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Trends in Amenities
In the early 2000’s, allowing pets in apartments was the hottest amenity. At the time, this amenity was seen as “controversial” and “out of the box”. Now, it’s a standard offering at many communities across the country. This amenity was finally adopted on a large scale because tenants demanded it and owners realized they could profit by offering it.
A New Challenge Emerges
Eighteen years later, the story is repeating itself. Across the country, a majority of tenants want the opportunity to offer their units on Airbnb for short term rentals. According to the National Multifamily Housing Commission, 78 percent of millennial’s want this amenity. This demographic will continue to influence multifamily amenity trends over the next five to seven years, as they sign leases and are willing to pay a premium for rent.
Easy Solution to a Difficult Problem
Building managers are put in a tricky situation, but the simple solution lies in an easy to use software platform. Meet Pillow. The official multifamily partner for Airbnb, Pillow makes it easy to offer this attractive amenity to tenants with no monetary investment. With Pillow, building managers can set controls on short-term rentals and receive 10 percent of each reservation. Furthermore, background checks are run on potential guests before bookings are made and landlords will receive daily reports of rental activity.
Attract Renters at No Cost
Increasingly, potential tenants view this as a desirable amenity. Building owners can attract renters with an amenity that requires no capital investment and little time and effort. This is especially important, as a growing number of potential residents are looking at amenities before signing a lease.
“Amenities and services are moving front and center,” said Blake Hayunga, COO at Virtu Investments. “It’s become a key part of the value proposition, and the happier the residents are, the better our assets perform financially.”
Pillow is an attractive amenity for several reasons. Many young professionals living in apartments travel frequently from work, and want the freedom and flexibility that comes with the ability to offer their apartment on Airbnb short term. Residents are more likely to sign up for a more expensive lease if they believe they can recoup their money through short term rentals.
Real World Success
In Denver, staff at Archer Tower apartments were able to generate 15 percent more long-term rental applications by adopting and advertising Pillow. Archer Tower staff also saw a 20 percent reduction in resident churn due to the amenity’s income earning potential. Approximately 1 in 4 residents renew their lease just because of this amenity!
The Grand apartment complex can serve as a fantastic illustration of the desirability of Airbnb as an amenity. Pillow partnered with the brand new apartment complex to help them fill their 508 luxury apartments. Within days, tours were scheduled and leases were signed- solely because people wanted to take advantage of this attractive amenity! Luisa, The Grand’s community manager, was impressed by the experience.
“Pillow is definitely a big lure, so much so that at least one out of every seven leases that we have signed thus far is absolutely because of Pillow,” she said. “This most recent new tenant took a lease higher than she had originally planned, feeling safe because she could make up the difference with Pillow!”
Overall, Pillow is an easy-to-implement platform that makes it easy for building owners to offer Airbnb as an amenity. Best of all Pillow comes at no financial cost to building owners. This desirable amenity will help drive leads and sign leases, as a high percentage of potential renters are willing to seek out this capability. Pillow is a fantastic way to benefit residents and building managers alike.
Written by Todd Conway | June 23, 2018