occupancy in the guest-count sense is the number of people staying in a property, often capped for safety and legal reasons. Occupancy rate is a separate performance metric: the share of available nights that are actually booked over a period.
Entire place vs. private room vs. shared room: Listing types that describe how much of a property a guest gets: an entire place is the whole unit to themselves, a private room is their own room with shared common areas, and a shared room means shared sleeping space. The distinction is a standard booking-platform category.
Primary residence: The home where a host actually lives most of the year. Many jurisdictions grant more lenient short-term rental rules, or require registration, based on whether the listing is the host's primary residence.

Pricing, revenue & performance

How nights are priced and how performance is measured, from ADR and RevPAR to pacing, pickup, and comp sets.

Average daily rate (ADR): The average revenue earned per booked night over a period, calculated as room revenue divided by the number of nights sold. It measures realized pricing and excludes vacant nights.
Occupancy rate: The percentage of available nights that are booked over a given period, calculated as nights sold divided by nights available. It is a core gauge of how well a calendar is being filled.
RevPAR (revenue per available rental): Revenue per available rental, calculated as total rental revenue divided by available nights, or equivalently ADR multiplied by occupancy rate. It blends price and occupancy into one measure of overall yield.
RevPAN (revenue per available night): Revenue per available night, a short-term-rental metric that divides total revenue by the number of available nights. It is closely related to RevPAR and is used to compare performance across listings and periods.
Dynamic pricing: The practice of adjusting nightly rates over time in response to demand signals such as seasonality, day of week, local events, and booking pace. Rates rise when demand is strong and fall when it is soft.
Base price: The reference nightly rate a listing centers on before dynamic adjustments are applied. Pricing tools raise or lower actual rates around this anchor.
Price floor / minimum price: The lowest nightly rate an operator will allow, regardless of how weak demand becomes. It protects against selling nights below a profitable or acceptable level.
Seasonal pricing: Setting rates according to a market's demand calendar, charging more in peak periods and less in the off-season. It is often layered underneath finer dynamic-pricing adjustments.
Last-minute discount: A price reduction applied to nights still unbooked close to the arrival date, meant to capture demand before those nights expire unsold. The discount typically deepens as the date approaches.
Length-of-stay discount: A reduced rate offered for longer bookings, such as weekly or monthly discounts, to encourage extended reservations. Longer stays lower turnover and cleaning costs per night.
Lead time: The number of days between when a booking is made and when the guest checks in. Tracking lead time helps operators understand how far in advance their market tends to book.
Booking window: The typical span of time before arrival during which reservations for a market or listing come in. A long window favors early rate increases, while a short window points to more last-minute demand.
Pacing: How quickly a property's calendar is filling for future dates compared with expectations or with the same point in prior periods. Slow pacing may prompt price cuts, while fast pacing supports raising rates.
Pickup: The number of new bookings gained over a recent interval, such as day over day or week over week. It is a common way to monitor booking momentum for upcoming dates.
Comp set (competitive set): The group of comparable nearby listings an operator benchmarks against for pricing and performance. Choosing a relevant comp set is central to reading a market accurately.
Market / neighborhood data: Aggregated demand, rate, and occupancy information for a specific area, used to guide pricing and investment decisions. Pricing tools and market-data providers supply these figures at the neighborhood level.
Revenue management (RevMan): The discipline of setting prices, availability, and stay rules to maximize revenue across a property or portfolio. It combines demand forecasting, competitive data, and pricing strategy.
Gross booking value: The total value of bookings including nightly rates and guest-paid fees, before deductions such as commissions or costs. It reflects top-line volume rather than net earnings.
Take rate: The share of a transaction retained by a platform or manager as commission, expressed as a percentage of the booking. It represents the cut kept rather than the amount passed through.
Net rate: The amount an operator or owner actually keeps from a booking after commissions, fees, and other deductions are removed. It contrasts with the gross rate the guest pays.
Cleaning fee: A charge added to a reservation to cover the cost of preparing the property between stays. It is typically a flat amount shown separately from the nightly rate.
Pet fee: An added charge for guests bringing an animal, covering extra cleaning or wear. It may be a one-time fee per stay or a per-night amount.
Extra-guest fee: An additional charge applied when the number of guests exceeds a set threshold in the listing. It accounts for higher utility, cleaning, and wear costs from larger parties.
Resort / amenity fee: A mandatory charge covering access to on-site amenities and services, common at resorts and some managed properties. It is added on top of the nightly rate and applies whether or not the guest uses the amenities.
Price parity: Keeping a listing's rates consistent across the different channels where it is advertised, such as Airbnb, Vrbo, and direct booking. Consistency avoids channel conflict and guest confusion over price.
PriceLabs / Wheelhouse / Beyond: Third-party dynamic-pricing platforms widely used by short-term-rental operators to automate nightly rates using market data and customizable rules. They connect to booking channels or property-management systems and adjust prices on the calendar automatically.

