Revenue management, answered

What is a comp set in vacation rental revenue management?

A comp set is the specific group of competing listings you benchmark a property against when making pricing decisions. It should reflect the actual booking alternatives a guest considers, not just nearby properties of the same bedroom count.

By Jack Murphy, Head of Revenue Management at UpRev. Running pricing for US vacation rental managers since 2017.

How to Build a Defensible Comp Set

Start with geography, bedroom count, and sleeping capacity, then layer in quality signals like average review score and amenity parity. A three-bedroom with a private pool does not compete with a three-bedroom without one, even on the same street. Tighten or expand the set until you have enough comparable active listings to produce a reliable read on market occupancy and rate positioning. Too few comps and your benchmarks are noise; too many and you lose the signal.

Why Comp Sets Drift and Need Maintenance

New listings enter markets, older ones go inactive, and owners renovate or let properties degrade, all of which shift who your true competitors are. Review your comp sets at least quarterly for each managed property, and immediately after any significant market event like a new resort opening or a large property block leaving the market. A stale comp set produces pricing guidance anchored to a competitive landscape that no longer exists, which costs your clients real revenue.

Using Comp Sets Operationally Across a Portfolio

When you manage a large portfolio, resist the temptation to assign one market-wide comp set to all properties in a destination. Segment by property tier so your luxury cabins are not being benchmarked against entry-level units. Documenting the rationale behind each comp set also protects your team when a property owner challenges your pricing strategy, since you can walk them through exactly who their guests are choosing between.