VRMA Administrator
Frontdesk co-founder and Chief Product Officer Jesse DePinto said his company has obtained 33 units from defunct property management company WanderJaunt, with "potentially hundreds more in the pipeline." He called it another opportunity for consolidation in the short-term rental market. "Consumers are continuing to utilize short-term rentals for their stays, more and more even post-pandemic," DePinto explained. "Our RevPAR is growing in double digits this year, for example. There is consumer interest and consumer demand in these urban, well-furnished, high amenity-rich apartment rental suites. And they have a good home in the Frontdesk portfolio because they match the brand promise that we offer our loyal guests." DePinto said Frontdesk's portfolio has gained 42 percent in the past year, totaling about 1,000 units in more than 30 markets. The units picked up from WanderJaunt are in Austin, Texas, and Tempe and Phoenix, Arizona. Frontdesk's units can be rented for any period from one night up to 12 months, and DePinto said most of the company's clients are either business travelers desiring a home-like setting or families that want the space and amenities like a kitchen.
PhocusWire (08/18/22) Mitra Sorrells