Platforms, channels & listings

The booking platforms, distribution, and listing mechanics that put a property in front of guests.

Online travel agency (OTA): An online marketplace that lists and sells short-term rental stays to travelers, such as Airbnb, Vrbo, Booking.com, or Expedia. OTAs handle discovery, booking, and payment in exchange for a commission or service fee.
Airbnb: A major online marketplace for short-term rentals and experiences where hosts list properties for travelers to book. It is one of the most widely used booking platforms for vacation rentals worldwide.
Vrbo: An online vacation rental platform (Vacation Rentals by Owner), now part of the Expedia Group, that focuses on whole-home rentals rather than shared or private rooms.
Booking.com: A large global online travel agency that lists hotels, apartments, and short-term rentals. It is known for a wide international audience and flexible cancellation options.
Expedia: A global online travel agency, part of the Expedia Group alongside Vrbo, that distributes hotels, flights, and vacation rentals. Properties listed on Vrbo can also appear across the Expedia network.
Google Vacation Rentals: A feature within Google's travel and hotel search that surfaces vacation rental listings alongside hotels. Availability and rates can be fed through connectivity partners and channel managers.
Direct booking: A reservation made directly with the host or property manager, typically through their own website, rather than through an OTA. Direct bookings avoid platform commissions but require the host to handle payment and support.
Channel manager: Software that connects a single property's calendar, rates, and content across multiple booking platforms at once. It syncs availability in real time to help prevent double bookings.
Listing: The public page for a short-term rental on a booking platform, including its photos, title, description, amenities, rates, and availability calendar.
Multi-calendar: A consolidated calendar view that shows availability and bookings for several listings or properties in one place. It helps hosts manage multiple units at a glance.
iCal sync: A method of sharing calendar availability between platforms using the iCalendar (.ics) file format. iCal sync updates on a periodic basis, so it is slower than a direct API connection and carries more double-booking risk.
Double booking: When the same dates for one property are reserved by two different guests across platforms or calendars. It usually results from calendars that failed to sync in time and often forces a cancellation.
Instant Book: A setting that lets guests reserve dates immediately without waiting for host approval. It can improve search placement on some platforms but reduces the host's ability to screen guests before booking.
Request to Book: A booking flow in which the guest submits a reservation request that the host must approve or decline within a set time window. It gives hosts a chance to review the guest before confirming.
Airbnb Superhost: A recognition status Airbnb awards to hosts who meet criteria for ratings, response rate, low cancellations, and completed stays. Superhost status is reassessed periodically and can appear as a badge on listings.
Vrbo Premier Host: A recognition status on Vrbo given to hosts who consistently meet standards for ratings, booking acceptance, and low cancellations. It is Vrbo's counterpart to Airbnb's Superhost program.
Guest Favorite (Airbnb): An Airbnb label applied to listings that rank among the most loved based on ratings, reviews, and reliability data. It appears as a badge to help guests identify well-reviewed homes.
Search ranking / placement: The position a listing occupies in a platform's search results for a given set of dates and filters. Ranking is driven by platform-specific algorithms that weigh factors such as quality, pricing, responsiveness, and booking history.
Listing optimization: The ongoing practice of improving a listing's photos, title, description, amenities, and pricing to increase its visibility and conversion. The goal is more views and bookings from the same traffic.
Cover / hero photo: The primary image that represents a listing in search results and at the top of its page. Because it is the first thing guests see, it strongly influences click-through and booking rates.
Title and description: The written headline and body copy of a listing that summarize the space, location, and standout features. Clear, accurate wording helps guests find the property and set correct expectations.
Amenities filter: Search filters that let guests narrow results by features such as Wi-Fi, a pool, a hot tub, parking, or pet-friendliness. Listings only appear for a filter if the corresponding amenity is marked as available.
Cross-listing: The practice of publishing the same property on multiple booking platforms at once to reach more travelers. It increases exposure but requires synced calendars to avoid double bookings.
Commission / host service fee: The percentage a booking platform charges for facilitating a reservation. Fee structures vary by platform and can be split between host and guest or charged entirely to the host.
Split fee vs host-only fee: Two Airbnb service-fee models: a split fee divides the charge between host and guest, while a host-only fee places the entire service fee on the host and shows the guest an all-in price. Host-only is required for many software-connected and professional listings.

