Rental Operations Research Articles

The motivations and practices of commercial short-term rental operators in the short-term/long-term “regulatory gap”

ABSTRACT Despite the rapid proliferation of short-term rentals (STRs) over the last decade, research contacting commercial operators to explore their business practices, motivations, and attitudes remains rare. Leveraging a comprehensive dataset of STR activity in Montreal alongside key-informant interviews, this study presents an in-depth portrait of commercial STR operators. We find that the experience of commercially operating STRs is marked by contradictions. While operating STRs can be time-consuming, the chief motivating factors are the potential for revenue maximization and the increased flexibility provided to property owners driven by a ‘regulatory gap’ between the long- and short-term rental markets.

BIKE RENTAL SYSTEM

Abstract The Bike Rental Management System is an innovative web application designed to revolutionize the rental process of bicycles for short-term urban use. It offers a comprehensive solution that caters to both customers and administrators, ensuring a seamless experience for all users.At its core, the system boasts a user-friendly interface that simplifies the process of searching for available bikes, selecting preferred options, and completing rentals. Real-time availability information is provided, empowering customers to make informed decisions. The secure payment processing feature guarantees a safe and convenient transaction experience, instilling trust and reliability in the system.For administrators, the system includes a robust admin panel that allows for efficient management of bikes, user accounts, and rentals. This panel provides a comprehensive overview of the rental operations, enabling administrators to make informed decisions and optimize the rental process for better efficiency.The technology stack behind the system is equally impressive, utilizing Java Servlet for backend logic, JDBC for database connectivity, JavaScript for client-side interactivity, and Bootstrap for responsive design. This ensures a smooth and seamless user experience across different devices and platforms.One of the key advantages of the Bike Rental Management System is its contribution to promoting eco-friendly urban mobility. By encouraging the use of bicycles for short-distance travel, the system helps reduce traffic congestion and carbon emissions, ultimately leading to a cleaner and greener environment. Additionally, the system promotes healthier lifestyles by encouraging physical activity through cycling.In conclusion, the Bike Rental Management System is a comprehensive and innovative solution that offers a wide range of benefits for both users and the environment. Its user-friendly interface, secure payment processing, efficient admin panel, and eco-friendly initiatives make it a standout choice for urban mobility solutions. Index Terms – Bike Rental, JDBC, User Authentication, Product Management, Admin Panel, Payment Processing, Scalability, Rental Process.

A Smart Car Rental Management System using Data Mining

The car rental management system is a comprehensive software application designed to help car rental companies manage their operations efficiently. It includes features such as vehicle registration, inventory management, pricing management, billing and invoicing, customer management, and reporting. The system provides a user-friendly interface for customers to search for available vehicles, make reservations, and manage their bookings. The CRMS encompasses a comprehensive suite of features aimed at automating and optimizing various aspects of car rental operations. These include customer registration and authentication, vehicle inventory management, reservation handling, rental duration tracking, payment processing, and reporting functionalities. By integrating these components into a unified platform, the CRMS simplifies and streamlines the entire rental process, enabling car rental companies to operate efficiently and deliver a superior customer experience. Key benefits of the CRMS include improved operational efficiency, enhanced accuracy in managing rental bookings, minimized administrative tasks, and reduced paperwork. Customers can conveniently browse vehicle options, make reservations, and complete transactions through user-friendly interfaces, fostering a seamless and hassle-free rental experience. Additionally, the car rental management system provides reporting and analytics features, enabling the company to analyse rental patterns, track revenue, and monitor performance metrics. This information can help in making informed business decisions, optimizing fleet utilization, and enhancing customer satisfaction. Overall, the car rental management system streamlines operations, improves efficiency, and enhances customer service in the car rental industry by automating key processes and providing real-time access to crucial information.

A Mixed-Integer Program (MIP) for One-Way Multiple-Type Shared Electric Vehicles Allocation With Uncertain Demand

This paper proposes a mixed-integer program (MIP) to address a challenge issue of vehicle upgrade policy in current electric car rental market, i.e., idle luxury and high-end vehicles can be used as ordinary vehicles when the demand for ordinary vehicles is high. This model essentially is to maximize the total profit through balancing the demand and supply with a comprehensive consideration of revenue of rental operation, cost of potential demand loss, dispatching cost, energy consumption per kilometer, mileage limitation of electric vehicles (EVs), and the uncertainty of user demand for multi-type EVs. The proposed MIP model can be solved by CPLEX or Gurobi to search for the global optimal solution. Finally, real data from an electric carsharing system (ECS) with three types of EVs and 20 carsharing stations was used to validate the model. As a result, the daily increase of profit could reach 11.09% with an average of 8.08%.

