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River Run Apartments in Avon, Colorado, just minutes from both Vail and Beaver Creek Ski Resorts have decided to get in on the ever-expanding short-term rental market. Vacationers seeking a prime location and modern amenities are certain to take advantage of these newly available short-term rentals at the Texas Capital property.
In 2017, more than 210 million guests booked stays through Airbnb. And, interestingly, more than half of Airbnb rentals already take place in multifamily building units. Before Pillow, building owners didn’t have an easy way to make short-term rentals safe and simple for their residents. Units were being listed on Airbnb with or without the approval from building owners, creating a sometimes-tenuous relationship between residents and management. At a minimum, the secrecy of short-term rentals at a building that’s not Airbnb friendly can irritate building managers. In more serious circumstances, it can affect the safety of tenants, complicate lease agreements, and cost the building owners.
Pillow is helpful to property owners and tenants alike and provides seamless and full-service solutions that allow short-term rental hosts to enjoy greater flexibility to travel while knowing their guests will rest easy. Pillow features automated online compliance, safety, payment, monitoring and property management tools all in one convenient digital solution. Landlords can safely monitor their tenant’s rentals while earning 10 percent of each booked reservation. Additionally, building owners receive daily and weekly short-term rental activity reports.
Building managers at River Run took advantage of Pillow’s easy to use platform to add control to their rapidly expanding short-term rental market. Short-term rentals at River Run Apartments will use an established per night minimum price for guests booking their units, and a security deposit will be required from all guests. The ability for management to easily set guest requirements for the entire building makes it that much easier for tenants to make extra money through short-term rentals while ensuring the owner’s needs are being met.
Implementing Pillow was a smooth process for River Run Apartments. Everyone from the portfolio manager to the leasing agents were onboard and worked with Pillow’s team to make the transition seamless for their resident community. The entire team is committed to ensuring that the pilot program is a success for both management and tenants. Upon completion of a satisfactory pilot program, Texas Capital plans to offer Pillow as an amenity at their other properties.
With the addition of Texas Capital River Run Apartments, Airbnb Friendly buildings are becoming more accessible than ever in Colorado. With more than half of millennials utilizing home-sharing options when they travel, including short-term rentals as part of your building’s offering is a smart way to attract tenants who wish to list their units while increasing your building’s revenue.
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 email@example.com or visit www.pillow.com.