If you thought your vocabulary lessons ended at high school, think again. Over the years, the vacation rental industry has developed its own lingo filled with acronyms and jargon that make newcomers scratch their heads. But since we hate gatekeeping, we’ve compiled the best short-term rental glossary you’ll ever need to successfully navigate the industry as a property owner.

From arbitrage to zero-tolerance policies, this alphabetical guide provides clear, concise definitions and explanations. Studying these terms will not only impress visitors and investors but also help you maximize your revenue. Bookmark this article as your go-to resource for any new terms you encounter!

 

A

ADR (Average Daily Rate)
The average daily rate (ADR) is a key metric representing the average revenue earned from your rental properties daily. For example, if you earn a total revenue of $1,000 from 5 vacation rentals, your ADR is $200. This information is valuable for evaluating your pricing strategy and determining whether your vacation rental business is profitable.

 

Advance Payment
An advance payment is a percentage of the rental cost paid by the guest before their stay begins. This payment secures the booking and may be refundable or non-refundable, depending on the property’s cancellation policy.

 

Airbnb
Airbnb is a popular online travel agency that connects hosts with travelers looking for unique accommodations worldwide.

 

Amenity Fee
An amenity fee is an additional charge guests pay to access specific amenities, such as pools, gyms, or jacuzzi. This fee can either be included in the overall rental price or listed separately.

 

Amenities
Amenities are the extra features or services a property offers to enhance guests’ experience. Standard amenities include free Wi-Fi, kitchen facilities, and complimentary toiletries.

 

API (Application Programming Interface)
An API is a set of protocols that allows different software to exchange information. Hosthub’s API, for instance, enables seamless integration between its platform and other property management tools for operational efficiency.

 

Availability
Availability refers to the dates a rental property is open for bookings.

 

AirCover
AirCover is an insurance policy provided by Airbnb that offers hosts protection against damages, liability claims, and other unexpected issues that may arise during a guest’s stay.

 

Arbitrage
Arbitrage involves renting a property long-term and then re-renting it as a short-term rental on platforms like Airbnb. This strategy can be profitable if the short-term rental income exceeds the long-term lease costs. The tactic is legal in most states; however, there might be restrictions in certain areas or by certain landlords.

 

Active Listing
An active listing is a property currently available for booking on a rental platform like Airbnb.

 

AI Assistant
An AI assistant is an artificial intelligence-driven tool designed to help hosts manage their properties more efficiently. Hosthub’s AI assistant, for example, can generate responses for confirming reservation details, providing directions, addressing user-specific requests, handling complaints, and much more.

 

B

Booking Request
A booking request is when a guest shows interest in staying at your property and sends a message or request to book. As a host, you can either accept or decline this request.

 

Booking Confirmation
A booking confirmation is an email or message guests receive when their booking is finalized. Think of it as a receipt or ticket for their stay. For example, after they book a vacation home on Airbnb, they receive a confirmation with dates, addresses, and check-in instructions.

 

Booking.com
Booking.com is a popular online travel agency where travelers can find and book accommodations, including hotels, apartments, and short-term rentals.

 

Booking Window
The booking window is the timeframe between when guests book your place and when they actually stay. For example, if a guest books your apartment on January 1st for a stay starting July 1st, the booking window is six months.

 

Blocked Days/Nights
Blocked days or nights are periods when your property is unavailable for guests. You might block days between bookings for personal use, maintenance, or cleaning.

 

Βοoking Engine
A booking engine is a tool that lets guests book your property directly from your own website. This is handy because it means you don’t have to rely only on sites like Airbnb or Booking.com and can avoid some of their fees. For instance, Hosthub’s booking engine facilitates direct bookings and reduces dependency on third-party platforms.

 

C

Cancellation Policy
A cancellation policy tells guests how to cancel a booking and whether they’ll get a refund. For example, a flexible policy might allow guests to cancel up to 24 hours before check-in for a full refund, while a strict policy might only offer a partial refund if they cancel a week in advance.

 

Cancellation Fee
A cancellation fee is a charge a guest must pay if they cancel their booking outside the allowable period. For instance, if your policy states that cancellations within three days of check-in will incur a fee, the guest will be charged this fee if they cancel within that time.