Guest lifecycle & experience

Everything from inquiry to review: check-in, house rules, protection programs, and the guest relationship.

Guest: The traveler who books and stays at a short-term rental. The guest is the primary customer for the reservation and the source of the post-stay review.
Reservation / booking: A confirmed agreement for a guest to stay at a property for specific dates at an agreed rate. It typically includes the nightly price, fees, taxes, and the applicable cancellation policy.
Inquiry: A message from a prospective guest asking about a property or dates before committing to book. An inquiry is a question or conversation, not a confirmed reservation.
Pre-approval: A host action that invites a specific guest to book certain dates without obligating them to do so. It signals the host is willing to host that guest for those dates.
Special offer: A custom price a host sends to a specific guest for specific dates, often after an inquiry. The offer may differ from the publicly listed rate and is only bookable by that guest.
Check-in: The process and start time at which a guest may access and begin their stay at the property. Check-in details cover arrival time, entry method, and any instructions.
Self check-in: An arrival method that lets guests enter the property without meeting the host in person, typically using a smart lock, keypad, or lockbox. It offers flexible arrival times and reduced coordination.
Check-out: The process and deadline by which a guest must leave the property at the end of a stay. Check-out instructions often include tasks such as locking up, taking out trash, or starting a dishwasher.
Early check-in / late check-out: An adjustment to standard arrival or departure times that lets a guest start earlier or stay later than default. It depends on the cleaning schedule and surrounding bookings, and may carry a fee.
House rules: The conditions a guest agrees to when booking, such as no smoking, no parties, occupancy limits, pet policies, and quiet hours. Clear house rules set expectations and support enforcement if issues arise.
Welcome book / digital guidebook: A physical or digital resource that gives guests check-in details, house rules, appliance instructions, Wi-Fi access, and local recommendations. It reduces guest questions and improves the stay experience.
Guest screening: The process of reviewing a prospective guest's profile, reviews, verification, and trip details before accepting a booking. It helps hosts reduce the risk of parties, damage, or policy violations.
Review: Written feedback a guest leaves after a stay, often paired with a star rating, describing their experience. Reviews are public and strongly influence a listing's reputation and future bookings.
Star rating: A numeric score, typically on a one-to-five scale, that guests assign to a stay overall and often across categories such as cleanliness, accuracy, and communication. Average ratings affect search placement and host status.
Response rate: The percentage of new guest inquiries and booking requests a host replies to within a set window, usually 24 hours. A high response rate supports host status and search placement on some platforms.
Response time: How quickly a host typically replies to guest messages, often shown on the listing as an average. Faster response times can improve guest confidence and platform ranking.
Cancellation policy: The rules that determine whether and how much a guest is refunded when they cancel, commonly offered in tiers such as flexible, moderate, and strict. Hosts select a policy that balances booking demand against protection from lost income.
Security deposit: A sum held or authorized against potential damage during a stay, which may be returned or released after check-out if no issues occur. Handling varies by platform, and some use damage protection in place of a traditional deposit.
Damage waiver: A non-refundable fee a guest pays that covers accidental damage up to a stated limit in place of a refundable security deposit. It is sometimes offered through third-party protection products.
AirCover (Airbnb): Airbnb's host protection program that includes damage protection and liability coverage subject to its own terms and limits. Coverage details, exclusions, and claim requirements are defined by Airbnb.
Vrbo / Booking.com damage protection: Platform or partner programs on Vrbo and Booking.com that offer property damage coverage or protection options in place of, or alongside, a security deposit. Terms, limits, and eligibility are set by each platform.
Resolution center: A platform tool where hosts and guests request or send money for issues such as damage, extra charges, or refunds. On Airbnb and Vrbo it provides a documented channel for disputes tied to a reservation.
Chargeback: A disputed charge a guest files with their bank or card issuer to reverse a payment. Chargebacks can affect hosts on direct bookings and are handled differently from platform-managed refund disputes.
Upsell: An optional paid add-on offered to a guest before or during a stay, such as early check-in, mid-stay cleaning, or an equipment rental. Upsells generate extra revenue while giving guests more choice.
Guest verification / ID check: Steps a platform or host uses to confirm a guest's identity, such as government ID, a profile photo, or contact details. Verification is intended to reduce fraud and improve accountability.
Saved messages / canned responses: Pre-written message templates hosts reuse for common moments such as booking confirmation, check-in instructions, and check-out reminders. They speed up replies and keep communication consistent.
Quiet hours: A defined window, usually overnight, during which guests must keep noise to a minimum out of respect for neighbors. Quiet hours are commonly stated in the house rules and may be required by local ordinances.
Party / event ban: A rule prohibiting parties and unauthorized events at a property, adopted by many hosts and enforced as policy by platforms such as Airbnb. It aims to protect the home, neighbors, and the surrounding community.

