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LOUISVILLE,KY (April 2018) – Bradford Mills Lofts is the latest apartment complex to adopt Pillow’s easy-to-use online platform to maintain safety while allowing their residents to lease their units short-term.
Pillow, a San Francisco-based short term rental management service, partnered with Bradford Mills Lofts before construction on the complex was complete. The partnership is a new and exciting amenity to offer to attract potential residents. This relationship was finalized at the end of 2017. Since then, both parties have benefited from this collaboration.
Bradford Mills Lofts is a former moving and storage facility that has since been renovated into a state-of-the art apartment complex. Its 147 units boast modern amenities while preserving the building’s unique history.
Pillow has more than 6,000 units enrolled across the country. Pillow make it easy for tenants and landlords to safely offer short-term rentals as an amenity to long-term tenants who are already renting their units without approval from property owners.
Pillow’s platform provides automated online compliance, safety, payments, monitoring and property management tools all in one convenient digital solution.
Landlords can closely monitor their tenant’s rentals with greater control, and residents can continue to rent their units on Airbnb.
Property managers will receive daily and weekly short-term rental activity reports sent directly to
their inboxes. Building owners can set restrictions on the types of short-term renters entering the property, and can decide the amount that guests must pay in security deposits. Property owners can also control settings such as whether guests can have parties or pets or the amount of nights they can stay. These settings automatically transfer into Airbnb listings, so no residents can override them.
“First of all, I’m proud to say that Pillow is a portfolio company of ours—so getting to use a
product first-hand in which you invested is an awesome thing!” said Justin Brown, principal for
Marian Group, which owns Bradford Mills Lofts. “As a multi-family owner, the idea of
un-monitored and essentially unrestricted subletting of our Class-A units via Airbnb and the like
is a scary thing. Pillow allows us to put security and management around the situation, thus
allowing our residents to take advantage of subletting their units in a manner that is controlled
and good for all.”
Using Pillow is a fantastic way for multifamily building owners to feel at ease with Airbnb. The short-term rental market is rapidly expanding. In 2017, more than 210 million guests booked stays through Airbnb and the market is projected to expand even further in the next several years. 65 percent of booked nights on Airbnb are in multifamily buildings.
Millennials are the primary demographic listing apartments on Airbnb, and multifamily buildings are very popular among this demographic. Many millennials are securing long-term leases and renting units short-term unnoticed. This has put multifamily building owners in a precarious situation, and Pillow emerges as the best solution.
“[Short-term leasing] is here and it’s not going away,” Brown said. “You can either figure out a
way to manage the situation or the situation will start managing you- never a good thing! Pillow
is allowing us to turn short-term renting into a controlled amenity for our residents. We see it as
a win-win for both us and our tenants.”
If you own a multi-family complex or management company and are interested in providing
short-term rentals, email email@example.com or visit www.pillow.com.