RealPage’s Migo Unlocks New Revenue Streams
Migo by RealPage, multifamily’s first apartment home sharing solution, allows property owners to monitor and share in the revenue for their residents’ home share transactions. For every booked night, owners get a percentage of the booking, providing another path to yield.
RealPage partnered exclusively with Airbnb to launch this apartment home sharing solution; making it easier to for residents and apartment owners to safely share their available spaces on Airbnb.
Migo not only supports residents listing their units, it also allows properties to select unoccupied or designated for short-term rental units to list. Some multifamily property owners have found that some units, particularly those with less desirable views, generate more income through short-term rentals than a standard lease.
In addition to receiving revenue from home sharing transactions, property owners can expect to see other benefits, as well. Todd Butler, VP of Home Sharing at RealPage, says that property managers that offer home sharing as an amenity will see higher stabilized occupancy, faster lease ups, low cost per lead for tenants and increased prospect traffic. In other words, Migo provides both short and long-term results.
Migo is also attractive to investors and developers in urban cores. For those properties with high walkability and regulations that allow home sharing, Migo can be an amenity that supports an overall investment and profitability model.
It’s all about flexibility
Many residents lead lifestyles that take them away from home on a regular basis. Some, such as flight attendants or those in sales, travel often for work. Students, and in some cases professors, leave town during academic breaks. And some simply travel for leisure whenever they get the chance. Migo provides them with the flexibility to share their homes when they are not using them. In doing so, they can mitigate up to a third of their rent each month. Property owners do retain the ability to determine how often the units can be shared and can adjust unit rents accordingly.
In addition to providing renters with the financial flexibility and wellbeing that is so critical for many now, residents and owners also have the flexibility to choose between self-service and full-service options. With the self-service option, they simply list the apartment on the service and then self-manage all aspects of the listing themselves. With full-service, for an additional fee, the Migo host team manages all aspects of the listing, from booking the apartment to ensuring its accessibility and cleaning it after each use.
Ease and convenience for apartment sharing
While Migo is providing residents with added flexibility, it does not add additional burdens for site staff. The technology and services are designed specifically to keep home sharing simple to manage and monetizing for residents and property owners alike.
Learn more and use Migo’s apartment sharing demand calculator to find out how profitable it could be for your community.