RENTAL PROPERTY TERMINOLOGY

The additional features and services provided by the host to enhance the guest’s stay. Common amenities may include Wi-Fi, parking, kitchen facilities, laundry access, and more.

Specific dates when a host does not make their property available for booking, either due to personal use or other reasons.

The process through which a guest reserves the short-term rental property for a specific period, usually by using an online platform or directly contacting the host.

The rules and guidelines set by the host regarding guest cancellations, including the timeframe for cancellations and any associated penalties or refunds.

A software tool or platform that enables hosts to manage their short-term rental listings across multiple booking channels (e.g., Airbnb, Vrbo, Booking.com) from a single interface.

The respective times when a guest arrives at and departs from the short-term rental property. Hosts often provide specific instructions for these processes.

A one-time fee charged to guests to cover the cost of cleaning the rental property after their stay.

An individual or company that assists the primary host in managing the short-term rental property. Co-hosts may handle guest communication, check-ins, cleaning, and other tasks on behalf of the host.

An automated pricing strategy that adjusts the nightly rate of a short-term rental based on factors such as demand, seasonality, and local events.

The legal process by which a landlord can remove a tenant from the rental property for violating the lease terms.

The person or group of individuals who rent the short-term accommodation for a specific period. Guests could be tourists, travelers, or business professionals seeking temporary lodging.

The individual or entity that owns or manages the short-term rental property and offers it for rent to guests. Hosts are responsible for maintaining the property, ensuring its cleanliness, and providing necessary amenities for the guests.

Specific guidelines and regulations set by the host for guests to follow during their stay. These rules may cover issues like smoking, pet policies, quiet hours, and more.

A walkthrough of the rental property by the landlord or property manager to check its condition before or after tenancy.

A feature on short-term rental platforms that allows guests to book a property immediately without the need for host approval. This feature is often available to guests who meet specific criteria set by the host.

The owner of a rental property who leases it to tenants.

An additional charge imposed if rent is not paid by the agreed-upon due date.

A legal contract between a landlord and tenant outlining the terms of rental, including rent amount, duration, and responsibilities.

A comparison between long-term rentals (usually six months or more) and short-term rentals (typically a few days to a few weeks). Each type of rental has its advantages and disadvantages for both hosts and guests.

Repairs and upkeep required to keep the rental property in good condition, typically the landlord’s responsibility.

The current rental rate for similar properties in the area, which can fluctuate based on supply and demand.

The cost per night to rent the short-term accommodation. The total rental cost is typically determined by multiplying the nightly rate by the number of nights booked.

When a tenant is asked to leave the property not due to any wrongdoing but for reasons like the landlord selling the property.

A formal written notice given by the tenant or landlord indicating the end of the rental agreement.

The maximum number of people allowed to live in the rental property, as specified in the lease.

The percentage of time a short-term rental property is occupied during a specific period. It is a key metric for hosts to assess the property’s performance and profitability.

A deposit paid to cover potential damages caused by pets, usually refundable if no damage occurs.

A website or application that facilitates the booking and payment process for short-term rentals. Popular platforms include Airbnb, Vrbo, Booking.com, and others.

The process of extending the lease agreement for another term.

The amount of money paid by the tenant to the landlord for the use of the property.

Government regulations that limit the amount a landlord can charge for rent or increase it over time.

A policy that covers a tenant’s personal belongings and liability in case of damage or theft.

After their stay, guests have the opportunity to leave reviews and ratings for the property and the host. These reviews can significantly influence the property’s reputation and booking success.

STR: A refundable amount collected from guests at the time of booking to cover any potential damages or excessive cleaning required after their stay.

LTR: A refundable deposit paid by the tenant to cover potential damages or unpaid rent.

Precautions taken by hosts to ensure the safety of their guests and the property. This may include installing security cameras, providing emergency contact information, or having safety equipment like fire extinguishers.

A property, whether it’s a house, apartment, condominium, or a single room, that is made available for rent to travelers or tourists on a short-term basis, usually for vacation or business purposes.

Local or regional laws and ordinances that govern the operation of short-term rentals, including zoning, safety, and tax regulations.

When a tenant rents out the property they are leasing to another person, with the landlord’s approval.

A status or recognition awarded by some short-term rental platforms, such as Airbnb, to hosts who meet certain criteria, such as consistently high ratings, quick response times, and a track record of positive guest experiences.

An individual or entity that rents and occupies a property owned by a landlord.

The length of time a lease agreement is in effect, usually stated in months or years.

A tax levied by some local governments on short-term accommodations. Hosts are typically responsible for collecting and remitting this tax to the authorities.

Services such as water, electricity, and gas, which may be included in rent or paid separately by the tenant.

A rental agreement term indicating that the rent covers the cost of utilities like water, electricity, or heating.