Sometimes new technologies and strategies change the way that we do business. More frequently, though, things that have worked in one industry find their way into other sectors, leading to fresh innovation. In multifamily, it is often the hotel industry that supplies some of the most plausible new ways to sell, market and deliver the experiences that define our industry.
Read MoreTopics: Short-Term Rentals, Multifamily Trends
Just yesterday, Pillow Homes released a white paper I authored, “Allowing Short-term Rentals in Multi-family Buildings: The Benefits and the Risks Based on Real-world Data.” Though in full disclosure I was compensated for my work, I am particularly proud of this piece of analysis as it’s the first time I’m aware of any comprehensive case study of what really happens when buildings actively allow residents to sublet their homes out for short-term rentals (STRs).
The paper was made possible by data collected on the Pillow Homes platform and the courtesy of two management teams of Denver multi-family communities allowing me to interview them to bring their experiences into the analysis along with the “hard” numbers. The study was made all the more interesting as one of the communities was a stabilized property and the other is going through lease-up, thus giving different perspectives from different operating imperatives.
Read MoreTopics: Short-Term Rentals, Leasing Performance, multi-family housing
I’m not sure how many people in multifamily housing pay close attention to the hospitality industry. Partly because I grew up in travel and hospitality and partly because it’s maybe the closest cousin to housing rentals, I’ve always kept an eye on developments in that world.
Last week, I saw an announcement that could be a doozy. Marriott, the world’s largest hotelier has partnered with Hostmaker, a London-based homestay property management company, for a six-month trial of Tribute Portfolio Homes.
Read MoreTopics: Short-Term Rentals, Multifamily Trends, Demand Management