Short-term rental startups add urban properties, betting on recovery - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 74 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 33%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

Some short-term rental startups like Sonder and CorpHousing say they're bargain-hunting for new locations to bet on an eventual travel recovery

Short-term rental operators run networks of professional Airbnb stays, providing accommodations with hotel-like amenities and trendy decor to tourists and business travelers.Join BI PrimeThe short-term rental industry has seen two big trends during the pandemic: a collapse in demand leading to liquidity challenges for urban operators, and a surge in demand for rural properties.

But with some downsizing their portfolios, landlords have been eager to offload those properties to other operators with experience running a short-term rental business. Surviving players say that's creating an environment where they can scoop up new locations to bet on an eventual comeback in urban-focused travel.

"We view the next 12 to 18 months as a really great time to grow," Davidson said. Sonder has been able to bring back over 100 employees since slashing staff at the height of the pandemic, he said. Brian Ferdinand, the CEO of CorpHousing Group and SoBeNy said that the company has actually doubled the number of units it operates since the start of the pandemic, with potential to grow even larger because of partnership deals it has signed with 26 different landlord partners.

Guesty's software helps short-term rental operators big and small manage their properties, acting as the digital connection between operators, guests, and the marketplaces like Airbnb that they operate on. As a result, the company has a close view on operators' inventory, pricing, and occupancy. Ferdinand said that CorpHousing Group is continuing to focus on urban markets because they are operationally easier to run at scale, and because he expects their original strategy to hold true after a recovery.

To be sure, with money likely to still go out the door, the firms also had to think of firming up their balance sheet.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside Donald Trump and Kanye West's unlikely friendship - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Bevis and butthead CNN MSNBC IdiotInChief You mean Dumb and Dumber
Source: BusinessInsider - 🏆 729. / 51 Read more »

Inside Regeneron's 32-year history, race for coronavirus drug - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. How far are they ?
Source: BusinessInsider - 🏆 729. / 51 Read more »

Economic outlook: US ends V-shaped recovery, enters healing phase - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. The US is going for the 'W'! Let's go! USA! USA! 🇺🇸 Money never equals health.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Hong Kong dollar: Kyle Bass hedge fund bets on dollar peg removal - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Famed? As in famed loser? Indeed Looks like Hayman Capital Management's 😂 past track records not impressive at all.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Tesla short-sellers have lost $18 billion this year on the stock's 230% spike - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Good. I hope the lose their entire collective asses on the short. At a certain point, people need to recognize that the short sellers take their position not because they have an articulable reason *why* Tesla is going to fail, but rather they simply *want* Tesla to fail. Ke tsona die signal.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Electric-vehicle startup Rivian raises $2.5 billion in funding round - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. I s that the Ford focus suv from 20 years ago Can’t even make it aerodynamic. Probably has a range of 100 miles this truck kinda nice its like a land rover/suburban hybrid
Source: BusinessInsider - 🏆 729. / 51 Read more »