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As part of our commitment to anchoring our work in culture, data, and people across our three pillars — art, hospitality, and tourism — we launched, in June 2026, a six-month comparative study of short-term rental businesses in Abidjan (Côte d’Ivoire) and Kampala (Uganda).

We believe that any business must be in control of its data to plan, adjust, innovate, make sound decisions, and grow.This principle applies to all sectors, but it is particularly important in the hospitality industry, where operational performance can change rapidly depending on occupancy, pricing, seasonality, and guest behavior. 

The study was initiated after observing that many owners of short-term rental units tend to neglect data management and often set prices based on subjective perceptions, competitor imitation, or intuition rather than measurable indicators such as occupancy, operating costs, Average Daily Rate (ADR), and Revenue per Available Room (RevPAR). 

Our objective with this study is to raise awareness and demonstrate that owners of short-term rental units can significantly improve profitability by operating with the same level of discipline, monitoring, and analytical rigor as professional hotels. 

For this study, we received the consent of one owner in Abidjan and two owners in Kampala to participate.  For the purposes of this publication, we assign each owner and their rental unit a name and abbreviation:

• Abj_JDZ — the owner based in Abidjan
• Kla_MHA — the first owner based in Kampala
• Kla_KVA — the second owner based in Kampala

Profile of the Rental Units

Common Characteristics

All three business owners share the following characteristics:

• A two-bedroom apartment, furnished and serviced
• Operate under a short-term nightly rental model
• Located in newly constructed buildings (2024)
• Situated in residential areas with a high density of competitors
• Operate in countries classified by the World Bank as developing lower-middle-income economies

Key Differences

• Abj_JDZ owns the building, which contains two apartments, while the Kampala participants are leasing their units.
• Abj_JDZ manages the business personally, whereas the Kampala operators rely on co-hosts or third-party operators.
• Kla_MHA is the only participant with historical operational records and monitoring tools. The business was acquired and has been operated since June 2026.
• Abj_JDZ and Kla_MHA use online booking platforms such as Airbnb and Booking.com, while Kla_KVA depends primarily on an agent/operator using personal and professional networks.
• The businesses operate with different currencies (UGX and XOF) and in different regional environments (East Africa and West Africa).

Results from the First Month of the Study 

It should be noted that, due to competing priorities, the owner of Kla_KVA was unable to submit data in time for this first report. Their data will be included in the next publication.

At a glance, the following table presents a snapshot of the July 2026 performance of Abj_JDZ and Kla_MHA :

Metric	Kla_MHA (avg)	Abj_JDZ (avg)	Kla_MHA (total)	Abj_JDZ  (total)
Occupancy Rate	80.6%	83.9%	1	2
Total Revenue (local)	6,412,037	910,000	6,412,037	1,820,000
ADR (local)	250,000	35,000	250,000	70,000
RevPAR (local)	250,000	29,355	250,000	58,710
Net Income (local)	1,958,189	710,000	1,958,189	1,420,000
Avg Guest Review	0	0	0	0
Cancellations	0	0	0	0

Preliminary Observations 

Both businesses performed well in terms of occupancy, averaging 25 booked nights in July. However, the significant gap in total revenue and net income requires further explanation. 

Kla_MHA 

Although Kla_MHA does not own the apartment, it achieved a strong occupancy rate. However, the business must pay a monthly lease of USD 800 (2,928,000 UGX), which represents a substantial fixed cost that does not apply to Abj_JDZ.

In addition, Kla_MHA incurred relatively high commission expenses by combining:

• a third-party agent, and
• Airbnb platform fees.

These commissions represented approximately 16.5% of total monthly expenses (734,596.8 UGX), making them the second-largest expense category after rent.

Despite these costs, the business achieved a net margin of 25.6%, which is encouraging for a recently acquired property that had recorded an average occupancy of only 40% during the previous three months.

Abj_JDZ 

The performance of Abj_JDZ is particularly noteworthy. Based on the figures submitted:

• Net income represented 78.02% of total revenue.
• Operating expenses represented only 21.98% of revenue.
• The estimated profit margin was approximately 78%.

However, an important limitation must be highlighted: Abj_JDZ does not maintain systematic records of its operating expenses. The reported expenditure of 200,000 XOF (approximately USD 357) is only a rough estimate rather than a figure supported by daily accounting records.

Without accurate expense tracking, calculations related to net income, operating costs, and profit margins remain provisional and may not reflect the true financial performance of the business.

Issues Encountered During the First Month 

Kla_MHA 

Utility consumption came in higher than budgeted. As a result, the business introduced a new electricity policy for August: 

• Applicable to stays of five nights or more.
• Includes an allowance of 6 kWh per day.
• Any consumption exceeding the agreed allowance will be charged to the guest.

Abj_JDZ

A guest accidentally damaged a lamp in one of the apartments. The owner and the guest agreed to share the cost of repair or replacement.

Closing Analysis

Overall, both owners are clearly benefiting from the high season, as both countries are seeing an increase in travelers and tourists arriving for holidays or business trips. And the first month of the study shows that both Kla_MHA and Abj_JDZ are performing well, but within very different operational foundations. 

 Kla_MHA has stronger operational management, with systematic record-keeping, but needs to reduce operating costs to improve net income. Abj_JDZ, by contrast, needs to establish systematic tracking of its operational costs to gain a true picture of its earnings. That said, given its current margin, Abj_JDZ is better positioned than Kla_MHA to begin planning an expansion phase.

Another important finding is that neither business currently places sufficient emphasis on collecting guest reviews on listing platforms. Reviews are critical because they:

• improve platform visibility,
• strengthen guest trust,
• increase conversion rates, and
• provide a competitive advantage during low-demand periods.

In highly competitive residential markets, building a stronger review base could play a key role in maintaining visibility during the low season, when demand falls in an already competitive market.

Each participating owner has received an individual performance report highlighting:

• operational weaknesses,
• recommended improvements,
• suggested management tools, and
• priority actions for the following month.

The next publication will assess:

• whether the recommended changes have been implemented,
• the impact of those changes on occupancy, revenue, and profitability, and
• how Kla_KVA’s data compares with the first two participants.

This comparative study is still in its early stages, but the first month already demonstrates the crucial role data plays in monitoring and improving business performance.