US: An investor group has taken a controlling share in Miami-based short-term rental provider YouRent.
The new executive team will be led by Rodney O’Neal, Brian Ferdinand and Luis Garcia-Fanjul. A multi-million-dollar growth and corporate rebranding plan will be implemented to position the organisation as “the leader in aggregating and controlling an exclusive portfolio of multifamily, vacation properties in high-demand US markets”.
The company has experienced a more than 500-per cent growth from its original collection of 52 properties in Miami and Nashville at the time of purchase. YouRent is projected to record revenue upwards of $75 million by the fourth quarter of 2017 and enter several new key markets.
“We invested in YouRent because we see an underserved industry demand for short-term lodging that provides the finest properties, interior design offerings and personalised, on-site services for both the vacation and business traveler,” said Ferdinand, COO of YouRent.
YouRent’s business model is to accumulate and manage its own inventory through long-term and master lease agreements, marketing the units through multiple vacation websites and distribution channels. It offers a 24/7 concierge service in each market.
YouRent was founded in 2012 by Michael Braverman, who serves on the board. The company trades under the corporate entity Vacation Rentals, LLC.
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