 

Channel
In the rental business, a channel is any platform where you list your property, like Airbnb, Vrbo, or Booking.com.

 

Channel Manager
A channel manager helps you manage your listings across different platforms. For example, Hosthub’s channel manager automatically updates your availability & rates among your channels, preventing double bookings.

 

Cleaning Fee
A cleaning fee is an extra charge to cover the cost of cleaning your property after guests check out. For instance, if you hire a cleaner to tidy up after each stay, you might charge guests $50 to cover this expense.

 

Check-in/Check-out Time
Check-in time is when guests can start their stay, and check-out time is when they need to leave. For example, you might set check-in at 3 PM and check-out at 11 AM to give yourself time to clean and prepare the property for the next guests.

 

ChatGPT
ChatGPT is an advanced AI assistant that can help with customer service, answer queries, and provide support. Instead of answering guest inquiries 24/7, ChatGPT can do that for you, talking to guests as if it was a real person.

 

Co-host
A co-host is someone who helps you manage your property. They can handle tasks like communicating with guests, cleaning, or maintenance. If you travel often, having a co-host ensures your property is well-managed even when you’re away.

 

D

Damage Deposit
A damage deposit is money you hold temporarily to cover any potential damages during a guest’s stay. For instance, you might collect a $200 damage deposit and return it after check-out if there are no damages.

 

Direct Booking
A direct booking is when a guest books your property directly through your website or another means without using a third-party platform like Airbnb. This can save you money on platform fees.

 

Double Booking
Double booking occurs when two guests book your property for the same dates. This can happen if your calendar isn’t synced across all booking platforms. Using a channel manager like Hosthub can help prevent that.

 

Dynamic Pricing
Dynamic pricing means adjusting your rental rates based on demand, seasonality, or local events. For example, you might raise prices during a popular local festival when many people are looking for accommodations in your area.

 

E

Extra Person Fee
An extra-person fee is an additional charge for guests beyond the standard occupancy. For example, if your apartment sleeps two people but a third person joins, you might charge an extra fee per night.

 

Expedia Group
Expedia Group is an organization that owns several travel booking websites, like Expedia, Vrbo, and Hotels.com.

 

F

Family-friendly
A family-friendly property includes amenities that cater to families with children, like cribs, high chairs, or toys. For example, having a fenced yard or providing a list of nearby family attractions can make your place more appealing to families.

 

Facilities
Facilities refer to the features and services available at your property, such as a swimming pool, gym, parking, or fully equipped kitchen.

 

G

Guest Book
A guest book is a physical or digital book where guests can leave feedback and share their experiences. It can help future guests know what to expect and provide you with valuable insights.

 

Guest Guide
A guest guide is a manual or booklet hosts provide with information about the property, house rules, local attractions, and dining options. It helps guests have a smooth and enjoyable stay.

 

Guest Experience
Guest experience encompasses everything guests encounter during their stay, from the booking process to check-out. A positive guest experience often leads to good reviews and repeat bookings.

 

Glamping
Glamping combines “glamorous” and “camping,” referring to a new trend in the traveling world that includes outdoor experiences with added comforts. For example, a yurt with a comfy bed and hot shower is a glamping setup.

 

H

High Season
High season is when demand for rentals is highest, such as summer or holiday periods. Due to increased demand, hosts often charge higher rates during that period.

 

House Rules
House rules are guidelines you set for guests to follow during their stay. They might include quiet hours, no smoking policies, or instructions on using appliances. Clear house rules help prevent misunderstandings and ensure your property is respected.

 

Hosthub
Hosthub is a top-rated property management system and channel manager that helps hosts manage their vacation rentals efficiently. It also includes features like Expense Management, Unified Inbox with AI assistant & Team Management.

 

Host
A host is a person who owns or manages a rental property. As a host, you are responsible for maintaining the property, communicating with guests, and ensuring a stellar guest experience.

 

I

Instant Booking
Instant booking allows guests to book your property immediately without waiting for your approval. This feature can attract more guests who prefer quick and easy bookings.

 

iCal
iCal is a calendar format that helps sync bookings across different platforms. For instance, it ensures that when a booking is made on Airbnb, it shows as unavailable on Booking.com and vice versa.

