Hospitality Tech Company Focused On Furnished Apartments Launches In San Francisco
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Hospitality tech company blueground has started operating in San Francisco with plans to lease over 1,000 units in the city in the next three years.
The company leases apartment buildings from property owners and offers fully furnished living options to residents. Its target market is professionals seeking mid-term living accommodations who might otherwise live in corporate housing.
“As San Francisco continues to see an abundance of business professionals traveling to and from the city, we are excited to offer them a premium alternative to the corporate housing options that currently exist,” blueground CEO and co-founder Alex Chatzieleftheriou said in a statement.
Demand for furnished apartments has been on the rise. Revenue in the corporate housing sector increased 13% to $3.62B, according to the Wall Street Journal. The number of corporate rentals nationwide also rose 6.5% to over 71,000 in 2017.
Blueground leases multiple units before they hit the market, with an aim to continue leasing them for many years, ensuring landlords have 100% occupancy for the full duration of the rental agreement.
It currently has 19 units available in South of Market, Nob Hill and the Financial District, according to its website. Units available are at Trinity Place at 33 Eighth St. and at 825 Post, 1405 Franklin, 1190 Mission and 1700 California streets.
Residents can book an apartment on blueground’s website for one to 12 months. Apartments typically include designer sofa sets, dining tables and chairs, beds, handmade carpets, smart TVs and coffee makers. Services available include cleaning, maintenance, bill payment and a relocation function that allows guests to experience new apartments across the city.
Blueground also operates in New York City, Dubai, Istanbul and Athens, Greece, and has 1,000 units as part of its current network. The company has plans to aggressively expand into other U.S. markets including Los Angeles, Washington, D.C., and Chicago.