Rove launches property marketplace to set standard for remote workers
US: Property management company Rove has launched a property marketplace to buy, sell, and manage short-term rental properties more seamlessly, as well as to set a new standard for business travel and remote working.
Founded in 2021, Rove connects property owners with short- and mid-term renters seeking premium furnished stays, while aiming to lower the barriers to investing in residential real estate. The company, which operates in New York City, Utah, Arizona and Florida, claims that its properties deliver up to 70 per cent higher income than comparable conventional leases for homeowners, and investors can sign up to have their properties listed, furnished and fully managed by Rove in exchange for a share of the overall revenue.
Through a mix of professionally designed spaces and high-end amenities, including fully equipped kitchens, dedicated work desks, pools, hot tubs, enclosed patios, indoor spas and private garages, Rove wants to set a new standard of short-term rental luxury that appeals to emerging demographics, such as remote workers, travelling families with working parents, and companies hosting corporate travellers for extended stays.
The success of Rove’s business model coincides with a trend whereby more employees are living nomadically and working from anywhere, albeit the traditional hotel experience is yet to fully adapt to this demand. It is estimated that around 30 per cent of the US workforce now works remotely, following the lockdowns introduced in 2020 in response to the Covid-19 pandemic.
To date, Rove has secured $4 million in seed funding from a group of Silicon Valley company founders and executives, including Applovin, Zocdoc, Mercury, Indiegogo, Lattice, BloomTech and Lev. Within its first 12 months, the startup had already scaled to more than $5 million in run-rate booking revenue and now has 50 properties under management.
Looking ahead, Rove is aiming to streamline the short-term rental property management process by furnishing and managing properties itself, while navigating the frequent turnover of guests and the strict regulatory landscape in many US cities where rentals are listed.
Jonah Hanig, founder and CEO of Rove, said: “Vacation rentals are a $100 billion+ market, but many properties are inconsistently managed and poorly equipped for the experience modern travellers want. At the same time, the experience of buying short-term rental investment properties is extremely challenging and opaque. I saw from my own experience purchasing a home how difficult the renting and management process can be.”
“We built Rove to be the central place for short-term rentals for consumers and property owners alike,” he added.
