A growing niche in the short-term rental market is booking rooms by the hour in homes and apartments as studio sets and/or stages.
Shorter-Term Rental Opportunities
Do you and/or your clients have a space in your private residence that might be used as an alternative set or stage for a photo shoot, music video or short film?
Just as interest in short-term rental properties has taken off in recent years, shorter-term rental opportunities are cultivating a niche market within the sector of locations facilities.
While many locations facilities initially closed in the fall of 2020 because of the pandemic, a smattering of homeowners and renters decided fill that void by opening their residences as alternative locations to shorter-term renters. Booking spaces within private residences by the hour as sets, studios and offices for photo shoots, music videos and/or short films has taken off.
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Listing Sites for Shorter-Term Rentals
Peerspace, founded in 2014, is an online marketplace similar to AirBNB. Consumers can list and book residential and commercial spaces to use for events and/or spaces for film, video, photography, advertising shoots, content creation and events.
Matt Bendett, one of the company’s founders and senior vice president of global operations, told The New York Times that Peerspace had more than 14,000 residential properties listed as of June 1. Bendett added that the number of hosts listing residential properties on Peerspace increased by +300% between March 2021 – March 2022.
Advertising a location on the platform is free and Peerspace earns 15% of each booking. Hosts set their own rates and terms (most hosts charge between $80-$120/hour) and most bookings made on this platform are covered by a liability insurance policy.
Home Studio List, founded in 2016 and now available in 30 states, and Giggster, founded in 2017 and available in Los Angeles and New York, have helped increase the number of residences rented as studios or sets for shoots, content creation and/or events
Globe, a listing platform founded in 2019 as a daytime, by-the-hour version of Airbnb to connect people needing a place to chill by themselves with people who want to make extra money from their residences, also rents rooms by the hour to customers. These customers, however, are not looking for set/studio alternatives for creative purposes but rather customers who may just need a place to be alone for a few hours.
To-Dos for Shorter-Term Rental Hosts
Joshua Krefetz, a real estate lawyer with the Massachusetts firm, Ligris, advises renters who want to list their rental space for commercial use to carefully review their lease to make sure shorter-term rental listings are permitted. Krefetz said, “The laws are different in every state, but the main thing is the language of the lease.”
Krefetz also suggests that renters wanting to become shorter-term landlords fully disclose their intentions to their landlord before listing the space in order to avoid landlord-tenant problems. He also suggests that owners and renters alike get liability insurance prior to listing the space.
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Thanks to The New York Times.