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In the Airbnb era, apartment landlords are the new hoteliers

12/18/2019| 5:47:29 PM| 中文

Zeus said landlords often seek to diversify their sources of revenue by setting aside part of an apartment building for shorter-term use.

Property owners once saw short-term rental listing sites like Airbnb Inc. as a threat. Now, some are embracing them.

Startups like Sonder Corp., Domio Inc. and Lyric Hospitality Inc. typically lease blocks of furnished apartments on the same floor or even entire buildings under long-term deals. Then they turn around and rent them out to travelers for stays of a few weeks or as short as one night.

These apartment operators aim to appeal to travelers who prefer larger accommodations than a standard hotel room but want a more predictable experience than renting from an amateur host. For property owners, these firms offer the prospect of renting out a large number of units at once, as opposed to waiting until a new development gradually fills up with individual tenants.

Property developer Greystar Real Estate Partners recently agreed to lease 100 units in a San Diego development to Lyric, part of the 26-year-old firm’s recent push into the short-term rental market, said Greystar’s chief executive, Bob Faith.

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TAGS: apartment rental | Airbnb | Sonder | Domio
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