Accommodation: A place where travellers can stay overnight, such as hotels, motels, or vacation rentals.

Advance Booking: Reserving accommodations well in advance of the stay.

Advertised Rate The price listed for a property, exclusive of any additional fees or charges.

Airbnb: A popular online platform that connects hosts with guests seeking short-term accommodations.

Amenities: Features or services that enhance a guest’s stay, like Wi-Fi, a fully equipped kitchen, or a swimming pool.

API Australian Property Institute: A professional organization for property professionals in Australia.

APRA Australian Prudential Regulation Authority: The regulatory body responsible for overseeing financial institutions in Australia.

ASTRA: Australian Short-Term Rental Association

Availability: Dates and times when a property is open for booking by guests.

Average Daily Rate (ADR): A key performance indicator in the hospitality industry, representing the average rental income per paid occupied room within a specified time frame.

Back-to-Back Booking: Successive bookings with no gap in between.

Bond: A security deposit paid by the tenant to the landlord at the start of the lease to cover any damages or unpaid rent.

Booking: A reservation made by a guest for a specific period at a property.

Booking Channel Fee: Fee charged by the listing platform, typically a percentage of the booking cost.

Booking Confirmation: Confirmation provided to the guest once a booking has been accepted by the host.

Booking Confirmation: Formal acknowledgment sent to the guest upon securing their reservation.

Booking Window: Period during which a property is available for reservations.

Booking.com: Popular online travel agency facilitating property listings and reservations.

Break Lease: Terminating a lease agreement before its expiration date.

Calendar Blocks: Specific dates when a property is unavailable for reservations.

Calendar Management: Tracking and updating property availability and reservations.

Cancellation Policy: Terms for guests to cancel reservations, including penalties or refunds.

CGT Capital Gains Tax: A tax on the capital gain from the sale of property or other investments.

Changeover Clean: Thorough cleaning between guest stays.

Channel: Manager Tool for managing multiple listing platforms from one interface.

Check-In: Process by which guests arrive and gain property access.

Check-in/Check-out: The process of guests arriving and departing from the rental property.

Check-Out: Departure process marking the end of a guest’s stay.

Cleaning Fee: A one-time fee charged to cover the cost of cleaning the rental property after a guest’s stay.

Co-host: An individual who helps manage a short-term rental property on behalf of the primary host.

Co-hosting Sharing hosting duties with another person.

Compliant: Adherence to local laws, regulations, and platform policies for short-term rentals.

Corporate Booking: Reservation made by a business for employee travel.

Credit Card Fee: Fee charged by credit card companies for processing payments.

Double Booking: Simultaneous bookings for the same property and time period.

Dynamic Pricing: A market-based pricing strategy that fluctuates based on ebbs and flows of demand.

Dynamic Pricing: Real-time price adjustments based on demand and other factors.

Early Check-In: Allowing guests to access the property before standard check-in time.

EER Energy Efficiency Rating: a measure of how energy-efficient a property is in Australia.

Enquiry: Guest message or question before booking.

EPC – Energy Performance Certificate: a document assessing the energy efficiency of a property.

Estimated Earnings: Projected income from renting out a property.

Experience: Overall guest impression and satisfaction during their stay.

Extended Stay: Bookings that last more than a few weeks and under 6 months.

Fair Trading: The government body responsible for regulating tenancy laws and resolving disputes between landlords and tenants.

FIRB – Foreign Investment Review Board: A government agency responsible for reviewing foreign investment in Australia’s real estate market.

Fixed-Term Lease: A lease agreement with a specific start and end date.

FRBO: For Rent By Owner

Full-Time Rental: Year-round available property for rent.

Furnished Rental: Rental property including furniture and appliances.

Gap Nights: Unbooked nights between reservations.

Gross Rate: Total rental income before deductions.

Guest: The person staying at a property rented through a short-term rental platform.

Guest Agreement: Document outlining guest stay terms.

Guest Review: Feedback from a guest post-stay.

High Season: Peak demand period for short-term rentals.

Holiday Rental: Short-term rental property often used for holiday purposes.

Homestay: Accommodation where guests stay in the home of a local resident, typically sharing common areas.

Host: The person who owns or manages the property being rented out to guests./Owner or manager responsible for property and guest services.

House Rules: Host-provided guidelines for guest behaviour.

Housekeeping: Property cleaning and maintenance.

Instant Booking: A feature on short-term rental platforms that allows guests to book properties instantly without host approval.

Insurance Policy: Covering host property risks.

Inventory: Provided items for guest use in the property.

Joint Hosting: Multiple individuals sharing rental management duties.

Journey (Guest): Entire guest experience from booking to check-out.

Key Exchange: Process of handing over property keys to guests.

Keyless: Entry System allowing property access without physical keys.

Landlord: The owner of the rental property.

Last-minute Discount: Price reduction for close-in bookings.

Late Check-Out: Guest departure after the agreed time.

Length of Stay Discount: Price reduction for longer bookings.

Lessor: Another term for the landlord, often used in legal documents.

Letting Agent: A real estate agent who specialises in renting properties on behalf of landlords.

Licence: A licence is when the landlord and tenant wish to enter into a legal relationship, whereby the landlord does not provide the tenant with exclusive possession of the premises.

Linen and Amenities: Provided guest comfort items like bedding and toiletries.

Listing: Online advertisement for a short-term rental property.

Listing Optimization: Strategies to enhance property listing visibility and attract guests.

LMI – Lenders Mortgage Insurance: Insurance that protects the lender in case the borrower defaults on the mortgage.

Lockbox: Secure box containing property keys.

Low Season: Period of lowest short-term rental demand.

