Startups Aim to Help Convert Units Into Short-Term Rentals

There are a few startup companies out there looking to help apartment management companies convert units into short-term rentals. From the Wall Street Journal:

Arlington, Va.-based WhyHotel aims to turn apartment buildings into pop-up hotels, complete with front desks and maid services, to help owners generate revenue while they are in the midst of finding full-time tenants.

YouRent.com of Miami leases sections of apartment buildings or even entire properties, bringing in designers to transform the units into hotel rooms. A soon-to-be-launched startup Parallel similarly will rent blocks of units from landlords, decorate them and rent them out to overnight guests with an in-house hospitality team.

Pillow Residential, which last month raised $13.5 million in funding, offers a platform that allows building owners to access information about Airbnb guests and see which units in their building are being rented out and when…

WhyHotel piloted its concept with 50 empty units in a Pentagon City, Va., building owned by Vornado Realty Trust . Prices were $179 to $329 a night on units that otherwise wouldn’t have generated revenue until they were rented to long-term tenants. The service ran from January through May, when there were enough tenants to bring the building close to full occupancy.

The rest of the article addresses some of the issues that arise with short-term rentals, the pros and cons from management’s perspective, and how some companies are using the availability of short-term rentals to help them market their traditional rentals.