23 Oct 20267 min read

Short Term Rental KPIs: 10 Metrics with Formulas

The most useful short term rental KPIs are occupancy rate, ADR (average daily rate), RevPAR (revenue per available night), average length of stay, booking lead time, platform fee rate, cost per occupied night, net operating income, break-even occupancy and review rating. Together they show whether you are pricing well, filling your calendar and actually making a profit.

Below you will find each KPI with its formula, one fictional property worked through from start to finish, how to set your own targets, and a simple weekly and monthly review routine.

Why short-term rental KPIs matter

Revenue alone does not tell you much. A month with high revenue might come from low prices and a full calendar (lots of cleaning, little profit) or from high prices and a few long stays. KPIs separate these effects, so you know which lever to pull: price, availability, minimum stay, channels or costs.

Hotels have used these measures for decades. If you want the hotel background, see our guide to hotel KPIs. For Airbnb and holiday rentals, the same ideas apply with a few changes – mainly that each property is one “room” and that platform fees and cleaning costs are large.

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The fictional example property

We will use one example throughout. All numbers are made up for illustration.

Item (September)	Value
Days in month	30
Nights blocked for owner use or maintenance	2
Available nights	28
Booked nights	21
Number of bookings	7
Accommodation revenue (nightly prices only)	$3,150
Cleaning fees charged to guests	$420 (7 × $60)
Gross booking revenue	$3,570
Platform fees (example 15.5% of gross)	$553.35
Payouts received	$3,016.65
Operating expenses (cleaning, utilities, supplies, software, maintenance, rent)	$2,050
Sum of lead times (days between booking and check-in)	154 days

The 15.5% figure is used because, as of 2026, Airbnb states that most hosts on its single-fee structure pay 15.5% (Airbnb: Airbnb service fees). Use your own actual rate.

10 short term rental KPIs with formulas

1. Occupancy rate

Occupancy rate = Booked nights ÷ Available nights × 100

Example: 21 ÷ 28 × 100 = 75%.

Decide how you treat blocked nights and use the same rule every month. Excluding owner and maintenance nights (as here) shows how well you sell the nights you actually offer. Try our occupancy rate calculator.

2. ADR (average daily rate)

ADR = Accommodation revenue ÷ Booked nights

Example: $3,150 ÷ 21 = $150.

Leave cleaning fees and taxes out of ADR, so you measure your nightly price. If you include them, do so every month and label it clearly. See the ADR calculator.

3. RevPAR for Airbnb (revenue per available night)

RevPAR = Accommodation revenue ÷ Available nights, or ADR × Occupancy rate

Example: $3,150 ÷ 28 = $112.50. Check: $150 × 0.75 = $112.50.

RevPAR is the best single number for comparing months, because it combines price and occupancy. A rise in occupancy that comes from a big price cut may leave RevPAR flat or lower. Use the RevPAR calculator to test scenarios.

4. Average length of stay (ALOS)

ALOS = Booked nights ÷ Number of bookings

Example: 21 ÷ 7 = 3.0 nights.

Shorter stays mean more turnovers and more cleaning cost per night. ALOS helps you decide on minimum-stay rules.

5. Booking lead time

Average lead time = Sum of (Check-in date − Booking date) ÷ Number of bookings

Example: 154 ÷ 7 = 22 days.

If most bookings arrive close to the date, you may be priced too high for early bookers – or your market books late. Watch the trend, not one month.

6. Platform fee rate

Platform fee rate = Platform fees ÷ Gross booking revenue × 100

Example: $553.35 ÷ $3,570 × 100 = 15.5%.

With several channels, calculate this per channel and in total. It shows the real cost of each source of bookings.

7. Net revenue per booked night

Net revenue per booked night = Payouts ÷ Booked nights

Example: $3,016.65 ÷ 21 = $143.65.

This is what each booked night really brings in after fees, including the cleaning fee. It is more honest than ADR when you compare channels.

8. Cost per occupied night

Cost per occupied night = Operating expenses ÷ Booked nights

Example: $2,050 ÷ 21 = $97.62.

Compare it with net revenue per booked night. Here, each booked night earns $143.65 and costs $97.62. Hotels track the same idea as cost per occupied room.

9. Net operating income (NOI) and margin

NOI = Payouts − Operating expenses; NOI margin = NOI ÷ Gross booking revenue × 100

Example: $3,016.65 − $2,050 = $966.65; $966.65 ÷ $3,570 × 100 = 27.1%.

This is the number that tells you whether the property is working. Include monthly shares of annual costs (insurance, licences) so the figure is not too optimistic.

