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A Winning Duo
Since November 2017, Pillow has been the official and exclusive multifamily housing partner for the popular short-term rental listing platform Airbnb. Airbnb chose to partner with Pillow to bring control and transparency to the multifamily short term rental market. Pillow took a complicated, time consuming process for multifamily building owners and created a solution that greatly benefits Multifamily operators and residents alike.
Control and Transparency
The Pillow platform improves upon the already excellent Airbnb platform. Building owners gain full visibility into all of their residents’ short term rental reservations. They can see guest profiles to know who’s staying in their building and receive a real-time notification when guests check out. Landlords can set rules and guidelines that are then fixed into their residents Airbnb listings. This can include setting a cap on the total number of nights that tenants can rent out their units, instituting a minimum security deposit and enforce building rules like quiet hours or pet policies.
Peace of Mind
All Multifamily properties working through the Pillow platform are able to make use of Airbnb’s safe and dependable Multifamily $5,000,000 insurance policy.
Short term rentals are a rapidly growing market. In 2017, Airbnb saw more than 240 million nights booked. More than 50 percent of these stays were in multifamily buildings. Guests like the safety, convenience and amenities that come with an established apartment complex. Furthermore, tenants want the opportunity to provide short term rentals. A study by the National Multifamily Housing Council found that more than half of those aged 25 to 34 want the capability to offer short term rentals in their apartments. For those under 25, this number is more than 60 percent. This means that multifamily buildings are likely hosting short-term rentals, whether or not landlords are aware and approving of this process. Airbnb and Pillow’s partnership helps to make this process work for everyone. Tenants want the flexibility and extra income that comes with offering short term rentals, and landlords want to be in control of everything happening on their properties. Property owners can offer Airbnb to residents as a desirable amenity at no cost to them, attract and retain happy residents and even increase rent and occupancy rates due to the popularity of this service. This partnership is a win-win situation for all involved.
Pillow’s fully dedicated 30 person team works closely with Airbnb to ensure that all Multifamily partners are satisfied. Because of the partnership, building owners and residents get to operate Airbnb rentals easily through the Pillow phone and desktop apps.
Short-term rentals are likely happening with or without the consent of landlords, so these tools can help Multifamily operators make them work to the best suit their needs. Through this partnership, Pillow grants landlords the ability to monitor and profit from the rentals that are likely already occurring in their buildings. Multifamily building owners love that they no longer have to worry about short-term rentals, and can offer a solution to this rapidly growing concern that benefits tenants and building owners alike. Through this partnership, building owners can benefit from offering a hugely popular amenity while also profiting from a share of the profits.
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.
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