The Key to Effective Apartment Home Sharing in Multifamily Housing

The code to apartment home sharing on Airbnb has been cracked. A complete, long overdue technology solution is enabling multifamily owners and residents to confidently earn extra revenue by leasing apartment units to short-term renters. Migo recently introduced a multifamily solution that helps overcome the challenges and steep learning curve of monetizing the growing short-term apartment rental sector. Until now, the industry has lacked a comprehensive technology for apartment owners and operators to effectively home share on channels like Airbnb. Essentials like access control, cleaning, noise monitoring and vetting guests – not to mention advertising and managing bookings – are especially difficult in multifamily communities. A number of start-up solutions in recent years have attempted to enable the short-term rental opportunity in multifamily, but most have not had much staying power. Migo, introduced this summer at RealWorld 2021 “The Yield Awakens,” has developed a one-stop shop for owners, property managers and residents and is backed by RealPage’s deep knowledge of the multifamily industry along with an exclusive partnership with Airbnb. Purpose-built for apartment sharing Home sharing’s revenue potential is already being realized in multifamily. According to the latest data from the National Multifamily Housing Council, 65% of short-term rentals were in multifamily buildings in 2017. The surge in vacation and short-term rentals has been a stimulus for home sharing, as well as working from home. The pandemic has proven that many people can effectively work from anywhere with an internet connection. Apartments are fast becoming a desirable option. Yet, there is a lot to consider for multifamily owners. Resident buy-in, additional costs, liability, and how to effectively monitor, manage and monetize home sharing are at the top of the list. Also, owners and property managers must know if their properties are even elig...