 

Inquiry
An inquiry is when a potential guest asks questions about your property before booking. Responding promptly and helpfully can increase your chances of securing the booking.

 

K

Keyless Entry System
A keyless entry system lets guests enter the property using a code or smart lock instead of a physical key. This adds convenience for both you and your guests, especially for late check-ins or if they lose their keys.

 

L

Length of Stay
Length of stay is how long a guest books your property. For example, some guests might book for a weekend, while others might stay for a month. Setting minimum and maximum lengths of stay can help you manage your calendar better.

 

Listing
A listing is an online advertisement for your rental property. It includes photos, descriptions, rates, and availability. A well-crafted listing can attract more guests.

 

Long-term Rental
A long-term rental is a property rented out for an extended period, usually six months or more, as opposed to short-term rentals, typically rented for days or weeks.

 

Low Season
Low season is when there is less demand for rentals, such as during colder months or after the holidays. Hosts tend to lower their rates during the low season to attract more guests.

 

M

Minimum Stay
Minimum stay is the shortest period a guest can book your property. For example, you might set a minimum stay of two nights to ensure fewer turnovers and a more stable income.

 

Multi-calendar
A multi-calendar lets you view and manage bookings for several properties in one place. This makes it easier to track all your rentals and avoid double bookings.

 

Mid-term
Mid-term rentals are for durations between short-term and long-term, usually up to six months. This can be a good option for people on extended business trips or digital nomads.

 

N

Noise Detection
Noise detection systems alert you if the noise levels at your property exceed a certain threshold. This helps ensure guests follow your noise rules and keeps your neighbors happy.

 

O

Occupancy Rate
Occupancy rate is the percentage of days your property is booked in a year or a given period. High occupancy rates mean your property is booked most of the time, which is good for your income.

 

Off-season
Off-season, or low season, is when there is less demand for a vacation rental property. Hosts might offer discounts or special promotions to attract guests during this time.

 

OTA (Online Travel Agency)
OTA stands for online travel agency. It’s a website where travelers can book accommodations, like Airbnb, Vrbo, or Booking.com.

 

Owners Portal
An owner portal is an online dashboard for managing rental properties, viewing bookings, and handling payments. Hosthub’s owner portal offers these features and more to simplify property management and keep owners in the loop.

 

P

Peak Season
Peak season is the time of year with the highest demand for rentals, such as summer or major holidays. During peak season, hosts usually charge higher rates.

 

Platform Fee
Booking websites like Airbnb or Booking.com charge a platform fee for listing your property and handling bookings. This fee is typically a percentage of the booking amount.

 

Pet Fee
A pet fee is an extra charge for guests who bring pets. This fee helps cover additional cleaning or potential damage caused by pets.

 

PriceLabs
PriceLabs is a tool that helps you set the best rental prices based on market demand, competitor rates, and other factors.

 

Pricing Strategy
A pricing strategy is your plan for setting rental rates. This could involve adjusting prices based on season, demand, or local events to maximize income.

 

PMS (Property Management System)
PMS stands for property management system. It’s essentially software that helps you manage all aspects of your rental property, including bookings, guest communication, and housekeeping schedules.

 

Preparation Time
Preparation time is the period you set between guest stays to clean and prepare your vacation rental properties. Hosthub’s preparation time helps you automatically block the nights before and after a booking on all your active channels, giving you extra time to prepare your vacation rental for the next guest.

 

Q

Quality Score
A quality score is a rating of your property based on guest reviews, cleanliness, and overall experience. High-quality scores can attract more bookings and help you charge higher rates.

 

Quality Assurance
Quality assurance involves regular checks and maintenance to ensure your property meets high standards. This includes cleaning, repairs, and guest satisfaction surveys.

 

R

Review Score
A review score is the average rating guests give your property after their stay. High review scores improve your property’s reputation and can lead to more bookings.

 

RevPAR

RevPAR stands for revenue per available room. It’s calculated by multiplying the average daily rate (ADR) by the occupancy rate and helps measure your property’s financial performance. For example, if you charge $100 per night and your rental property is booked 70% of the time, your RevPAR would be $70.