Ground operations & turnovers

The on-the-ground work between stays: cleaning, linens, maintenance, inspections, and the people who do it.

Turnover (turn / changeover): The full reset of a property between one guest checking out and the next checking in. Operators commonly shorten it to a turn or changeover, and it covers cleaning, restocking, and inspection within a same-day window.
Turnover clean: The standardized cleaning performed during a turnover, including changing linens, sanitizing bathrooms and kitchen, removing trash, and resetting the space to listing-photo condition. It is the routine clean between stays, distinct from a periodic deep clean.
Cleaner / housekeeper: The person or team that performs turnover and mid-stay cleans and reports issues found in the unit. In short-term rentals they often serve as the first line of quality control and damage spotting.
Deep clean: A periodic, more intensive cleaning that reaches areas skipped in a standard turnover, such as inside appliances, baseboards, grout, upholstery, and behind furniture. It is typically scheduled on a recurring cadence or between long stays.
Linen program: A managed system for supplying, laundering, and rotating sheets, towels, and other textiles so each turnover has clean, matched stock on hand. Programs may use in-house laundry or an outside commercial linen service.
Par level (par stock): The minimum quantity of an item, such as linen sets or consumables, that should be kept on hand per property to cover turnovers without running short. Inventory is restocked back up to par when it drops below the threshold.
Restock / consumables: Replenishing the single-use, guest-facing supplies used up each stay, known as consumables, such as toilet paper, paper towels, soap, coffee, and trash bags. Restocking to par level is a standard part of every turnover.
Mid-stay clean: A cleaning or refresh performed during a guest's stay rather than between stays, common on longer bookings. It may include fresh linens and towels, trash removal, and light tidying at an agreed interval.
Maintenance: The upkeep and repair of a property's systems, fixtures, and appliances so the unit stays functional and safe for guests. It spans reactive fixes reported during stays and scheduled preventive work.
Handyman / maintenance tech: The general tradesperson who handles routine repairs and small fixes across a property portfolio, such as plumbing leaks, hardware, and appliance issues. Specialized jobs are typically referred out to a licensed vendor.
Preventive maintenance: Scheduled inspection and servicing performed on a recurring basis to catch wear and prevent failures before they disrupt a guest stay. Examples include HVAC filter changes, smoke-detector battery checks, and appliance servicing.
Work order / ticket: A logged request to complete a specific maintenance or repair task, often called a ticket, that tracks the issue, assignee, and status through to completion. Work orders create an auditable record of what was fixed and when.
Inspection / quality control (QC): A structured check of a unit after a turnover to confirm cleaning, restocking, and staging meet standard before the next guest arrives. Quality control, or QC, often uses a checklist or photo verification.
Lockbox / smart lock: Access hardware used for check-in: a lockbox holds a physical key behind a code, while a smart lock or keypad opens by code, app, or fob and can issue unique, auto-expiring codes per guest. Both enable self check-in without an in-person key exchange.
Noise monitor: A device that measures indoor decibel levels and alerts operators to potential parties or disturbances without recording audio. Common products include NoiseAware and Minut; these decibel sensors help enforce house rules while protecting guest privacy.
Turnover software: Software that schedules, assigns, and tracks cleaning and turnover tasks, often syncing with the booking calendar to auto-generate jobs after checkout. Widely used platforms include Turno (formerly TurnoverBnB) and Breezeway.

