ADR (Average Daily Rate)

The average rental income per occupied night for a short-term rental.

ADR = total revenue / occupied nights. The headline number STR operators quote. Don't confuse it with annual revenue per night — a property with $300 ADR and 60% occupancy nets $300 × 365 × 0.60 = $65,700 annually, not $109,500. ADR varies dramatically by market and season: a Las Vegas STR might run $400 ADR during CES week and $120 in mid-summer. Underwrite using blended-annual ADR from a year of data, not peak-season screenshots.