Residents
Owners
The multi-family home sector is now growing more diversified, particularly with the emergence of short-term rentals (STRs) or home sharing. Well, STRs or home sharing have existed in multi-family neighborhoods for a long time already, but it is only recently that they became popular due to the internet and social media.
There are online platforms that help owners of multi-family properties to provide home sharing to people who need it. This rental setup has two types: resident home-sharing and furnished apartment rentals. These online solutions facilitate transparency, strengthen security, and maximize net operating income (NOI).
As a multi-family property owner, you can attract those people who want to have an experiential lifestyle through these types of rental setups. Here are things you must know about resident home sharing and furnished apartment rentals.
Resident Home Sharing
Tenants in a resident home-sharing setup allow others to share living space with them for the short term. The property owner and the resident both take a pie of the revenue from the home sharing. The resident can offset his rent by approximately 20 % (this depends on how frequently they share his living space).
Flexibility and luxury in living can be afforded by residents in this type of rental arrangement. And, of course, there is the opportunity to save their money.
Property owners and residents have the option to list their units on Airbnb through Full-Service or Self-Service using a proprietary software suite. Such an online solution can provide monitoring and alert users if residents and/or guests contradict the terms and conditions set in the home-sharing agreement.
Using a proprietary software suite can help property owners to maximize value and minimize risks.
- Monetize vacant or hard-to-lease units
- Find fresh revenue streams from resident home-sharing and guest suites
- Improve rents and renewals
- Maximize occupancy rates
- Minimize cost per lead to lease
- Make lease-ups faster
- Offer unique and competitive amenities
On-site teams will also reduce their workload using the remote management services of a proprietary software suite. There will be a 24/7 call center accessible by on-site staff and residents, and there is an option to avail of site support and resident engagement.
Property owners can also access training and resource management within the platform for their onsite staff and residents. There will be live information sessions for resident onboarding. Moreover, implementing terms and conditions in furnished units is easier, and leasing staff can get financial incentives with every sign-up through a reward program.
Self-Service Home Sharing Option
Proprietary technology tools are available in a self-service home-sharing option. This feature allows property owners or residents to facilitate Airbnb listing, access control, guest communication, booking management, and cleaning. Most proprietary software also provides on-call support as required in the self-service home-sharing option.
Full-Service Home Sharing Option
Many online platforms also provide a full service in managing every aspect of home sharing. From listing the unit on Airbnb and the booking process to guest communication and scheduling cleaning or maintenance, the host team will handle all these things. The owners and residents only need to access the online platform and set the availability of rental units.
Moreover, the technology provides property owners with insights regarding home-sharing activity. There is now an Artificial Intelligence that manages revenue systems and helps them set or adjust rents in relation to demand.
Furnished Apartment Rentals
A move-in-ready apartment is extremely valuable in a competitive rental market. For a furnished, short-term rental, property owners can often charge 40% to 50% extra. They can better attract renters who can afford it (mostly young professionals) since furnished apartments have higher demand among this demographic.
Many young professionals look for a flexible lifestyle where they can live and work anywhere, affording them to explore and travel. Furnished apartments are the perfect option for them if their work and lifestyle demand them to be always on the go. Thus, it is not surprising that the concepts of flexible living and home sharing are popular today.
Paying a membership fee to lease and reside in the furnished unit for the short term within a specified time is accessible via Subscription Living. If the renter wants to move to another furnished unit in another location, he can do it so long as the unit is within the network of the proprietary platform.
Relocation is easier and more cost-effective since you will only pack up your stuff and ship it to the next apartment unit. Then, amenities like TV, internet, dryers, washers, etc., are available in the unit.
Final Thoughts
Now you know the benefits of resident home sharing and furnished apartment rentals. They can be a lucrative way to earn profits in the multi-family property rental sector since they are popular with young professionals nowadays. These short-term rental arrangements also use technology to market your units, create transparency, and maximize your NOI.
