The main measure: RevPAR index
We measure performance with RevPAR index: a listing’s revenue per available night divided by the RevPAR of its comparison market. We show it as a decimal (1.00 = market); hotel reports show the same figure on a base of 100.
- 1.00 (100 on the hotel scale) means the listing earns exactly what comparable listings in its market earn per available night.
- 1.10 means it earns 10% more than its market.
- 0.90 means it earns 10% less.
We use an index rather than raw revenue because raw revenue moves with the market. If a market grows 15% in a year, a listing that grew 10% has actually fallen behind. If a market falls 10%, a listing that held flat has done well. RevPAR index removes the market’s movement and shows what pricing and management actually changed. For the full definition, see RevPAR and RevPAR index.
How we define the comparison market
For each listing we define a comparison set of similar listings: same area, similar bedroom count, similar guest capacity and similar quality where data allows. Every published result names the market data source its comparison sets were built from. We record each comparison set at the start of an engagement and don’t change it to make results look better. If we have to change one, for example because the market data provider changes its coverage, we note it.
For hotels and motels, we use a competitive set of properties of similar type, size and location, agreed with the client.
Before and after periods
- Baseline: the 12 months before we started, comparing the same months year on year. If 12 months of history aren’t available, we use 6 months and say so.
- Result period: months after our first full month of management. The first month is excluded because changes made then mostly affect future dates.
- We compare index to index (for example, baseline RevPAR index 0.94, result period 1.08), not this year’s revenue to last year’s.
What we include
- Every listing we manage for that client, including ones that improved little or got worse
- Every client that has completed the full result period with us when we publish aggregate figures, including clients who have since left
What we exclude, and why
- Listings added or removed during the period are reported separately, because they don’t have a comparable baseline.
- Listings with major changes we didn’t make, such as a renovation, new photos or a change of bedroom count, are flagged. We note the change rather than claim the result.
- Owner stays and blocked nights are excluded from available nights for both the listing and the market where the data allows.
How we report a client result
Every published result states:
- Portfolio size and market (identified only with the client’s written permission)
- Baseline and result periods, with dates
- RevPAR index before and after
- ADR index and occupancy (MPI) before and after, so you can see whether the gain came from price, occupancy or both
- Raw revenue change, for context, alongside the market’s raw change
- Anything else that changed during the period that might have contributed
How we calculate aggregate figures
When we publish a figure across clients, such as an average change in RevPAR index, we state the number of clients and listings, the date range, whether it’s a mean or median, and whether it’s weighted by revenue or by listing. We publish the median as well as the mean, because one big result can lift an average.
As of October 2026, we have not yet published aggregate figures. We’d rather publish a smaller honest number than a large unverifiable one.
Limits you should know about
- Market data is estimated. Short-term rental market data is modeled from listing calendars and is never perfectly complete. It’s good enough to compare trends, not to the dollar.
- Correlation isn’t proof. A higher RevPAR index after we start doesn’t prove every dollar came from us. Our dashboard records every change with its reason, so clients can see what we did and judge the link themselves.
- Past results don’t guarantee future results. Markets, regulations and guest demand change.
Client permission
We only publish identifiable client results with written permission. Anonymous results never include details that could identify a property, an operator or an owner.
What we never do with results
- We never publish a percentage without the figures it was calculated from.
- We never move a listing between the headline and the excluded table after seeing its result.
- We never compare a client’s revenue with a different period or a different comparison set from the one recorded at the start.
- We never present a forecast or an audit estimate as a result.
If a published figure breaks any of these rules, we’ll correct it and note the change on the page.
Questions about a figure?
If you want to check any number on our site, email hello@airyield.co and we’ll show you how it was calculated.