Short-Term Rental Company Buys And Rents Out Apartments To Guests
Websites like Airbnb and VRBO have transformed the hospitality landscape by channeling people toward private residence rather than hotels and motels.
The San Francisco-based company, Sonder, is taking the short-term rental industry a step further by actually purchasing residential apartments in various markets, including Phoenix, and renting them out by the night.
Sonder currently holds 75 units in Phoenix, a handful in Scottsdale and more than 100 in Tempe. The rentals go for between $120 and $450 per night and are popular with business travelers and vacationers alike, but there are also some unintended consequences to a model like this.
Brandon Brown broke down Sonder’s local presence for the Phoenix Business Journal and he joined The Show to parse out the story.