Financing the Cost of Housing: Rental Housing, That Is
Housing finance generally means taking out a home mortgage, and paying it off over time. The lender has the loan, and the homeowner makes monthly payments on it, until the amount is paid off, or the house sells.
StayTony, which owns and operates short-term and corporate housing, is introducing a technology platform enabling corporate-housing renters to finance their occupancy costs, over time, at a StayTony furnished rental property. At this point, the service is available in Los Angeles and Atlanta, GA, and the company is planning to expand nationally.
StayTony renters supply a down payment of $237 to move into one of the properties, followed by 11 monthly payments, with interest. Renters can also choose from interest-free financing for six months. No security deposit is required (nor is the first- and last-month rent), and only a soft-credit pull will be used. Financing is available for stays of one to three months. The company is partnering with Uplift, an AI point-of-sale financing company that offers consumers the ability to book travel, and pay it off, over time.
“People already finance one-time life events like weddings, medical procedures, and vacations all the time,” said StayTony Founder, Tony Diamond. We thought, why not finance the life event of relocating to a new city or moving for a temporary job assignment?” The service is directed to, among others, recent college graduates relocating to a new city for a job, entrepreneurs who might require the flexibility of working in multiple cities, and traveling business professionals.
The StayTony units are furnished, and include wireless internet and fully-equipped kitchens, with utensils, pots and pans, and dishes. “One of the biggest pain points for moving to a new city is the huge up-front cost,” Diamond said. “We will be eliminating that.”
Pictured: StayTony Atlanta at Midtown
For comments, questions or concerns, please contact Amy Sorter
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