Glossary
What is RevPAR? How to calculate it for a vacation rental
By Andrew Kitchell, CEO & Founder
RevPAR, revenue per available night, is the rent a vacation rental earns divided by the nights it was available to earn it, or its ADR times its occupancy. It shows rate and occupancy in one number. One home can show more than one RevPAR, so check which nights and fees count before you compare.
How do you calculate RevPAR?
Either formula gives the same answer:
- RevPAR = rental revenue ÷ available nights
- RevPAR = ADR × occupancy
Take one home's February from our Metrics Lexicon: 28 nights, 12 booked, 9 blocked and 7 open. The 12 booked nights brought in $1,125 in rent, an average daily rate (ADR) of $93.75. Wheelhouse's standard RevPAR counts every night in the month as available, so RevPAR is $1,125 ÷ 28 = $40.18. Or with the second formula: occupancy is 12 ÷ 28 = 42.9%, and $93.75 × 12 ÷ 28 = $40.18.
One home's February: 28 nights
- Booked: 12 nights
- Blocked: 9 nights
- Open: 7 nights
Hotels divide by available rooms. A vacation rental is one home, so you divide by available nights instead.
Do owner-blocked nights count as available nights?
Both ways are right, for different jobs. In this February, 9 of the 28 nights were blocked. Our standard RevPAR divides by all 28 calendar nights: $40.18. Our adjusted RevPAR divides by the 19 bookable nights left once the blocks come out: $1,125 ÷ 19 = $59.21. Occupancy moves the same way, from 42.9% to 63.2%.
- Use calendar nights to report what the home earned for its owner over the month. The month still had 28 nights, and the owner chose the blocks.
- Use bookable nights to judge your pricing. Pricing had 19 nights to sell, and it sold 12 of them.
Show an owner both, and a week they blocked won't read as a pricing miss.
Should fees count in RevPAR?
Our ADR and standard RevPAR leave fees out, so they measure the nightly rates you set. With fees, the same 12 nights brought in $1,260. That makes RevPAR $1,260 ÷ 28 = $45.00 on calendar nights and $1,260 ÷ 19 = $66.32 on bookable nights. One home and one month give four honest RevPARs:
Four RevPARs for the same home and the same February
| Fees out | Fees in | |
|---|---|---|
| All 28 calendar nights | $40.18 $1,125 ÷ 28 | $45.00 $1,260 ÷ 28 |
| 19 bookable nights (blocks out) | $59.21 $1,125 ÷ 19 | $66.32 $1,260 ÷ 19 Closest to AirDNA's US numbers |
Count fees in only when the number you're comparing against counts them.
What is the difference between RevPAR, ADR and occupancy?
ADR is the average rent per booked night: $93.75 in the example. Occupancy is the share of available nights that booked: 42.9%. RevPAR multiplies the two, which makes it the number to judge a price change by. Say you drop this February's average rate to $80 and book two more nights: 14 × $80 = $1,120, and RevPAR slips from $40.18 to $40.00. More bookings, a little less money. ADR and RevPAR are equal only when every available night is booked. (ARR, average room rate, is the hotel name for ADR.)
What is a good RevPAR for a vacation rental?
No one RevPAR is good everywhere: it depends on the market, the season and the size of the home. Two comparisons tell you how you're doing: your RevPAR against the same month last year, and against the homes you compete with. Compare like with like: a two-bedroom with two-bedrooms, February with February, weekends with weekends.
For a national reference, US short-term rental RevPAR was $132 in October 2026, with ADR at $239 and occupancy at 55.4%, in AirDNA's data. AirDNA counts only nights that aren't blocked and puts the host's cleaning fee in ADR. Set its $132 beside your bookable-night RevPAR with fees in, the $66.32 kind.
What is RevPAR index?
RevPAR index tells you whether you earned your fair share of what your comp set earned. Divide your RevPAR by your comp set's RevPAR and multiply by 100. At 100 you earned your fair share, above 100 more than your share, and below 100 less. A home with a $60 RevPAR against a comp set at $50 has an index of 120. Hotels call it RGI, revenue generating index.
Count both RevPARs the same way. Mix the methods and the numbers lie: this February's home, measured on bookable nights against its own calendar-night RevPAR, scores 147 against itself instead of 100 ($59.21 ÷ $40.18 × 100).
What doesn't RevPAR tell you?
RevPAR is revenue, not profit. Two homes with the same RevPAR can keep very different amounts once cleaning, commissions and turnovers are paid, and a month of one-night stays costs more to run than one long stay at the same RevPAR. When an owner asks about profit, gross operating profit per available night (GOPPAR) is the next number. Total RevPAR (TRevPAR) adds the revenue that isn't rent.
Where can you see RevPAR in Wheelhouse?
Performance Analytics shows revenue, occupancy, ADR and RevPAR across your portfolio, with year-over-year views, so this February sits next to last February. Its metric picker has all four RevPARs on this page: RevPAR for owner reports, RevPAR (Adj. Occ) to judge your pricing, RevPAR (Adj. Occ, +Fees) to set beside AirDNA's number, and RevPAR (+Fees) for calendar nights with fees in. Comp sets give you the homes to hold your RevPAR against: 3 sets per listing, 50+ listings in each, and we update the recommended set for each listing every week. Each RevPAR, ADR and occupancy figure on this page is defined in the Metrics Lexicon.