Integration strategies of luxury rental operations: is it wise to operate with the manufacturer or co-operate with the competitor?

Luxury rental operations are increasingly popular nowadays. In this study, we develop game-theoretical models to examine the optimal renter’s integration strategies (RISs) in a luxury supply chain with conspicuous consumers. The luxury supply chain consists of one manufacturer, one seller and one renter. Based on observed industrial practices, we compare three RISs, namely non-integration (the renter works on his own), vertical integration (the renter operates with the manufacturer) and horizontal integration (the renter co-operates with the seller). The main findings are as follows. First, integration is not always a wise strategy for the renter. When the proportion of conspicuous consumers (PCC) is sufficiently high, the renter should work on his own. When the PCC is lower than a threshold, the optimal RIS depends on the trade-off between the double-marginalisation and retail competition effects. Second, we evaluate the environmental impacts of RISs and uncover that the environmental effects depend on the product types’ environmental impact. We further identify the conditions how a dominating situation with respect to profitability and environmental impact can be achieved (called ‘PE dominating’). Third, we investigate the effects of consumer segmentation on the optimal RIS. Managerial implications are discussed.

ОСОБЛИВОСТІ ОБЛІКУ ОРЕНДНИХ ОПЕРАЦІЙ З ЗЕМЕЛЬНИМИ НАДІЛАМИ

At the article the actual problems of accounting of rental operations with land parcels was researched. The key questions of the efficiency of functioning and development of lease relations in agricultural production were considered. The analysis of the regulatory framework of land relations allowed identifying the most important problems of accounting of rental operations with land parcels. Also, the forms of rental operations were considered and reasonable terms of rent were proposed. In a separate projection, the issues arising between the participants of the lease relations with land plots were considered. The proposals to improve the accounting of land lease transactions were justified. These propositions will give opportunities to ensure the progressive development of the agricultural sector of the national economy, increase its competitiveness. A lot of problems associated with need to improving the efficiency of land use were identified. This situation is a consequence of the short-term desire of landowners or tenants to maximize profits, which an attitude leads to depletion of the country's land fund. The leading branch of Ukraine's economy is agriculture, based on the principles that contribute to improving soil fertility. However, the study of scientific papers and the practice of economic activity show, that some of the theoretical provisions of the research of specifies of accounting for lease transactions with land are debatable, and a number of important aspects of their organization, evaluation and methods of accounting, analysis and audit need to be improved. Based on the above, research topics and its target orientation are quite relevant. The aim of the study is theoretical and methodological justification and evaluation of land use efficiency in agricultural enterprises of Sumy region, and, also, justification of methodological approaches and development of practical proposals to improve the economic efficiency of land use in current conditions. Carrying out of additional in-depth research of features of the account of lease operations with land plots of the enterprises is perspective. This will identify existing and possible causes of deterioration of the state land fund and will find ways to improve them.

Problem aspects of application by state enterprises of international standards of accounting and reporting in rental operations

The purpose of the article is to determine the peculiarities of public sector enterprises' use of international and national accounting and financial reporting standards governing the accounting of lease transactions, study the impact of their provisions on financial reporting indicators, substantiation of the most acceptable lease accounting models for public sector enterprises. The information base of the empirical study was the data of the official website of the Ministry of Economic Development, Trade and Agriculture of Ukraine for 2013-2020. Methodical and methodological basis of accounting for lease transactions were the provisions of P (S) of Accounting 14, NP (S) of Accounting SS 126, IPSASB 13, IAS 17, IFRS 16. In the study used such techniques as comparison, l, time series, structural -dynamic and coefficient analysis. The essence of the concept of "lease" is clarified on the basis of a comparative analysis of its various definitions given in international, national standards of accounting and financial reporting for business entities, public sector entities, as well as in other regulations. The conceptual model of rent accounting for P (S) of Accounting 14, NP (S) of Accounting SS 126, IPSASB 13, IAS 17 and IFRS 16 is considered, the problematic aspects of its application in the accounting practice of domestic state enterprises are identified. Discussion issues concerning the application of the provisions of IAS 17 are highlighted, which include: the lack of a financial component in rental costs; lack of information in the financial statements about lease obligations not incurred by the company; Insufficient information in the financial statements about the existence of the asset to which the lessee has the right to use. The results of the study are to identify the key problems of the lease accounting model in accordance with IAS 17 for state-owned enterprises and make suggestions for their solution. Recommendations for assessing the impact of the lease accounting model in accordance with IFRS 16 on the financial statements of the lessee have been developed. The main directions of elimination of obstacles to the implementation of IFRS in the domestic accounting practice concerning the lease operations of state-owned enterprises are identified.

