Q&A With YouRent's Brian Ferdinand On The Nashville Short-Term Rental Market
Nashville's hotel room shortage is well-known, and it was one of the reasons Miami-based YouRent picked Nashville as a major market for expansion. We recently chatted with YouRent chief operating officer Brian Ferdinand about the company's presence in Music City, and its plans.
YouRent chief operating officer Brian Ferdinand
Bisnow: How is YouRent different from Airbnb?
Ferdinand: YouRent is actually a very different model than Airbnb and other short-term rental companies. Our platform focuses on accumulating and managing our own inventory of units, primarily in Class-A multifamily properties, through long-term and master lease agreements.
Bisnow: How is that an advantage?
Ferdinand: It allows us to provide a product that's standardized in quality and design, similar to that of a hotel.
Bisnow: Why was Nashville a good market for this kind of short-term rental, and what's the reception been like?
Ferdinand: Tennessee is increasingly an international tourist destination, especially with the arrival of the Music City Center in 2013, and subsequent big-ticket music festivals. That and other factors made the Nashville market a good fit for short-term leasing opportunities. The demand is there as we expand our footprint and add more properties to our portfolio.
Bisnow: Have you been able to capitalize on demand growth for overnight rooms in Nashville?
Ferdinand: Yes. The combination of limited hotel supply in the market, and a very healthy rental inventory to convert to short-term rental product, allows us to compete directly with hotels. So far, we’ve been successful in Nashville with our product and foresee a growing demand for our offering.
Bisnow: What's next?
Ferdinand: YouRent has launched in Austin. Similar to Nashville, the company chose the market based on the city’s growing and thriving tourism market.
Pictured: Banner Lofts in Nashville, a property with YouRent units.