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Back in May 2018, Digit 1919, a Buzzworks building, joined the vast network of multifamily properties utilizing Pillow’s intuitive software to allow their tenants to list their units as short-term rentals on Airbnb. Digit 1919 is a newly constructed apartment complex located in Dallas, Texas. This fresh, urban experience offers stellar downtown skyline views as well as top of the line amenities. Opened in August 2017, Digit 1919 provides high-speed internet, valet trash and recycling pick up, oversized balconies and an onsite dog wash. And now added to these highly sought-after amenities, Digit 1919 is the newest Dallas Airbnb friendly building, permitting residents to easily and legally rent units on Airbnb.
This apartment complex is designed to appeal to urban and hip millennials. Offering Pillow is another attractive amenity for this target demographic. This age group grew up with Airbnb and enjoys the flexibility to rent their units while they travel for work or pleasure. More than half of multifamily residents in the country are aged 25 to 34. More than 60 percent of those 25 and under are interested or very interested in sharing their units, according to data from the National Multifamily Housing Council (@ApartmentWire). Pillow’s easy to use online platform allows tenants the freedom and flexibility they need to lease their units and earn supplemental income. Providing Pillow’s services to potential residents is an attractive offer and has driven a significant amount of traffic to the apartments.
The proximity to the white-hot Cedars District makes Digit 1919 an appealing location for short-term renters. This area is rich with history, music, and art. In addition, Digit 1919 is close to a large number of shops, restaurants, and bars.
Digit 1919’s owner, Buzzworks, came to Pillow to offer an attractive amenity for potential residents to drive leads. Buzzworks was one of the first property owners to agree to a “per-lease” bounty fee. This means that they pay Pillow for every lease that is signed due to their marketing efforts. Pillow’s promotion emphasizes the newest Airbnb amenity in the community. Leasing agents quickly understood the advantages Airbnb gave to residents and were equipped to turn leads into leases. Right off the bat, there was a rise in leads walking through the door asking about the newest Airbnb amenity.
“Digit 1919 caters to young adults who want amenities – a perfect match for Pillow’s brand which is highly popular among Millennials.” said Alex Chang, Pillow’s COO “We know this amenity is hugely successful at driving occupancy”.
Using Pillow is incredibly beneficial to property owners as well as residents. Multifamily building operators can take control of short-term rentals instead of letting it take control of them. The platform provides seamless, full-service solutions that allow residents to host on Airbnb under the control of the building owners and management. Pillow offers automated online compliance, safety, payment and monitoring in one convenient digital solution. Building operators set policies for types of Airbnb guests residents can accept, what the security deposit will be for guests and how many days per year residents can lease their unit.
Pillow is solving short-term rentals for multifamily properties, allowing building owners and property managers to have control and transparency over short-term rentals while enabling their residents to rent their units short-term on Airbnb. When someone books a short-term rental reservation with a resident, building owners are earning 10 percent of each booked reservation allowing them to invest back into their communities or help cover management expenses. Additionally, building owners receive daily and weekly short-term rental activity reports with key reservation information including dates, guests’ names and contact information. Landlords can also leverage Pillow’s Vacant Unit module to manage and monetize vacant units. With Pillow, landlords can rent out their empty units for a few nights at a time to make the most of this valuable asset. Pillow charges an 8 percent fee per completed reservation: the average property manager can make 10-30 percent more than typical market value by offering short-term rentals in addition to traditional leases. All in all, Pillow offers a one stop shop for managing short term rentals in multifamily buildings. With one service, you can offer your residents the flexibility to do the same and easily monetize your vacant units.
If you own a multifamily complex or management company and are interested in providing short-term rentals, email firstname.lastname@example.org or visit www.pillow.com.