Why doesn't ADR × occupancy × 365 equal annual revenue in BNBCalc?

Why don't the market page cards multiply out?

Because each card is its own calculation, built from its own monthly figures. On a market's Marketwide Stats tab:

• Annual revenue (actual) is the market's total revenue over the last 12 months divided by its average active listings.
• Avg daily rate is the average of the last 12 monthly daily rates, cleaning included.
• Occupancy rate is the average of the last 12 monthly occupancy rates, counting only the nights listings were open.

BNBCalc's market data measures each month's revenue, rate and occupancy separately, and those figures don't reconcile with each other even within a single month. So multiplying the rate card by the occupancy card can land well away from the revenue card, above it in some markets and below it in others, and neither direction means one card is wrong.

Averaging adds a smaller gap on top. Say a market books 80% of its nights at $300 in summer and 30% at $150 in winter. The average rate is $225 and the average occupancy 55%, but summer's busy, expensive nights earn more than that pair suggests, so a year of revenue comes out higher than $225 × 55% × 365.

Which card should I use for what?

Use Annual revenue (actual) for what a listing in the market earns in a year, and read Avg daily rate and Occupancy rate as the typical price and booking level behind it. When you compare markets, compare revenue with revenue and rate with rate, rather than rebuilding revenue from the other two.

The same goes for the change lines under the cards: they aren't growth rates of the figures above them. The Annual revenue line is worked out from the monthly rate and occupancy figures, and the Occupancy line compares percentage points.

Why do other parts of BNBCalc show different figures again?

Because they cover different listings or measure revenue another way. The Listings tab's Annual rev averages the potential revenue of the listings on the map, the state ranking pages show the median room-revenue potential with cleaning left out, and a listing's own daily rate and revenue come from separate figures. Each one answers its own question, so they won't match the market card or each other.

Why do property analyses line up?

A BNBCalc property analysis works the other way round. It settles the revenue estimate from the comps, then sets the Daily Rate so that daily rate × occupancy × 365 gives that revenue. That's why an analysis's three numbers line up, and why its daily rate won't match any one comp's posted price.

An analysis and a market page answer different questions, though: the analysis estimates what one home could earn over a full year from its nearest comps, while the market card averages what listings across the market earned. Use the market page to decide where to look, and the analysis for the home itself.