Is Apartment Development Specifically for Short-term Rental the Future?
There are going to be plenty of pivots regarding the short-term rental market. Many owners and developers are trying to take advantage of what they see as a way to capitalize on the increased use of services like Airbnb. Although markets like NYC and Las Vegas crack down on the use of short-term rentals in larger buildings or in residential neighborhoods, those cities and others are looking for ways to make it work within the legal system. I’ve seen transactions come across my office for whole buildings and condo type spaces that plan on catering to short-term rentals. I think the market will look very different in a few years as the various models sort themselves out.
-Adam Horowitz, Principal, Lever Capital Partners