UK-headquartered short lettings management firm Lavanda has launched a software platform to facilitate the short-term rentals market for tenants, operators and owners across the private rented sector (PRS).
Lavanda Residential aims to access short-term rental demand across businesses such as Airbnb, Homeaway, Booking.com and Expedia, to address two major challenges facing the private rented sector, namely illegitimate 'Airbnbing' and void periods between tenancies.
In partnership with JLL and Aberdeen Standard Investments, Lavanda Residential is being trialled across three private rented sector blocks totalling in excess of 470 units. Pending initial results, the platform will then be rolled out across the partnership’s broader UK portfolio.
'Short-term rentals are shaping the future of residential property, but to date they have been happening under the radar, causing unnecessary risks for both residents and landlord,' said Guy Westlake, founder of Lavanda.
'Lavanda puts compliant short-term rentals and home sharing at the heart of the PRS communities now springing up across Europe. We are delighted to have JLL and Aberdeen Standard Investments on board and we look forward to rolling out our platform more broadly across the UK and European market.'
JLL currently let and manage over 5,000 residential units across the UK and Aberdeen Standard Investments is Europe’s second largest real estate investment manager, managing £44 bn of real estate assets across UK, Europe and Asia. Its current residential portfolio includes over 15,000 homes across Europe and the UK with an additional 3,400 units under construction and a combined total value of almost €6.5 bn.
'We recognise that accelerating global demand for short-term rentals and homestays is now fundamentally shaping the long-term rental product. Lavanda Residential enables us to embrace this trend with 100% confidence. Together with Aberdeen Standard Investments we are excited to pioneer an industry-defining value proposition for landlords and residents,' said Sam Winnard, director of Build to Rent at JLL.
Ed Crockett, PRS fund manager, Aberdeen Standard Investments added: 'Aberdeen Standard Investments is committed to enhancing the tenant experience across our residential portfolio. Helping to reduce their cost of living is absolutely core to that mission. The Lavanda Residential platform offers a win-win solution for residents and landlords.'