A Strategy of Operation and Management for Community Facilities in Public Rental Housing

For efficient management and operation in Public Rental Housing, it is necessary to choose an operating method that requires account the needs of the users and subsidiaries of the various communities. The purpose of this study is to provide the basic data on the efficient management of community facilities in apartments and operation methods that can enhance residents" satisfaction. The following four conclusions are extracted; First, the satisfaction with community operation management is highly correlated with overall satisfaction with community facilities. That is, it can be inferred that the satisfaction level of community facilities not only works in the physical environment but also in software such as operational management. Second, when choosing the operational management method for each facility, the first consideration should be focused on qualitative aspects such as the continuity and level of management of the operation rather than the operational cost. Third, the preference for pure autonomy and consignment methods is very high in the preference survey for residents" operational management methods. However, it is assumed that there is a lack of information and understanding on professional and external consignment management methods such as consignment operation and rental operation. Fourth, most rental apartments have the right to decide on many operations and management, including the community, by the Korea Land and Housing Corporation. As a result, it is difficult to reflect the opinions of residents of rental apartments, which are operated independently by the consignment management team.

IFRS 16 Leases: Standard's novation and the impact of the COVID-19 pandemic on the accounting and reporting information disclosure

Subject. This article discusses the methodological features of the present-day accounting for rental transactions and disclosure of the relevant reporting information in accordance with IFRS, taking into account the impact of the COVID-19 pandemic on organizations' activities. Objectives. The article aims to argue the present-day interpretation of rental transactions and their reflection in accounting and reporting in connection with the entry into force of IFRS 16 Leases, based on an analysis of the content of IFRS 16 amendments published by the International Accounting Standards Board (IASB) in May 2020 in connection with the COVID-19 pandemic. The article also intends to systematize the basic requirements for disclosure of additional information in financial statements in connection with the negative impact of the COVID-19 pandemic on the activities of Russian organizations, and define promising directions of the development of the theory and practice of accounting of rental operations in accordance with the existing paradigm of IFRS development. Methods. For the study, I used content analysis, systematization, and classification techniques, and the abstract-logical method. Results. The article describes the distinctive features of the new methodological approaches to disclosure in accordance with IFRS 16 compared to the previous standard. The article also identifies possible approaches to the financial reporting of lease-related concessions considering COVID-19. Conclusions. The impact of the COVID-19 pandemic has been particularly devastating for the service industry concerning rental operations. The article arrives at the conclusion that it is necessary and possible for tenants to disclose the associated additional reporting information.

소형주택 임대 사업자에 대한 세액감면이 형평성에 미치는 영향

본 연구는 정부의 임대 주택 관련 정책 중 하나인 소형주택 임대사업자에 대한 세액감면의 형평성을 분석했다. 소득수준, 지역구분에 따라 본 제도가 형평성에 미치는 영향을 분석하기 위해 임대주택 신규등록 건수, 지니계수, 실효세율을 사용하였다. 먼저 본 제도가 주택 임대 소득자 간 형평성에 미친 영향을 지니계수로 추정한 결과, 감면 규모가 크지 않기 때문에 형평성에 미친 영향은 작은 것으로 분석되었다. 그리고 본 제도의 감면 혜택을 받는 납세자의 실효세율은 다른 납세자보다 낮은 것으로 나타나 실효세율이 역전되었다는 점에서 본 제도는 수평적 불균형을 심화시킨 것으로 보인다. 다음으로 본 제도 도입으로 인해 수도권 임대 주택에 대한 등록 건수가 더 많이 증가했다. 또한 수도권과 비수도권의 지니계수 차이는 감면 후 확대되었으며 감면 전ㆍ후 실효세율의 변화도 수도권 임대소득자에서 높게 나타나 본 제도의 혜택이 수도권에 집중되는 것으로 분석되었다. 따라서 형평성 개선을 위해 점진적으로 제도를 축소하거나 소득수준 및 지역에 따라 감면율을 조정하는 방안을 고려할 필요가 있다.

