A Dublin-based business plans to buy up to $1.5 billion in Airbnb rentals in order to become the country's largest short-term rental property owner.
ReAlpha is attempting to reshape the market by allowing individual investors to own shares of specific residences that would be rented through Airbnb. Within five years, ReAlpha intends to purchase at least 15,000 Airbnb houses, first in the United States and eventually expanding globally.
"We aspire to be the largest owner of Airbnb properties in the next several years," said ReAlpha Chief Executive Officer Giri Devanur. "On Airbnb, there are 660,000 properties in the United States. There is no obvious leader."
The company said that it will raise $75 million for the initiative by selling 7.5 million shares at a price of $10 apiece. Crawford Hoying, a Dublin development firm, is the project's largest initial backer, with a $6 million investment.
Crawford Hoying founder and director Brent Crawford, whose firm created Bridge Park in Dublin and other mixed-use developments, remarked, "The short-term rental space is increasing rapidly." "We're already in the real estate and hotel businesses, so it's a perfect fit."
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https://www.realpha.com/blog/realpha-plans-to-buy-up-to-15000-airbnb-rentals
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