Technology & digital infrastructure

The software and connected hardware that run a modern operation, from the PMS to smart locks and automations.

Property management system (PMS): The central software an operator uses to manage listings, reservations, calendars, pricing, and guest communication across booking channels. It is the operational hub that other tools integrate with.
Unified inbox: A single messaging view that consolidates guest conversations from multiple booking channels, such as Airbnb, Vrbo, and direct, into one thread-based interface. It lets a team respond without logging into each platform separately.
Automation / automated messaging: Rules or templates that send guest messages automatically at set triggers, such as booking confirmation, check-in instructions, and checkout reminders. Automation reduces manual replies while keeping communication timely.
API integration: A software connection that lets two systems, such as a PMS and a pricing or lock tool, exchange data automatically through a defined interface. Integrations keep calendars, codes, and records in sync without manual entry.
Webhook: An automated message one system sends another the moment an event occurs, such as a new booking, enabling real-time integrations without constant polling. Webhooks are a common building block connecting a PMS to lock, pricing, and cleaning tools.
Smart thermostat: An internet-connected thermostat that can be scheduled or adjusted remotely, allowing operators to manage heating and cooling between stays and cap extreme settings. It supports energy savings and guest comfort.
ID verification: The step of confirming a guest's government-issued identification, often through an automated tool that matches the ID to the booker. It supports guest screening and helps deter fraudulent or high-risk reservations.
Damage protection tool: A service that provides damage waivers or coverage for guest-caused damage in place of or alongside a traditional security deposit. Widely used providers include Waivo and SUPERHOG (Truvi).
E-sign rental agreement: A short-term rental agreement that guests sign electronically before arrival, setting house rules, liability, and cancellation terms. It creates a documented, enforceable record tied to the booking.
Payment processor: The service that securely handles guest card payments, authorizations, and payouts for direct bookings and incidental charges. Stripe is a widely used processor in the short-term rental space.
Digital guidebook tool: Software that delivers house information, check-in steps, Wi-Fi details, and local recommendations to guests in a mobile-friendly format. It reduces repetitive questions and centralizes stay instructions.
Guesty: A property management platform for short-term and vacation rentals offering channel management, a unified inbox, automation, and reporting. It is one of several PMS options operators choose among.
Hostaway: A short-term rental management platform providing channel management, automated messaging, and integrations with pricing and operations tools. It is one of several PMS options operators choose among.
Hospitable: A short-term rental software platform known for automated guest messaging, a unified inbox, and direct-booking features. It is one of several PMS options operators choose among.
OwnerRez: A vacation rental management platform offering channel management, booking and payment tools, and an integrated website builder. It is one of several PMS options operators choose among.

