Background on Abode
Abode, headquartered in Downtown Los Angeles, has a proven track record of providing positive operating results and customer experiences in the furnished & corporate housing industries. The Company is currently operating 85 furnished living units across the United States in cities including Los Angeles, Philadelphia, Washington D.C., and Dallas.
The Company has longstanding relationships with a number of national property management and multi-family real estate investment firms. Having housed in excess of twenty thousand reservations since its formation, the Company prides itself on its hands-on approach and its reputation within the industry.
Abode offers furnished living to a broad demographic. Key market segments include: temporary corporate housing, re-locations, short-term business and leisure travelers, and conference & convention business. While average length of stay will vary within and across markets based on seasonality and resident mix, Abode’s focus is to fill the void in the market left by providers only offering 30 day or greater accommodations.
How did you learn about Rented.com?
As Abode’s CEO and Co-Founder, I am always in search of services and technologies that compliment our business. After being made aware of Rented.com through our own research, I was immediately interested in the marketplace approach taken by Rented.com to pair companies like ours with those that can offer supply whether in the form of single family home owners or multi-family operators.
Abode was fortunate to have developed a strong relationship with Rented.com, and its executive team, on the basis of our collective work to place Abode into multi-family assets in a number of new markets across the United States. It was through this process that we were approached regarding our potential interest in Rented Capital’s investment model. This was a perfect opportunity to expand upon our existing formula for success by allowing Abode the opportunity to further grow its existing business.
How did Rented.com fit into Abode’s strategic goals?
Business development and expansion were aspects of the business we were researching heavily in 2017 and Rented proved to be a tremendous asset in helping to identify and acquire leases on new multi-family inventory for Abode’s portfolio of leased apartment homes. Working with the team at Rented has always been a positive experience and we look forward to continuing to explore opportunities to leverage aspects of its business model as we eye growing our portfolio of properties.
Rented Capital’s team has provided Abode a number of opportunities including helping to identify available multi-family inventory, market analysis, and broader industry insights.
Abode has expanded into new buildings in two of its existing markets with the funding afforded to it by Rented Capital. So far, Abode has added 20 properties with Rented Capital. Rented Capital has guaranteed $506,008 in total rent payments on outstanding leases.
What is your Growth Strategy moving forward?
Abode’s growth strategy includes expansion into markets that are inversely correlated to the seasonality of its current properties. While Abode has primarily operated in urban markets our team has begun researching opportunities in vacation destinations. While its model to date has revolved around lease arbitrage the company is also exploring opportunities to purchase assets and work with owners in a management capacity. As these plans take shape we will look forward to having the opportunity to continue to work with Rented Capital on new projects.