This past weekend I was in a condo building here in Toronto with large signs in the elevator saying, "No Short-Term Rentals Including Airbnb Are Permitted. Trespassers Will be Prosecuted." It was the first time I had seen anything like this, but it immediately signaled to me that the building must be having a problem with short-term rentals. Why else would you deface the elevators? There are some buildings that allow short-term rentals, but most don't.
However, over the last few years we have started to see purpose-built short-term rental buildings. In some cases, existing apartments buildings were "converted", as was the case with Niido's two properties in Nashville and Orlando. Here tenants in the building can rent both unfurnished and furnished apartments and then rent them out on Airbnb up to a maximum of 180 days per year. To date, I think these are the only two properties to use the "Powered by Airbnb" moniker, but more are on the way.
The developer behind Niido -- Newgard Development Group -- recently launched a new Powered by Airbnb brand called, Natiivo. This one looks to be focused on for sale product, with two upcoming projects in Austin and
This past weekend I was in a condo building here in Toronto with large signs in the elevator saying, "No Short-Term Rentals Including Airbnb Are Permitted. Trespassers Will be Prosecuted." It was the first time I had seen anything like this, but it immediately signaled to me that the building must be having a problem with short-term rentals. Why else would you deface the elevators? There are some buildings that allow short-term rentals, but most don't.
However, over the last few years we have started to see purpose-built short-term rental buildings. In some cases, existing apartments buildings were "converted", as was the case with Niido's two properties in Nashville and Orlando. Here tenants in the building can rent both unfurnished and furnished apartments and then rent them out on Airbnb up to a maximum of 180 days per year. To date, I think these are the only two properties to use the "Powered by Airbnb" moniker, but more are on the way.
The developer behind Niido -- Newgard Development Group -- recently launched a new Powered by Airbnb brand called, Natiivo. This one looks to be focused on for sale product, with two upcoming projects in Austin and
Miami
. Both projects will have hotel licenses in order to avoid any regulatory risk going forward. But this makes me wonder how materially different this model is from the condo-hotels we're already familiar with.
For landlords and developers, the goal is obviously to maximize rents and prices. Allowing (or explicitly encouraging) residents to rent out their place and earn some extra cash, should help with that. And given the way I started this post, we also know there's a desire to do this, particularly in places with strong tourist demand like in Nashville and Miami. But the reviews are mixed. Not everyone wants to live in a hotel. But then again, not everyone wants to co-live. To each their own.
The video below is a good follow-up to my recent post about the 100 million city and the rapid population growth that we are seeing in some parts of the developing world.
If you can’t see the embedded video below, click here.
It’s a video about what is allegedly the “first permitted, 3D-printed home in America” – an 800 square foot home that was built/printed in Austin during SXSW in about 24 hours.
The project is a partnership between New Story (a non-profit) and ICON (a construction technologies company), and the goal is to pioneer a fast and cheap housing model for the developing world.
The cost for the above home is said to be about $4,000.
The U.S. Census Bureau recently released it’s 2016 city and town population estimates. The press release can be found here.
The headline isn’t a new one. Southern cities continue to grow quickly. This is not a new trend. Humans seem to like warm weather and the housing supply in southern cities tends to be more elastic. This keeps home prices relatively in check and allows the cities to more easily accommodate growth.
From July 2015 to July 2016, 10 of the 15 fastest growing large U.S. cities were in the south (based on % growth). 4 of the top 5 were in Texas.
From 2010 to 2016, the population in large southern cities grew an average of 9.4%. Cities in the west clocked in at 7.3%. And cities in the northeast and midwest were at 1.8% and 3.0%, respectively.
Two outliers near the top are Seattle and Denver. Since 2010, the population of these two cities grew 15.39% and 14.87%, respectively. I’m going to say it’s because of the skiing and snowboarding. Half-joking. For the top 25 large cities ranked by 2010-2016 growth rate, click here.
Miami
. Both projects will have hotel licenses in order to avoid any regulatory risk going forward. But this makes me wonder how materially different this model is from the condo-hotels we're already familiar with.
For landlords and developers, the goal is obviously to maximize rents and prices. Allowing (or explicitly encouraging) residents to rent out their place and earn some extra cash, should help with that. And given the way I started this post, we also know there's a desire to do this, particularly in places with strong tourist demand like in Nashville and Miami. But the reviews are mixed. Not everyone wants to live in a hotel. But then again, not everyone wants to co-live. To each their own.
The video below is a good follow-up to my recent post about the 100 million city and the rapid population growth that we are seeing in some parts of the developing world.
If you can’t see the embedded video below, click here.
It’s a video about what is allegedly the “first permitted, 3D-printed home in America” – an 800 square foot home that was built/printed in Austin during SXSW in about 24 hours.
The project is a partnership between New Story (a non-profit) and ICON (a construction technologies company), and the goal is to pioneer a fast and cheap housing model for the developing world.
The cost for the above home is said to be about $4,000.
The U.S. Census Bureau recently released it’s 2016 city and town population estimates. The press release can be found here.
The headline isn’t a new one. Southern cities continue to grow quickly. This is not a new trend. Humans seem to like warm weather and the housing supply in southern cities tends to be more elastic. This keeps home prices relatively in check and allows the cities to more easily accommodate growth.
From July 2015 to July 2016, 10 of the 15 fastest growing large U.S. cities were in the south (based on % growth). 4 of the top 5 were in Texas.
From 2010 to 2016, the population in large southern cities grew an average of 9.4%. Cities in the west clocked in at 7.3%. And cities in the northeast and midwest were at 1.8% and 3.0%, respectively.
Two outliers near the top are Seattle and Denver. Since 2010, the population of these two cities grew 15.39% and 14.87%, respectively. I’m going to say it’s because of the skiing and snowboarding. Half-joking. For the top 25 large cities ranked by 2010-2016 growth rate, click here.
In terms of absolute humans, Phoenix had the largest numeric increase between 2015 and 2016: 32,113 or about 88 people per day. After Phoenix it’s Los Angeles (27,173), San Antonio (24,473), New York (21,171), and Seattle (20,847). These are all city proper figures.
It’s also worth noting which large cities aren’t growing. From 2015 to 2016, Chicago fell -0.32% and Detroit fell -0.52%. Philadelphia was only slightly positive at 0.19%. Going back to 2010, Chicago is still flat at 0.27% and Detroit is even more negative at -5.39%. Philadelphia is 2.5%.
In terms of absolute humans, Phoenix had the largest numeric increase between 2015 and 2016: 32,113 or about 88 people per day. After Phoenix it’s Los Angeles (27,173), San Antonio (24,473), New York (21,171), and Seattle (20,847). These are all city proper figures.
It’s also worth noting which large cities aren’t growing. From 2015 to 2016, Chicago fell -0.32% and Detroit fell -0.52%. Philadelphia was only slightly positive at 0.19%. Going back to 2010, Chicago is still flat at 0.27% and Detroit is even more negative at -5.39%. Philadelphia is 2.5%.