 

Repeat Guests

Repeat guests are those who have stayed at your property before and choose to return. Building a base of repeat guests can provide steady income and reduce marketing costs.

 

Rental Relations

Rental relations involve managing various aspects of your property’s bookings. For instance, if you own a villa with several rooms, you can list it as a whole house or offer each room individually. When a guest books the entire villa, Hosthub automatically blocks each room from being rented separately on all your booking channels. Conversely, if a single room is booked, the entire villa is blocked from new reservations, but the remaining rooms remain available for rent.

 

S

Screening
Screening is the process of checking potential guests before accepting their booking request. This can include reading their reviews, checking their profiles, or even conducting background checks.

 

Seasonality
Seasonality refers to how demand for rentals changes throughout the year. For example, a beach house might be more popular in summer than in winter.

 

Security Deposit
A security deposit is a refundable amount collected from guests to cover potential damages. Hosts return the deposit if everything is in good order after their stay.

 

Self-Check-in
Self-check-in allows guests to enter a rental property without meeting hosts in person, often using a keyless entry system. This provides convenience and flexibility for both parties.

 

Shoulder Season
The shoulder season is the period between the high and low seasons. During this time, demand is moderate, and hosts might offer slightly lower rates to attract guests.

STR (Short-term Rental)
STR stands for short-term rental, which refers to renting out a property for a short period, usually from a few days to a few weeks.

 

Superhost
A Superhost is a recognition given by Airbnb to hosts who provide exceptional hospitality, maintain high ratings, and have a low cancellation rate.

 

Smart Locks
Smart locks are electronic locks that allow guests to enter your property using a code or smartphone app. They enhance security and convenience.

 

Smart Pricing
Smart pricing is a strategy that uses algorithms to adjust hosts’ rental rates based on demand, seasonality, and competition.

 

T

Turnover/Changeover
Turnover, or changeover, is the process of cleaning and preparing your property between guest stays.

 

TripAdvisor
TripAdvisor is a travel website where users can read reviews, find travel information, and book accommodations.

 

U

USP (Unique Selling Proposition)
USP stands for unique selling proposition or what makes your property attractive to guests. It could be anything from a fantastic view to luxurious amenities or a prime location.

 

Upselling
Upselling involves offering guests additional services or upgrades for an extra fee, such as early check-in, late check-out, or special amenities.

 

Unified Inbox
A unified inbox consolidates messages from all booking platforms into one place. For instance, Hosthub’s unified inbox helps hosts manage guest communication and respond promptly to requests from one dashboard.

 

V

Vacation Rental
A vacation rental is a property rented out to travelers for short-term stays, typically for leisure purposes. Vacation rentals can range from apartments and houses to villas and cabins.

 

Vrbo
Vrbo is an online marketplace for short-term rentals, similar to Airbnb. It connects hosts with travelers seeking unique accommodations for their trips.

 

W

Welcome Book
A welcome book is a guide provided to guests upon arrival. It offers information about the property, local attractions, house rules, and other valuable details.

 

Welcome Basket
A welcome basket is a complimentary gift for guests, typically including snacks, drinks, and toiletries. It creates a warm welcome and enhances the guest experience.

 

Z

Zero-tolerance Policy
A zero-tolerance policy is a strict set of rules regarding specific behaviors, such as noise, smoking, or parties. Violation of these rules can result in fees or penalties.

 

Zoning Regulations
Zoning regulations are local laws that dictate how properties in certain areas can be used. Understanding them is crucial for hosts to ensure their rental property complies with legal requirements.

 

Zero Double Booking Guarantee
A zero-double-booking guarantee ensures multiple guests don’t accidentally book a property for the same dates. Hosthub’s zero-booking guarantee ensures every channel updates every two minutes. Even if a double booking occurs, Hosthub talks to the affected guests and finds them the same or better accommodation, covering the relocation cost.

 

Understanding these terms is crucial for anyone involved in short-term rentals. Whether you’re a seasoned host or just starting, this glossary will help you manage your business more effectively and provide a stellar guest experience. Hosthub is here to support you every step of the way. With helpful features like managing different rental setups and syncing your bookings across multiple platforms, it takes the stress out of property management. Start a free 14-day trial or book a demo today!