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Case Study Summary
The short-term rentals industry, through sites such as Airbnb, has grown tremendously over the past few years. In some cases, this growth fueled evictions and lawsuits involving apartment buildings and it’s residents. With a new wave of research backed technology offered by startups such as Pillow, multifamily building owners and managers found an opportunity to gain control and visibility into the short-term rental activity in their buildings.
The following independent case study uses two of the real world examples of buildings that have partnered with Pillow hoping for it to be a one-stop solution for short-term rentals. The study was conducted by Donald Davidoff, a thought leader in the multifamily industry. You can download the full case study at the bottom of the page.
The Benefits vs The Risks
There continues to be a strong debate within the multi-family housing industry on the value of allowing residents to offer short-term rentals in their apartments versus the risks of allowing them to do so. Despite this debate, there’s already an established trend of short term rentals in multi-family units. According to a recent NMHC article “It is estimated that 65% of booked nights on Airbnb, for example, are in multifamily buildings.”
While the benefits do outnumber the risks, some common concerns include:- changes to the feel of the community, liability issues, operations costs and the hassle of coordinating site teams. With companies such as Pillow, all of these risks can be solved. Pillow’s platform provides residents and building owners with the services they need to manage their short-term rental reservations with ease.
The Results Are Too Good To Be True
A recent study analyzed the performance of two communities in Denver, Colorado. These two communities both allowed residents to offer short-term rentals through the Pillow platform. Pillow makes execution simple and aids enforcement while layering on a lead generation component leveraging the desire that a segment of the renting population has to offset rent through serving as a short-term host.
As of mid-July, the first community, Archer Tower, had been using Pillow just over 17 months and the second community, also a high rise located in Denver, 6 months. The results show substantial opportunity to increase revenue and resident satisfaction for both communities. In some ways, these results seem almost too good to be true. So why are the results so good?
Short-term Rentals Turn Into Normalized Business
Short-term rentals can still be a bit of a “wild,wild west.” But like all new products, it’s beginning to settle into a more normalized business environment. The Pillow platform clearly contributes to that maturation with allowing residents flexibility to use their homes as they see fit and offset some or all of their rent expense, the use of Pillow makes it much easier to track participation and rules, and owners get both direct and indirect revenue that materially adds to the property level. The benefits outnumber the risks. By using the Pillow platform all of the concerns and risks are alleviated.
To discover if you should integrate a short-term rental strategy for your Multifamily units, email email@example.com for the full Case Study “Short-Term Rentals in Multifamily Buildings: The Benefits & The Risks based on real-world data”.
About Donald Davidoff:
Donald is known as a thought leader in the multifamily housing industry, particularly in areas where technology and people meet. He is perhaps best known for developing the Lease Rent Options TM (LRO), the industry’s first automated demand forecasting and price optimization system. Donald is currently the Founder and President of D2 Demand Solutions, a management consulting firm that provides C-level executives with strategic insights into pricing and revenue management.
Furthermore, as a former Senior Vice President at Archstone for 10 years, and a former Executive Vice President with Holiday Retirement, Donald has abundant experience in consulting on operational issues related to ROI and driving go-to-market strategies.