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Previously, we discussed how the Pillow Residential program solved the issue of illegal short-term rentals and generated more revenue for Archer Tower. In this post, we will focus on how the residents of Archer Tower were able to benefit from the program and earn additional income from hosting compliant Airbnb rentals.

To quickly recap, almost a year ago, a growing number of residents at Archer Tower expressed interest in subletting their units on Airbnb. Many of these residents often travelled, leaving their homes empty and unused. Despite this rising demand, the residents were not allowed to rent out their units, since short-term rentals were prohibited on the property as stipulated by their lease agreements. Residents who wanted to host on Airbnb had to keep their side businesses a secret from management.

To address this need, Pillow Residential launched a program in Archer Tower to enable compliant short-term rentals as a revenue-generating amenity for residents and a peace-of-mind solution for property management to control rental activities.

Challenges Archer Tower Faced & How Pillow Helped

1. Residents unable to freely sublet their units and earn extra income

Property management was unable to simply allow residents to host Airbnb rentals, since the lease agreement clearly stated that short-term rentals were banned from the building. Therefore, there was always a potential risk for eviction for such residents who secretly rented out their homes.

Solution:

Pillow facilitated compliant short-term Airbnb rentals in partnership with Archer Tower. Pillow removed any risk of eviction and allowed residents to legally generate extra revenue.

2. Management left in the dark 

Property management had little control over the short-term rental activities going on inside Archer Tower; they had no way to monitor who the guests were, for how long they would be staying, or enforce any building rules.

Solution:

Pillow drafted a new lease addendum for the residents, which gave them permission from property management to rent out their units. Correspondingly, this also allowed property management to access real-time information regarding all hosting activities (e.g. number of guests, which unit they’re in, duration of stay) when residents connected their Airbnb accounts via the Pillow platform.

3. Hassle of managing and hosting unit 

Inexperienced residents had difficulty personally creating and managing their own listings – on top of that, hosting guests was a time-consuming and uncomfortable experience for many.

Solution:

Pillow enables residents to manage their reservations painlessly and remotely by automatically creating professional listings on Airbnb and coordinating cleaning services in preparation for reservations.

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Testimonials

By striking a balance and addressing the issues of both sides, Pillow Residential allowed Archer Tower to launch short-term rentals as an additional, revenue-generating amenity to all residents with minimal risk and effort. John, who is one of the residents at Archer Tower, was able to host his home through Pillow and in turn create more time and money to travel with his family.

“We enjoy travelling around the world – that’s why we wanted to use Pillow and Airbnb to rent out our unit. And the income we get from this just enables us to do more travelling. The whole transparency makes it work; I can literally be gone for a month and not have to worry about any of these small details.”

-John V., Building Resident

The managers of Archer Tower have also been able to keep the residents happy and satisfied while also gaining an effective tool to access important information about all hosting activities. Angelique, the Community Manager at Archer Tower, is now able to capture and maintain real-time information on each and every guest subletting a unit at all times, providing a level of comfort and security to property management.

“With a service like Pillow, it allows our residents to rent their apartments out without it being a lease violation, and it gives them peace of mind to not be violating their lease…And we’re able to have peace of mind as well because we know who’s on our property and who’s renting out their apartments, and it’s a win-win for everyone.”

-Angelique Donovan, Community Manager

Lastly, as a result of Pillow Residential’s program, Archer Tower has been able to generate 20% more applications from prospective new residents, significantly decreasing vacancy in the building. For Emily and Andrew, an amenity like Pillow Residential that permits them to comfortably rent out their apartment was what ultimately influenced their decision to move into Archer Tower.

“We didn’t immediately think to look into this building. But once we learned about this opportunity to generate some income from the place you’re renting, it very quickly turned into a ‘no-brainer’.”

-Emily C. & Andrew C., Building Residents

If you’re interested in renting out your apartment unit for the first time, we’re happy to help! Here at Pillow, we can create your listing and market it on Airbnb, and make confusing tasks like checking-in and hosting your guests quick and easy!

Don’t have Pillow Residential in your apartment building yet? Use this link to refer your building to the Pillow Residential program so you can start hosting on Airbnb and make extra income, which you can use to travel, help save for expenses, or use however you please!

Want to find out more about the short-term rental industry? Check out our Facebook and LinkedIn pages, or subscribe to Pillow’s blog.

 

Written by Harry Lee · October 2, 2017

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