Bringing Turnkey Rentals to Boston
Add Boston to the roster of markets for Blueground’s furnished-apartment platform. The Athens-based hospitality tech company is entering the market with 60 apartments and plans to lease 250 units throughout the city within the next year, aimed primarily at executives who are looking at near- or medium-terms stays rather than permanent ones.
“Our expansion into Boston represents a key milestone in our plan to bring Blueground’s innovative living solution to cities around the world,” said Alex Chatzieleftheriou, CEO and co-founder of Blueground. “There’s a shortage of turnkey living solutions for renters who want flexibility and mobility, but don’t want to sacrifice comfort and luxury.
“To meet that demand, within the next five years, we’re aiming to lease and upgrade 20,000 properties throughout the U.S., and 50,000 apartments globally,” he continued.
Under a business model that was introduced in 2013, Blueground typically leases several apartments before they hit the market, with a goal of holding them for many years. This ensures that participating landlords have 100% occupancy for the full duration of the rental agreement.
The company then offers the fully-furnished apartments to vetted business executives and renters. Typically, they stay in the properties for an average of six months; the minimum stay is one month.
In Boston, Blueground is leasing from prominent property owners and management companies such as Related Rentals, UDR, Bozzuto and Greystar. The neighborhoods where it is establishing a beachhead include Back Bay, Downtown, the Seaport, East Cambridge, North End and South Boston.
“In Boston’s neighborhoods, which are in higher demand than ever before, there’s a severe lack of turnkey, thoughtfully-furnished apartments,” said Zack Hughes, GM of Blueground Boston. “Blueground will fill that void, while simultaneously providing the city’s landlords with an easy and cost-effective solution for turning unoccupied properties into revenue generators.”
Domestically, Blueground has already made inroads into the New York, Chicago, Los Angeles, San Francisco and Washington, D.C. markets. Via an app, Blueground automates all aspects of the experience. Once the online reservation is made, tenants have access to guest support through the app.
Value-added services are available, including cleaning, maintenance, and a relocation function that allows guests to experience new apartments in neighborhoods across the city.
For comments, questions or concerns, please contact Paul Bubny
- ◦Lease
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