Raw RevPAR lies, because it ignores unit size. A 4-bedroom home always out-earns a studio, even when the studio runs circles around it per room. So we adjusted for it: revenue per bedroom, per night, apples to apples, across 45 San Diego property managers.
The gap between top and median is $52 per bedroom, per night. On a 100-unit book of 3-bedroom homes, that is roughly $5.7M a year. Same market, same guests, same nights available.
Normally, bigger homes earn less per bedroom, the usual diminishing return to size, so this line slopes down in most markets. San Diego doesn’t follow that, its big beachfront homes command a premium and stay full year-round. But the bigger point: home size explains only about 12% of the gap between operators here. The other ~88% is execution, how they price and manage, which is why two managers with the same-size, same-quality homes can land $100 or more per bedroom, per night apart. The gap is pricing, not inventory.
Each dot is one San Diego property manager (45 total). Dot size ≈ portfolio size. Bedroom-normalized from AirDNA operator data.