Resident Home Sharing vs. Furnished Apartment Rentals

Multifamily has become an increasingly diversified sector, with short-term rentals (STRs) being the “next big thing.” Also known as “home sharing,” STRs aren’t really new — they’ve actually been happening in multifamily communities for quite some time, albeit typically “under the radar.” But now Migo by RealPage® is changing that. Migo is unique in the fact that it enables forward-thinking multifamily property owners to offer home sharing in two ways: resident home sharing and furnished apartment rentals. Through its exclusive partnership with Airbnb, Migo is the only solution that facilitates both to maximize NOI and bring transparency, control and security to the arrangement. It gives multifamily communities a way to enable the experiential lifestyle that younger residents seek while at the same time nurturing a more beneficial relationship with them, maintaining occupancy and increasing renewal rates. Resident Home Sharing In resident home sharing, renters share their space with others who wish to secure STR living space.  The property owner and the resident both share in the home sharing revenue, with the resident’s share offsetting their rent by as much as 20% (depending upon how frequently they home share).  The opportunity to achieve that level of offset often means that residents can afford to live more flexibly and luxuriously as well as increase their overall financial wellbeing. Utilizing Migo's proprietary software suite, residents and owners can list their units on Airbnb via Self-Service or Full-Service options. With both, Migo monitors and sends alerts if residents and/or short-term guests are not following the terms and restrictions established for home sharing in the multifamily community. For property owners, Migo minimizes risks and maximizes value: Unlock new revenue streams from guest suites and resident home sharing Monetize unoccupied or hard-to-lease units Pro...