10. Break-even occupancy

Break-even nights = Operating expenses ÷ Net revenue per booked night; Break-even occupancy = Break-even nights ÷ Available nights × 100

Example: $2,050 ÷ $143.65 = 14.3 nights; 14.3 ÷ 28 × 100 = 51%.

So in this example, the property covers its costs once it sells about 15 nights. This simple version treats all costs as fixed; in reality cleaning rises with each stay, so the true break-even is slightly higher. The break-even occupancy calculator can separate fixed and variable costs.

Two more to watch

Review rating – your average star rating and the share of five-star reviews. It affects both bookings and the price guests will accept.
Channel mix – each channel’s share of booked nights or revenue. Channel share = Channel revenue ÷ Total revenue × 100. For example, if direct bookings brought $600 of a $3,570 month, direct share would be 16.8%.

Summary table

KPI	Formula	Example result
Occupancy rate	Booked nights ÷ Available nights	75%
ADR	Accommodation revenue ÷ Booked nights	$150.00
RevPAR	Accommodation revenue ÷ Available nights	$112.50
Average length of stay	Booked nights ÷ Bookings	3.0 nights
Booking lead time	Total lead days ÷ Bookings	22 days
Platform fee rate	Fees ÷ Gross revenue	15.5%
Net revenue per booked night	Payouts ÷ Booked nights	$143.65
Cost per occupied night	Expenses ÷ Booked nights	$97.62
NOI and margin	Payouts − Expenses; NOI ÷ Gross	$966.65; 27.1%
Break-even occupancy	(Expenses ÷ Net per night) ÷ Available nights	51%

Calculating all of this by hand every month takes time. The Short-Term Rental Spreadsheet Pro calculates occupancy, ADR, RevPAR, channel mix and profit automatically from your booking and expense logs, for up to 10 properties.

How to set your own targets

You will find many “average occupancy” or “average ADR” figures online. They are rarely comparable to your property, because markets, seasons, property sizes and calculation methods differ. Set targets from your own data instead:

Collect at least 3–6 months of data (12 months is better, because of seasonality).
Calculate each KPI per month using the same formulas every time.
Compare each month with the same month last year, not just with the previous month.
Set a realistic improvement – for example, RevPAR up a few percent on the same month last year, or NOI margin above your break-even with a safety buffer.
Check local comparables. Look at similar listings nearby for your dates to sense-check your price, but treat it as a guide, not a target.
Review targets each quarter and adjust when the market or your costs change.

Weekly and monthly KPI review

Weekly (15 minutes)

Occupancy on the books for the next 30, 60 and 90 days
Gaps in the calendar – especially single nights you could fill with a lower minimum stay
ADR for upcoming nights compared with similar listings
New reviews and any guest issues

Monthly (30–60 minutes)

All ten KPIs for the month just ended
Comparison with the same month last year and with your target
Platform fee rate and channel mix
Cost per occupied night and NOI margin
One or two actions for next month (for example, raise weekend prices, adjust minimum stay, reduce a cost)

Keep your actions written next to the numbers. After a few months you will see which changes really moved RevPAR and NOI.

Common KPI mistakes to avoid

Changing formulas from month to month. If you include cleaning fees in ADR one month and not the next, the trend means nothing.
Looking at occupancy alone. A full calendar at low prices can mean more work for less profit. Always read occupancy next to ADR and RevPAR.
Ignoring fees and costs. Revenue KPIs show demand; only net revenue per night, cost per occupied night and NOI show profit.
Comparing different seasons. Compare July with last July, not with February.
Mixing properties. Calculate KPIs per property first, then for the portfolio.

FAQ

What is a good occupancy rate for an Airbnb?

There is no single good number. A high occupancy with low prices can earn less than a lower occupancy with higher prices. Focus on RevPAR and NOI, and set targets from your own history and local market.

Should I include cleaning fees in ADR?

Most hosts leave them out, so ADR measures the nightly price. Whatever you choose, apply it consistently and track cleaning fees separately.

Is RevPAR useful for a single Airbnb?

Yes. For one property, RevPAR is simply accommodation revenue divided by available nights. It is the best way to compare one month with another.

How do I count blocked nights?

Choose one method and keep it. Many hosts remove owner and maintenance nights from available nights, so occupancy reflects only the nights they offered to guests.

Which KPI matters most?

For pricing decisions, RevPAR. For the health of the business, net operating income. Look at both together.

Conclusion

Short term rental KPIs turn your booking data into clear decisions. Track the ten core measures with the same formulas every month, compare them with your own history, and set targets from your data rather than from generic averages. A short weekly check and a monthly review are enough to keep pricing and profit on track.

If you want the complete, ready-made workbook that calculates these KPIs for you, see the Short-Term Rental Spreadsheet Pro.

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