FEATURES OF ACCOUNTING OF RENTAL OPERATIONS: ACCOUNTING AND TAX ASPECTS

У статті визначено, що оперативний лізинг (оренда) — це господарська операція фізичної або юридичної особи, що передбачає передачу орендарю основного фонду, придбаного або виготовленого орендодавцем на умовах інших, ніж ті, що передбачаються фінансовим лізингом (орендою). Доведено, що оренда — це угода, за якою орендар набуває права користування необоротним активом за плату протягом погодженого з орендодавцем строку. Водночас оперативною (операційною) орендою є оренда інша, ніж фінансова. Визначено, що переданий в оперативну оренду об'єкт продовжує значитися у складі необоротних активів орендодавця. Передачу майна в оренду відображають тільки в аналітичному обліку. Узагальнено, що під час придбання об'єкт інвестиційної нерухомості за первинною вартістю, надалі його слід відображати в бухгалтерського обліку та фінансовій звітності (на кожну дату балансу) за одним із методів: справедливою вартістю або первинною вартістю.

Thompson Pump divests rental operations to United Rentals

Thompson Pump & Mfg Co has sold its rental assets and related operations to United Rentals' Fluid Solutions Group.

A new two-stage heuristic for the recreational vehicle scheduling problem

In this paper, we address the problem of vehicle scheduling in a recreational vehicle rental operation. Two mathematical formulations have been employed in the literature to model the recreational vehicle scheduling problem (RVSP): an assignment-problem-based formulation and a network-flow-based formulation. We propose a new formulation motivated by inventory planning to solve the RVSP. The inventory formulation uses the assignment arcs in a network structure, which is improved by aggregating nodes and arcs. Modifications that are based on node aggregation are also suggested to the existing assignment formulation to reduce the size of the formulation. We find that the inventory formulation outperforms the assignment formulations with and without the aggregation of nodes. We also propose a two-stage heuristic that is based on the inventory formulation and compare its performance with an existing heuristic from the literature. Computational results on real-life RVSP problem instances show that our new heuristic performs significantly better, in terms of the solution time, without compromising too much on the solution quality, for most of the instances.

Joint dynamic pricing and capacity control for hotels and rentals with advanced demand information

This paper studies joint dynamic pricing and capacity control for hotel and rental operations when advanced demand information (ADI) is available for some but not all customers. Dynamic pricing for non-ADI customers and capacity control for ADI customers are jointly considered with a stochastic dynamic programming model. We examine structural properties and fully characterize optimal policies. Based on monotone properties of optimal policies, we develop effective pricing and rationing heuristics, and investigate the value of demand information through numerical studies.

Goal-Driven Approach to Optimize Matching Mechanism in Electric Vehicles Ride-Sharing System

Abstract Electric vehicles (EVs) play an important role in the automobile market in recent years. And carsharing system is increasingly attracting people's attention. It's a sustainable and innovative solution to solve transportation issues. Ride-sharing is a car (EVs) service which a person can use a third-party software to arrange a ride. Electric vehicles ride-sharing plays a prime role in shared service because of its environment friendly attributes. Especially, EVs ride-sharing systems offer a high level of travel experience because they provide users with fast and convenient service. In addition, users who participate in the EVs ride-sharing system would share rides to save time and money, and reduce environmental impacts. User matching mechanism is one of the important research issues in EVs ride-sharing system. The current user matching mechanism in EVs ride-sharing system is mainly in the perspective of one single subject, such as the government or rental operators. However, in reality, the EVs ride-sharing mechanism needs to be optimized with multi perspective. We will establish a multi-objective dynamic user matching mechanism in the context of the shared service model in Beijing City. In this mechanism, we consider multi objectives and utilize time windows as constraints which represent customers’ preference. So as to further improve the EVs ride-sharing services and enhance the operational efficiency of shared services model.

Inventory management in a closed-loop supply chain with advance demand information

We study inventory control for rental operations in a closed-loop supply chain. In such a system (e.g., Netflix), customers create online queues in a service provider’s website to indicate the items that they would like to rent. Leveraging this advance demand information, we propose effective forecast models and formulate a multi-item inventory control problem. We prove that the (L,U) policy is optimal in our multi-item setting. We also consider an aggregate service level constraint across all items and propose heuristics.

