understanding RevPAR and other KPIs

[Dmitry Feldberg]

Hey Bigger pockets fam! My wife and I had purchased our first STR in 2021 (which is our first investment!!!) and launched in March of 2022. It has been just over 1 year and things are going great. We have developed systems to help us self manage and we are finally getting the hang of things. We also went into a partnership to open a 2nd STR. Now that we got the hang of managing the STR its time to really dig and learn about how to read and utilize key performance indicators (KPIs) so that we may better track and influence our income.

I am having trouble understanding RevPAR and how to use it properly, if anyone has any insight/resources to help me understand this and other KPIs I would be grateful. Thank you very much