Comparable listing selection and adjustments in STR quantum
Comparable listing selection and adjustments in STR quantum — compset criteria, ADR, occupancy, and location adjustments for expert evidence.
Comparable listings (comps) support STR income potential and loss quantification, but selection criteria must be defensible. Factors include property type, bedrooms, location micro-market, amenities, listing quality, and channel presence.
Adjustments may be needed for differences in review history, superhost status, minimum stay rules, and professional management versus self-let. Raw platform “suggested comps” are rarely sufficient without documented selection logic.
Calendar and pricing data from comparables — where ethically and legally obtained — can inform achievable ADR and occupancy during the loss period. Expert evidence should explain why chosen comparables are representative.
Critique of opposing comparables is a common instruction: unrealistic ADR, wrong season, or comps drawn from incompatible sub-markets can materially distort quantum.