Consolidated-Tomoka—A Real Estate Holding Company

A real estate holding company with a diverse array of real estate operations serves to introduce a number of accounting and finance topics. The company owns over 11,000 acres of raw land purchased many years past, thus the use of historical cost accounting has left significant asset value off the books. The company is debt free, but a shift in corporate strategy and the use of tax-free 1231 like-kind exchanges has created an ever growing deferred tax liability. The basics of valuation, particularly income capitalization and a sum-of-the parts methodology are relevant. Finally, pressure from an outsider shareholder has put the company's corporate strategy in flux. Management must assess its current strategy of liquidating raw land and reinvesting in income properties, or devise a new longer-term land-development strategy. Excerpt UVA-C-2315 Rev. Jan. 25, 2011 Consolidated-Tomoka: A Real estate Holding COMPANY The Consolidated-Tomoka Land Co. (CTO) was a real estate holding company with primary operations in Central Florida. Throughout its long history, the company had evolved into one engaged in a diverse array of real estate operations. These included the more conventional (land purchases and sales, development, and rental operations) but also the less conventional (agricultural farming, mineral extraction, and golf course management). CTO's properties were spread throughout the Southeast, with a heavy concentration in and around Volusia County, Florida. The three-year period spanning 2007 through 2009 was unlike any other experienced in the real estate industry. Most real estate companies, particularly real estate investment trusts (REITs) and homebuilders, experienced an unprecedented drop in business. In mid-2007, operating fundamentals for these companies began to deteriorate at a rapid pace. The U.S. financial crisis driving these declines was itself fueled by a national real estate bubble. Virtually all property owners witnessed sharp equity erosion, and those who were highly levered quickly found themselves with loan-to-value ratios greater than one. The declines in Florida real estate were particularly severe, with year-over-year drops in appraised values exceeding 30% (Exhibit 1). Although CTO was one of the few real estate companies that managed an operating profit in each quarter during 2007–09, it was not completely immune to the downturn's effects (Exhibits 2 through 4 provide the three-year balance sheets, income statements, and statements of cash flow, and Exhibit 5 lists a summary of key accounting policies related to those statements). Corporate Evolution and Current Strategy . . .

Inventory Management in a Closed-Loop Supply Chain with Advance Demand Information

We study forecast and inventory control problems for rental operations in a closed-loop supply chain. In such a system (e.g., Netflix for DVD rentals), customers create online queues in a service provider's website to indicate the next items that they would like to rent. Leveraging this advanced demand information, we propose effective forecast models for item-level returns and demands. Based on the forecast models, we formulate a multi-item inventory control problem. We prove that the (L;U) policy, which was shown to be optimal in single-item settings, remains to be optimal in our multi-item setting. Moreover, we show that the problem is separable in items, so the optimal solution can be computed by solving multiple single-item problems. In practice, the service provider would also like to impose a minimum aggregate service level across all items. This aggregate service level constraint complicates the problem significantly and the (L;U) policy is no longer optimal. In this case, we propose an inventory heuristic based on a single-period, multi-item formulation of our problem. This heuristic outperforms similar ones proposed in the literature and attains the optimal solution in all cases in a benchmark study.The online supplement is available at http://ssrn.com/abstract=2838885.

다가구주택 관리를 위한 SNS 연동 실시간 민원 처리 서비스

The smartwork is future-oriented working environment that allows us to engage in work anytime, anywhere conveniently and efficiently by utilizing information and communication technologies in a variety of locations and mobile environments. We proposed a smartwork platform to support the efficient housing management for small housing management companies. Our systems interwork in real time with smart mobile devices and SNS to support high quality housing service for tenants and rental operators. In this paper, we describe real-time complaint handling service using SNS which is a part of smartwork platform for the efficient housing management.

렌탈 운영에서 용량 유연성 확보가 기업의 수익성에 미치는 영향

We present a new framework for rental capacity management in which rental capacity is dynamically managed by means of temporary inventory addition/return. While serving customers with its own (native) capacity, the rental firm rents additional rental capacity from an upper echelon rental company so that it can avoid lost sales which may occur when stock is not sufficient, and returns it when stock becomes sufficiently large enough to cope with demands. Formulating the model as a Markov decision process, we investigate a flexible capacity addition/return policy that maximizes the firm's profit with respect to system costs. Numerical study indicates that rental operation with capacity addition/return can be economically favorable over rental operation without capacity expansion/return and can contribute the reduction in the size of native rental capacity.