Legal, tax & compliance

Permits, taxes, zoning, insurance, and the safety and neighbor rules that govern where and how you can operate.

Short-term rental permit / registration: A local government approval required to legally operate a short-term rental, often involving an application, fee, inspection, and periodic renewal. Requirements vary widely by city, county, and state.
Occupancy tax (transient occupancy tax, TOT): A tax charged on short-term lodging stays, typically calculated as a percentage of the nightly rate and paid by the guest. It is also called transient occupancy tax, hotel tax, or bed tax depending on the jurisdiction.
Lodging / hotel tax: A broad term for taxes levied on paid overnight accommodations, including hotels and short-term rentals. Rates and names differ by state and locality, and multiple lodging taxes can apply to a single stay.
Sales tax: A general tax on the sale of goods and services that, in some jurisdictions, also applies to short-term rental stays in addition to lodging or occupancy taxes. Whether it applies depends on state and local law.
Tax remittance: The process of collecting applicable taxes from guests and paying them to the correct tax authorities on the required schedule. Remittance may be handled by the host, the manager, or the booking platform.
Marketplace facilitator: A booking platform that collects and remits certain taxes on behalf of hosts under state marketplace facilitator laws. Coverage varies, so some taxes may still be the host's responsibility even when a platform collects others.
Zoning: Local land-use rules that define what activities are permitted in a given area and can determine whether short-term rentals are allowed. Some zones permit them, restrict them, or prohibit them entirely.
HOA / condo bylaws: Rules set by a homeowners association or condominium board that govern properties within a community. These private rules can restrict or ban short-term rentals independent of local government law.
Owner-occupancy requirement: A rule requiring the host to live in the property, sometimes for a minimum portion of the year, in order to operate a short-term rental. It is often used by cities to limit investor-owned rentals.
Primary-residence rule: A regulation that allows short-term rental only in the host's main home, where the host actually lives most of the year. It is closely related to owner-occupancy requirements.
Rental cap / night cap: A limit on how many nights per year a property may be rented short-term, or on how many short-term rental permits are issued in an area. Caps are a common tool for managing rental density.
Business license: A general permit to operate a business in a given jurisdiction, which many localities require of short-term rental operators in addition to any rental-specific permit. It may carry its own fees and renewal terms.
Certificate of occupancy: An official document certifying that a building meets applicable codes and is safe and legal to occupy for a stated use. Some jurisdictions require one before a property can be used as a short-term rental.
Life-safety requirements: Minimum safety standards for a rental property, commonly including working smoke and carbon monoxide detectors, a fire extinguisher, and adequate egress. These are frequently verified during permit inspections.
STR-rated / commercial insurance: Insurance coverage designed for short-term rental use, since standard homeowner policies often exclude commercial or frequent paid-guest activity. It can include property, liability, and business-income protection.
General liability: Insurance that covers third-party claims for bodily injury or property damage connected to the rental, such as a guest injured on the premises. It is a common component of short-term rental coverage.
Good-neighbor policy: A set of house rules and standards intended to limit the impact of guests on surrounding residents, covering things like noise, parking, trash, and occupancy. Some jurisdictions require operators to post one.
Noise ordinance: A local law that restricts excessive noise, often with defined quiet hours. Short-term rental rules frequently reference noise ordinances, and violations can lead to fines or permit consequences.
Grandfathering: A provision that lets an existing operation continue under older rules after new regulations take effect. A short-term rental permitted before a ban or restriction may be allowed to keep operating, sometimes with conditions.
Cease-and-desist / violation notice: An official notice from a government or association directing an operator to stop an activity or correct a violation. Ignoring one can lead to fines, permit revocation, or legal action.
Host of record / responsible party: The individual legally accountable for a short-term rental's compliance and for responding to issues, often named on the permit. Many jurisdictions require a local contact who can be reached at any hour.
Service-Area Business (SAB): A business that serves customers at their locations rather than at a storefront customers visit. In Google Business Profile, a service-area business lists the areas it serves instead of a public street address.

