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.
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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.
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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.
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