Finding a Short-Term Rental Can be Like Booking a Hotel

A furnished two bedroom at Franklin Street and Daniel Burnham Court is one of the featured rentals.

SAN FRANCISCO— HomeSuite has taken short-term rentals and long-term vacations to a new level. Securing a studio, one- to three-bedroom furnished apartment or home for a one to 12 month stay is now as simple as booking a hotel online. The company was launched in 2015 by a Stanford MBA grad, David Adams , a telecommuter with wanderlust. Adams used services such as Airbnb but when the same problems kept arising, he knew if they were addressed, he’d be on to something. HomeSuite retains a broker’s license, which allows the company to facilitate the entire process online. It also means no more walkthroughs (HomeSuite does that), no countless applications and credit checks (HomeSuite does it once) and no auditioning for landlords (HomeSuite does the vetting of both parties). Renters pick a space, book a space and can move in to the space the next day, with HomeSuite guaranteeing complete satisfaction. In a short time, HomeSuite already has thousands of furnished homes and apartments in seven major market cities, San Francisco, New York City, Los Angeles, Washington DC, Chicago, Boston and Seattle, with new cities introduced every 45 days or so. Adams says this model most appeals to telecommuters who desire new life experiences, travelers who really want to experience a city but not in a hotel by the airport and those either thinking of moving to a new city or want time to find the right place. He recently discussed the service in this exclusive . GlobeSt.com: Why was HomeSuite launched? David Adams: When the sharing economy model came to the home and apartment rental industry, everything changed. Companies like Airbnb and HomeStay clearly struck a chord with travelers looking for options other than hotels and with property owners seeking additional revenue streams. I was a frequent short-term renter but it didn’t take long to recognize the limitations and drawbacks of the services offered at the time. For those seeking longer stays, the sharing economy model wasn’t as effective. Finding fully furnished housing with a short-term lease of between 30 days and one year, particularly in cities facing housing crunches, can be like finding a needle in a haystack. And even when the right apartment is found, renters usually have to jump through hoops to secure it. What hadn’t been fully explored was integrating the on-demand model into the rental industry. As with UBER and Instacart , on-demand consumers still have the power of choice and expediency but are also provided with some more traditional protections. We set out to meld the ease, flexibility and options of the short-term sharing rental model with the longer term on-demand model, which protects all parties and uses technology to streamline the entire process. GlobeSt.com: Why is HomeSuite a good solution for the short-term (STR) rental industry? Adams: The sharing economy has ushered in a new way of doing business. While older consumers may initially be more reticent to dive in, millennials have embraced the model. But as anyone who follows the STR industry knows, there have been unintended consequences. Because trust is such a key factor, both renters and landlords are exposing themselves to potential problems which are evidenced by a string of lawsuits. Also, cities are losing out in revenue with many embroiled in heated legislative debate on how best to move forward. Finally, local residents, particularly those in cities with housing crunches, now have even fewer long-term rental options and are facing ever-increasing rates. Our feeling from the start is that there can be middle ground with our type of service. While the sharing economy has redefined the short-term rental industry, it doesn’t mean that it’s not without faults. Our hope is that this type of technology-focused renting option will bring some efficiency to a real estate industry that really hasn’t changed much over the years.