The portfolio came out of its operator transition carrying an inherited fee structure that was quietly taking a large share of every booking before it reached the rent line. Owner returns suffered for it, and owner returns are what keep homes on a program. Pacer rebuilt that structure. Rent per available night rose 34.0% this summer against 10.3% across a bedroom-matched market, while revenue per available night rose 7.2% against the market's 6.4%.
RevPAR counts the revenue a booking produces: rent plus cleaning, damage waiver and channel markup. RentPAR counts only the rent, which is the line an owner statement is paid from. Most operators track one and assume it speaks for the other. It does not, and the gap between them is where owner earnings quietly leak.
83-home same-store cohort, May 1 to July 31, 2026 vs 2025. Market is Key Data comp sets matched to each unit's own bedroom count, re-weighted to this cohort's bedroom mix. Growth rates are compared rather than absolute levels, because bedroom count alone does not account for differences in size, location and condition between a portfolio and its comp set.
Long Valley's revenue was never really the problem. RevPAR tracked its market closely, both before this summer and after. What was out of line was how much of that revenue reached owners, because an inherited fee structure was absorbing an unusually large share of every booking before it ever got to the rent line.
A portfolio can look healthy on every dashboard an operator watches while the owners inside it are deciding the returns are not good enough. Fixing that is why RentPAR grew more than three times faster than the market this summer, and why the same guest spend produced $2,163 more per home in owner rent.
The revenue management strategy helped us gain trust with our owners after a somewhat tumultuous transition. We feel confident that Pacer is the best partner to help us achieve our goals.
Pacer presented the fee strategy audit on May 12 and the cleaning rebuild six days later, and Long Valley approved and implemented it in-season. From that point the fee load fell in a straight line, from 58.4% of rent in March to 21.0% in July. The prior year moved the opposite direction across the same months, which is what happens when nobody touches it.
Fees as a percentage of rent, 83-home same-store cohort, night-allocated from PriceLabs. Across the full summer window the fee load moved 56.4% to 25.0%.
Not a blanket discount. Cutting fees is easy and usually just moves the loss somewhere else. The work was to rebuild each charge against what it actually costs to deliver, so owners earn more, guests see a cleaner price, and the operator keeps the margin it needs to run the business.
The guest fee averaged $172 against a contractor departure rate of $128. Pacer reset the fee to the true cost of the clean, cutting the guest charge 26% while still sitting 28% above the operator's own departure piece rate.
The inherited waiver was charged every night. Combined with housekeeping it added 18.3% on top of nightly rent. Moving it to a per-stay basis was the single largest driver of the reduction.
A model fee per bedroom class with a 30% band for occupancy and square footage, replacing outliers where a 2-bedroom carried a higher fee than a 3-bedroom in the same town. Channel markups reset to cost; pet and hot tub fees folded into the nightly rate.
What this does to an operator's revenue base. Management fees are
earned on rent, and rent rose 34%, so the commission line rose with it. The reductions came out
of fixed add-on charges, the most fragile revenue a manager carries: capped by what a guest
will accept at checkout, flat when the portfolio performs, and the first line owners
scrutinize. Commission on rent has none of those limits and compounds with every point of
RentPAR.
Source: Pacer revenue strategy audit presented 2026-05-12 and cleaning fee
rebuild presented 2026-05-18.
83 homes with booked nights in the May to July window in both 2025 and 2026, so every home was demonstrably active in both summers. Availability is identical across years.
RentPAR is rent per available night. RevPAR is rent plus fees per available night. Both exclude lodging tax, matching how the market benchmark is built.
Pacer went live 2026-03-01. March and April were transition months and are excluded. The window is May 1 to July 31 against the identical calendar window in 2025.
Pacer is a preferred revenue management partner to the Casago franchise network. We will benchmark your portfolio against bedroom-matched market performance and show you where owner earnings are leaking, before you make any commitment.
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