LOUISVILLE, Ky. (WDRB) -- An Ohio-based company offering short-term rentals is taking over a handful of luxury apartments in downtown Louisville.
The Edge on 4 is an apartment complex with hundreds of units at the corner of South Fourth and West Chestnut streets. Starting last week, 20 of those units are now available for short-term renters.
“It’s hard to find short-term rentals, so we’re scaling throughout the country,” said Chris Chapin, Airriva’s chief curator of operational outcomes.
Airriva was founded in Columbus, Ohio, in 2018 with just a few dozen short-term rental properties. Now, the company has 400 properties in several different cities, and there are plans to add another 500 in secondary markets across the country in the near future.
How this works: the company builds “a master lease” for a certain number of apartments in a complex. So Airriva made a deal with The Edge’s landlord to take over 20 apartments and turn them into fully-furnished short-term rentals. The renters will have access to all the apartment’s amenities, and they will use a secure contactless entry system.
Chapin said there is a demand for this kind of flexibility in Louisville for corporate housing, interns, traveling nurses, medical residents, vacationers and much more.
“A lot of the cities that we’ve gone into haven’t really caught on yet," he said. "So there’s definitely a demand here."
Chapin expects that bookings will build momentum over the next few months and that the Louisville property could run 80-90% occupancy every week in the future.
Rates can start around $125 per night, but rates can fluctuate or surge based on peak times. Rates for extended stays can be in the thousands, and Airriva has a team of people to help coordinate corporate or special booking needs.
Chapin said the company aims to maintain 10% of a building and keep its units to one floor in order to separate its renters from the long-term residents. Airiva’s short-term renters will be vetted and will be required to follow the resident rules for the property they are staying in.
Airriva is hiring to fill several local positions. To apply or to learn more about the short term rentals available, click here.
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