September 8, 2020
Denver hospitality company sees success in newly launched homesharing program
When Denver-based Daydream Apartments launched its homesharing program late last year, the travel world was in very different place.
The lifestyle brand, which operates seven apartment communities in four U.S. cities, launched the program to allow its residents to make money through rentals when they travel.
The concept is simple. When apartment residents travel for work or pleasure, they are able to freely rent their apartment on Airbnb. Daydream simplifies this process by handling all of the organization and communication during the rental.
So, residents submit their travel plans to Daydream’s staff and the company handles all the remaining details, including booking confirmation, payment and cleaning.
Daydream launched the trial in Denver as 2019 came to a close, and has forged on this year, despite disruptions due to the Covid-19 pandemic.
CEO Jon Slavet, formerly of WeWork, said Daydream overhauled its safety and cleaning protocols due to the pandemic and has seen continued interested in the program from residents and guests alike.
“What we’re finding is that they’re really game, as long as safety and security is there; they want to travel and want to make apartment homes available to guest,” Slavet said of Daydream’s residents.
While the beta version of this program launched in Denver, Slavet said Daydream plans to roll the homesharing offering out to its other cities in the near future.
Thus far, Slavet said demand is outpacing supply and Daydream estimates the average resident can defray 25 percent off of their yearly rent by taking part in the optional homesharing program.
“Quality is really important, because we’re not the only company to have residents doing Airbnb,” he said. “What makes us unique is we’ve operationalized this to make it seamless for the resident. That engenders a level of trust for the resident host and guest to participate.”
Daydream, which launched a little over a year ago, operates the downtown Union Denver, as well as six other properties in Seattle, Los Angeles and Austin. The company currently touts more than $1 billion in owned assets across its seven properties, with eyes on growing its portfolio to nearly $10 billion in the future.
“Our focus for the next 12 to 18 months is to expand our footprint. We plan to be in many more cities in 2021,” Slavet said.
In addition to its homesharing offering, Daydream offers a variety of flexible living options to its residents, with month-to-month rentals and opportunities for tenants to stay at other properties. The average size of a Daydream unit is 800 square feet and the communities include a variety of amenities, like coworking spaces.
The company’s 40 person corporate staff is based in Denver and each apartment community employs between eight and 18 full-time staff.
As featured on Colorado Inno