RevPAR on its own is misleading, because it says nothing about unit size. A 4-bedroom home always out-earns a studio, even when the studio runs a sharper process per room. So we adjusted for it: revenue per bedroom, per night, across 34 Phoenix/Scottsdale property managers.
That spread is real money. For an operator in the bottom quarter, closing to the median is about a 28% revenue lift, roughly $16,000 a year on a single 3-bedroom home. Same market, same guests, same nights available.
Phoenix/Scottsdale is unusual. In most markets bigger homes earn a little less per bedroom, but here the trend line slopes up. That is segment economics, not magic bedrooms: group and event demand chases the big pool homes, their supply is scarce, and the operators who run that tier out-earn the market even after adjusting for size. Size still explains only about 40% of the gap between operators. The other ~60% is execution, how they price and manage, which is why two operators running similar-size homes can land $20+ per bedroom, per night apart. The gap is pricing, not inventory.
Each dot is one Phoenix/Scottsdale property manager (34 total). Dot size ≈ portfolio size. Bedroom-normalized.