4 Reasons Why Apartment Home Sharing is on the Rise

Home sharing is not a new thing. It’s been around for years and has been widely popular among young adults. However, in multifamily communities, it has been largely restricted by local ordinances and lease agreements. Despite that fact, PropModo reported at the beginning of 2021 that 65% of recent Airbnb bookings were in multifamily buildings.  Moreover, according to Statista, the home sharing market is projected to reach 68.2 million by 2023. As a result, there couldn’t be a better time for multifamily property owners to enable apartment home sharing through Migo by RealPage®.  Migo takes the hassle out of home sharing and makes it a profitable arrangement for both property owners and residents. It simplifies and secures the multifamily short-term rental experience for owners, residents, guests and community managers.  There are four reasons why home sharing is on the rise. And, thanks to Migo, it’s never been easier to get in on this lucrative living option. 1. Home sharing offers financial advantages Home sharing is financially advantageous for property owners and residents. The revenue share brings impressive gains to multifamily properties, resulting in $400-$600 increases in net operating income (NOI) per unit per year. On top of that, the property can see ancillary effects from resident home sharing activity that bring value to owners:   2-3% above market renewal rates, 1-2% higher occupancy, 2-3% higher rents, etc.  Migo’s furnished unit option, an amenity in our Full-Service package (home sharing managed entirely by Migo), enables property owners to easily rent unoccupied or less popular units, which further increases revenue and NOI while the demand pricing tool displays and monitors the market and delivers optimized unit-per-night pricing. As a result, property owners can be assured that their units will be priced at the most competitive market rates. In addition, when Migo is paired with Rea...