Key notions in temporary rental of apartments and houses (STR)
When we talk about the temporary rental of a property such as an apartment or a house, it is important to keep in mind certain terms that in other areas may have different meanings.
Short-term rental:
This type of rental is called Short Term Rental, or STR, and it refers to a short stay generally set at a maximum of 30 days.
Guest:
In this world, clients are called guests. These are people who rent a property for a stay of 1 to 30 days for various purposes.
Although the main reason is usually tourism, some people need to stay in a place for a while for work reasons or to carry out leisure and recreation activities - such as going to recitals, plays and sporting events. There are also those who travel to visit relatives or to carry out specialized medical studies or undergo health treatments, as well as to carry out errands that cannot be carried out in their place of residence or attend courses, seminars and conferences.
Price:
The price notion doesn’t only include the stipulated price for each day, in which the property can be rented. It also includes everything related to its fee based on the type of property and its location, the time of the year, and specific conditions such as promotions, fees per guest, and cancellation policies.
Availability:
In the Short Term Rental Landscape, property availability refers to setting the minimum and maximum stay allowed by the renter, deciding the amount of time in advance that the property can be reserved, and the daily and dynamic management of the calendar.
Channel:
The main channel through which a property is rented temporarily is an Online Travel Agency, also known as OTA by its initials. These agencies are “visited” from mobile phones or computers and have the advantage of grouping in one place all the services necessary for both guests and property managers. The most used OTAs are Airbnb, Booking, Expedia Group, Despegar and Trip Group.
There are other terms used within the Short Term Rental rental Landscape that are essential to understand all the aspects involved in this activity and that must be handled fluently by those who work in this field. Here you can find the main terminology: Short Term Rentals Technology Landscape Terminology.
