The coliving, per-bedroom model allows landlords and property managers the ability to capture a new typer of renter; one that has been displaced due to the current, antiquated rental model: young professionals.
We've built technology for the sole purpose of optimizing for coliving and this new type of renter - listing distribution, applicant processing, leases, and much more.
With Alcove, homeowners and property managers are able to cast a much wider net to high-quality applicants in a similar way that AirBnB did with vacation rentals.
Additionally, because the per-bedroom model is optimized for the long term, your occupancy and NOI will increase substantially.
Larger Applicant Pool
The strong influx of young professionals looking for roommates coupled with the spreading of housing risk across tenants are benefits of the per-bedroom leasing model to an asset owner or property manager.
With our marketing engine and coliving platform, we've been able to generate 10,000+ leads a month that are both highly-qualified and motivated to live in our premier homes.
De-Risking the Asset
In a traditional household the entire rental payment is dependent upon one to two incomes - lose those and you'll face lower occupancy.
The coliving model allows owners and property managers to eliminate eviction risk by spreading housing-related risks across multiple income-earning tenants. In fact, most of our tenants earn 5-10x the income requirement for their bedrooms, meaning that the homes have much higher income to rent ratios than your standard family renting.
De-risking your largest asset has been futile in the past, but is achievable through our coliving technology.
Strong coliving economics
You may be wondering, “Is my property overpriced?"
The reality is, it is more likely you are just dealing with an illiquid market. The fit between supply and demand is imbalanced, and there is a lag in filling your property as a result.
Alcove has levers on both sides of the marketplace, allowing for faster matching of tenants into homes. Depend on variables like time of year, type of demand and more, we're able to use these levers to fill your home months before it ever becomes vacant.
The per-bedroom model is perfectly tailored to accommodate these modern professionals looking for like-minded tenants and roommates.
Alcove provides the systems and coliving technology to make the experience of finding per-bedroom rentals easy. We maximize real estate owner's NOI at the same time, and take away all the heavy lifiting of getting a home fully leased.
If you're interested in seeing how much you can earn with per-bedroom leasing, try our Coliving Rent Estimator.