With the incredible growth of Airbnb, and resident demand for alternative living situations, our clients have been finding new ways to manage and lease their apartment communities. While short-term rentals, or “STR’s” have been around for many years, RealtyCom has recently been working with some of our Developer-clients to find ways to provide secure and ubiquitous broadband solutions for non-traditional rentals that allow both flexibility and ease of use.
Some of our clients already operate highly successful programs aimed at corporate and student populations, but transient housing for hospitality and workforce housing are largely new concepts.
Having limited knowledge on this subject personally, but lots of interest, I asked Dennis Cogbill from the new Flexible Rentals Investment Conference (“FLEX”) for his thoughts and how the landscape for traditional leasing is changing.
Cogbill points out that implementing STR’s in existing communities can present some challenges. Lender covenants or municipality restrictions could apply (lenders traditionally have a cap of 5% of the units to be allocated to corporate/alternative housing and each municipality has different rules and re-permitting can be costly). There is also the question of what strategy an Owner-Operator should adopt. Should you build it yourself? Use […]