A bedroom-normalized RevPAR diagnostic on the Michigan market. A smaller, more tiered market than Chattanooga, where the comp set is thin but the pattern holds.
Michigan is a thinner, more tiered market for Unique Stays — 19 AirDNA listings, mostly one-bedroom lofts. They post the lowest raw RevPAR in the market at $125, but again the highest occupancy at 66%. Against the one true peer, Book N Gather, they sit roughly 15% below per bedroom. Juniper Holiday + Home sets a luxury Harbor Country ceiling that is a different product class, not a like-for-like comp even after normalizing.
Raw RevPAR — small-unit drag
RevPAR per bedroom — normalized
Charts show the three managers with bedroom data. Evolve (national) and RPM Vacations (no host page, zero reviews) are excluded — no reliable bedroom mix.
All five managers from the AirDNA Michigan export. Three carry bedroom data; revenue per available bedroom is the apples-to-apples cut.
| Property manager | Listings | Occ | ADR | RevPAR | Wtd avg BR | RevPAR / BR | Revenue |
|---|---|---|---|---|---|---|---|
| Juniper Holiday + Homeluxury | 17 | 47% | $941 | $442.41 | 3.36* | $131.67* | $1.38M |
| Book N Gathermulti-market | 16 | 49% | $435 | $213.22 | 3.55* | $60.06 | $0.92M |
| Evolve | 21 | 57% | $356 | $203.13 | — | — | $0.48M |
| Unique Stays | 19 | 66% | $189 | $124.57 | 2.45* | $50.84 | $0.61M |
| RPM Vacations | 43 | 49% | $258 | $126.36 | — | — | $0.49M |
* Bedroom averages are portfolio-derived and flagged. Juniper: 104 of 109 bookable listings are Michigan (Harbor Country), averaging 3.36 BR; AirDNA tracks only 17. Book N Gather: 40 Airbnb listings spanning SW Michigan and Door County; AirDNA tracks 16. Unique Stays: 40 Michigan-state units from their own Guesty data (18 are one-bedroom lofts); AirDNA tracks 19.
The same underpricing signature shows up — highest occupancy, lowest per-bedroom yield among true peers — but the Michigan comp set is small and tiered, so the case is narrower and the dollars smaller.
Raw RevPAR is misleading across managers with different unit mixes. Normalizing to revenue per available bedroom removes that distortion. Unique Stays' Michigan inventory is loft-heavy (smallest units in the comp set), which is exactly why their raw RevPAR understates and the per-bedroom view is the fair read.
Bedroom counts came from Airbnb host pages (Book N Gather), the operator's own Guesty-backed booking site filtered to Michigan (Unique Stays, Juniper). Juniper's per-property location was isolated from their site-wide Harbor Country HQ address before classifying state, so Montana and Indiana inventory was excluded from the Michigan figure.