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. A pool is table stakes in this market; a home that sleeps an entire bachelorette party or golf group under one roof is not. Group and event demand concentrates on that thin top tier, and the operators who run it 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.