Imagine being a Millennial professional willing to pick up and move whenever a seemingly great opportunity surfaces in order to further your career. Imagine the hassle and the time it takes finding a rental unit in which you’d actually live to live in a city completely unknown to you, negotiating the terms of the lease, selling and/or moving all your furnishings to that unit, setting up your kitchen and finding food vendors to meet your tastes, and the 57,386 other things involved with relocating…not once, but twice or three times within any given year as you pursue your professional goals.
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Meet Landing, a startup launched in June 2019 created to offer on-the-move Millennial professionals, ages 25-40, a turnkey solution for renters. Landing founder Bill Smith said, “I’ve personally seen that part of establishing a home in a new city. It just doesn’t make sense to have to own all those pieces of furniture (to lug around from city to city, rental unit to rental unit) and have all this cash tied up in things (that may or may not fit in each different rental space).”
“Our value proposition is that you can sign up (to become a member of Landing) for an apartment immediately online.” And renters in San Francisco, Los Angeles, Austin, Nashville, Chicago, New York City, Washington DC and Birmingham AL are doing just that…leasing fully furnished, high-end apartments without having to pay a security deposit and being able to cancel their stay in that rental unit with just a 30-day notice.
Landing does NOT own the rental units. The company deals with and facilitates rental transactions with some twenty-five large corporate landlords around the country and leases “unused” rental units in new high-rise buildings. Landing then offers these unused or empty units to its members, essentially subleasing residential space.
How does Landing work for both the on-the-move Millennial professionals and the large corporate landlords who have unused/empty units to sublease?
- Landing handles all interactions with landlords.
- Landing offers concierge services to its members.
- Landing’s model has a $199 annual membership fee.
- Landing’s monthly rent has a premium of +10% – +13% based on the specific unit being rented and the specific location of the building.
- For example, a $3,000/month unit in NYC may cost a Landing member $3,300/month with that premium plus the Landing membership fee or $3,799/year.
- Remember that Landing does not require a security deposit nor does the tenant have to move her/his furniture because the unit is fully furnished.
- Some Landing rental units may require additional fees to access building amenities.
Landing currently has 300 units in its rental pool and 300 members in eight states. The company plans to scale to 30 cities and some 2,000 units by the end of 2020.
Smith concluded by saying, “I’ve owned multi-family properties in the past, and thought this was the way it should work. Renters shouldn’t be locked in and tied down by the archaic processes of real estate today.”
Thanks to Curbed’s Patrick Sisson for source material and data.