LVR Loan-to-Value Ratio: The ratio of the amount of a mortgage loan to the appraised value of the property, expressed as a percentage.

Maintenance: Property upkeep.

Maintenance Request: A formal request made by the tenant to the landlord or property manager for repairs or maintenance.

Maximum Occupancy: Property guest capacity limit.

Minimum Night Stay: Shortest property booking duration.

Monthly Rate: Cost of monthly property booking.

Multi-Platform Listing: Listing on multiple booking platforms.

Net Rate: Rental income after deductions.

Nightly Rate: Cost for one night’s property booking.

No-Show: Guest failure to arrive without notice.

Non-Refundable Booking: Booking without refund option.

NRAS – National Rental Affordability Scheme: A government initiative aimed at increasing the supply of affordable rental housing in Australia.

Occupancy Rate: The percentage of time a rental property is occupied over a specific period, often calculated monthly or annually.

Occupancy Rate: Percentage of property rental time.

Off-Peak Season: Period of reduced rental demand.

OTA – Online Travel Agency: Websites or apps that allow users to book travel accommodations online.

OTP – Off-the-Plan: Buying a property before it has been constructed, based on the proposed plan or design.

P&I – Principal and Interest: A type of loan repayment structure where both the principal amount and the interest are repaid over the loan term.

Peak Season: High-demand rental period.

Pet-Friendly: Property allowing guest pets.

PMS – Property Management System: Software used to manage bookings, reservations, and property operations.

Pricing Strategy: Method for determining property price.

Property Inspection: A scheduled visit to the rental property by the landlord or property manager to assess its condition.

Property Management: Oversight and operation of a property.

Property Manager: A professional hired by the landlord to manage the rental property on their behalf.

Quality Control: Ensuring property meets standards.

Quiet Hours: Period of reduced noise activity.

Quoted Rate: Provided property stay price.

Ramp Up: Period Initial lower-revenue period after property listing.

Refundable Deposit: Guest-paid deposit returned post-stay barring damages.

REIA – Real Estate Institute of Australia: A national professional association for the real estate industry in Australia.

Rent: A payment made to a landlord, or an agent acting on behalf of a landlord for the use of property or land

Rent Arrears: Unpaid rent owed by the tenant to the landlord.

Rental Agreement: A legally binding contract outlining the terms and conditions of renting a property.

Rental Agreement: Contract outlining rental terms.

Rental Bond: See “Bond.”

Rental Yield: The return on investment generated by a rental property, expressed as a percentage of its value.

Reservation: Guest booking for a set period.

Revenue Forecast: Estimate of future property income.

Reviews: Post-stay guest feedback.

ROI – Return on Investment: A measure of the profitability of an investment, expressed as a percentage.

Routine Inspection: Regular property checks for maintenance needs.

Search Ranking: Property position in search results.

Seasonal Pricing: Variable property pricing based on season.

Security Deposit: A refundable deposit held by the host to cover damages or extra cleaning fees caused by the guest.

Security Deposit: Guest deposit for potential damages.

Self Check-In: Guest property entry without host presence.

Service Fee: A fee charged by short-term rental platforms to cover the cost of facilitating bookings.

Short-Term Rental: Property rental for brief periods.

Shoulder Season: Moderate demand period between peak and off-peak.

SMSF – Self-Managed Superannuation Fund: A private superannuation trust structure that provides retirement benefits to its members.

Static Pricing: Consistent property pricing regardless of factors.

STCA – Subject to Council Approval: A condition in a property sale agreement indicating that certain actions or changes are contingent on obtaining council approval.

STR – Short-Term Rental: Rental of a property for a short duration, often through platforms like Airbnb or Booking.com.

STR Insurance: Insurance policies designed to cover risks associated with short-term rentals, such as property damage or liability claims.

STR Regulations: Laws and regulations governing short-term rental properties in a particular jurisdiction.

STR Tax: Taxes imposed on short-term rental income by local, state, or federal governments.

STRA – Short-Term Rental Accommodation: Term used in regulations and policies regarding short-term rentals.

Subdividing: The process of dividing a larger piece of land into smaller lots, usually for the purpose of development or sale.

Sublet: Renting out part or all of a leased property by the original tenant to another party.

Subletting: Renting out a property that is already leased or rented by the primary tenant.

Superhost: An Airbnb host recognized for providing exceptional hospitality and earning high guest ratings.

TDC – Total Development Cost: The total cost incurred in the development of a property, including land acquisition, construction, and associated fees.

Tenancy Agreement: See “Rental Agreement.”

Tenant: A person or entity renting a property from a landlord.

Terms and Conditions: Host-set guest rules upon booking.

Torrens Title: A system of land registration where ownership is guaranteed by the state government and recorded in a central register known as the Torrens Register.

Touch Up: Clean Light property cleaning during or between bookings.

Travel Insurance: Coverage for travel-related risks.

Turnover Time: Period between guest check-out and check-in.

UCV – Unimproved Capital Value: The value of land for rating purposes, excluding any improvements such as buildings or landscaping.

Unavailability: Period when a property is unavailable for booking.

Utilities: Essential property services like electricity or water.

V

Vacancy Rate: Percentage of time a property is unoccupied.

Vacate Notice: A formal notice given by the tenant to the landlord indicating their intention to move out of the rental property.

VRBO – Vacation Rental By Owner: A platform similar to Airbnb for listing and booking holiday rentals.

Weekly Rate: Property booking cost for a week.

Welcome Book: Host-provided guide for property and local area information.

Wi-Fi: Wireless internet access provided at the property.

Yearly Rate: Property booking cost for a year.

Yield: The annual income generated by an investment property, expressed as a percentage of its total value.