How did the idea for 2nd Address come about?
Over the past 10 years, leisure travelers have become comfortable with staying in homes rather than hotels. In 2017, we noticed they desired the same home-stay experience for business travels as well, however, vacation rental marketplaces didn’t provide the quality and consistency they needed. That’s how 2nd Address was born. It was built to [provide a solution to this] and help property owners find guests who are reliable on a long-term basis.
Why focus on business travelers?
Airbnb has undeniably had an impact on how everyone travels today, and that has a ripple effect on business travelers too. Think about it: You go on a vacation and stay in an Airbnb located in a great neighborhood where you can experience the community up close for a short amount of time. Wouldn’t you want to have that also when you’re in a city for at least a few months?
How does 2nd Address differ from similar models?
Short-term rentals are great for vacations, but people have different requirements, say, when they’re relocating with their family for a six-month work project, such as looking for a neighborhood that not only suits their lifestyle, but also makes their daily commute to work easier. We take all of these factors into account when helping guests find places.
How are you handling the regulations cities have placed on these platforms?
For property owners, a long-term rental option with 2nd Address, or similar companies makes a lot of sense. For one, they get to have tenants for a long stretch [of time], which means consistent income without turnover. Additionally, we do background checks on our guests and hosts, so that both parties can be confident that their experience will be a good one.
You have raised more than $20 million since launching. How do you plan to evolve your business?
We are developing different technologies that help owners and management companies understand the dynamics of this specific market, and access the data easier, which eventually guides them on how to vary their pricing to maximize overall revenues. In the long run, it is our goal to be an enduring, customer-facing brand that’s known for amazing long-term stay experiences.