Business, management & money

Management models, fees, statements, and the operator shorthand for how the business itself is run and scaled.

Full-service management: A model in which a management company handles the end-to-end operation of a short-term rental, including listing, pricing, guest communication, cleaning, and maintenance. The owner retains ownership and receives the net income after fees.
Co-hosting: An arrangement where a person or company helps manage a listing on behalf of the owner, often handling specific tasks or the full guest experience. Co-hosts are typically paid a share of revenue or a set fee.
Rental arbitrage: A model in which an operator leases a property long-term and re-rents it on a short-term basis, keeping the difference as profit. It requires the landlord's permission to sublet and compliance with local short-term rental rules.
Master lease: A long-term lease under which a tenant gains the right to operate and often sublease a property, commonly used in rental arbitrage. Terms defining permitted use and subletting are set by the lease.
Management fee / commission: The amount a management company charges to operate a property, usually a percentage of revenue. Structures vary, and the fee may be based on gross booking revenue or on net proceeds.
Revenue share: A compensation model in which the manager's pay is a defined percentage of the property's revenue, aligning the manager's income with performance. It is the most common structure in short-term rental management.
Owner statement: A periodic report a manager provides to a property owner detailing income, expenses, fees, and the resulting payout for a given period. It gives the owner a transparent accounting of the property's performance.
Profit and loss (P&L): A financial statement summarizing revenue, costs, and expenses over a period to show whether an operation made or lost money. For rentals it typically covers booking income against operating costs.
Net operating income (NOI): The income a property generates after operating expenses but before financing costs and income taxes. It is a common measure of a rental's operating performance.
Gross vs net: Gross refers to a total before deductions, while net refers to what remains after fees, costs, and taxes are subtracted. In rentals, gross revenue is total booking income and net is what the owner actually keeps.
Onboarding: The process of bringing a new property into management, including setup, listing creation, pricing, photography, supplies, and connecting systems. It prepares a unit to accept its first bookings.
Doors: Operator slang for the number of individual rental units in a portfolio, where each unit is one door. A company managing forty units is said to have forty doors.
Portfolio: The full set of properties an owner or management company operates. Portfolio size is often described by door count and by the markets it spans.
Standard operating procedure (SOP): A documented, repeatable process for a recurring task, such as turnovers, guest messaging, or maintenance requests. SOPs help teams deliver consistent results as an operation scales.
Virtual assistant (VA): A remote team member who handles tasks such as guest communication, scheduling, and administrative work for a rental operation. VAs are widely used to staff guest support across time zones.
Guest experience / operations manager: A role responsible for the quality of the guest stay and the coordination of on-the-ground operations like cleaning and maintenance. The title spans guest communication, issue resolution, and vendor management.
Payout: The money a booking platform releases to the host or manager for a reservation, typically after check-in and net of platform fees. Payout timing and amount depend on the platform's rules.
Disbursement: The transfer of funds owed to an owner, usually the net proceeds after fees and expenses are deducted from revenue. Managers commonly disburse on a set monthly or per-booking schedule.
Reserve: Funds a manager holds back from an owner's proceeds to cover future expenses, refunds, or chargebacks. It provides a cushion so obligations can be met without delay.
Occupancy-based staffing: Scheduling and staffing levels according to how full properties are, so labor scales up during busy periods and down during slow ones. It helps match operating costs to demand.
Market: Operator shorthand for a city or region where a company operates properties, as in expanding into a new market. Each market carries its own regulations, demand patterns, and competition.
Scaling: Growing an operation's number of units or markets while maintaining service quality, often through systems, staffing, and standardized processes. It refers to expanding capacity efficiently rather than just adding properties.
Owner payout: What an owner actually receives from a reservation after platform fees, management fees, taxes, and other deductions are removed from the gross booking value. The gap between gross and payout reflects the cost of selling and operating the stay.