RealPage Launches KigoHospitality™ for Multifamily Short-Term Rentals
RICHARDSON, Texas--(BUSINESS WIRE)-- Kigo®, a RealPage company and a leading provider of vacation rental booking and channel management platform, announced today the launch of KigoHospitality. The new offering, which is launching after successful pilot and Beta programs with existing RealPage clients, is expected to provide apartment owners and operators with a comprehensive technology platform to effectively manage short-term rentals. The platform is intended for properties that want to allocate between 5 and 30 units to short-term rentals and cannot afford on-site staff to manage the hospitality experience.
KigoHospitality has been deployed at 45 apartment units in a JPI property, known as the RealPage Suites, located near RealPage headquarters in Richardson, Texas. Clients interested in evaluating KigoHospitality will be attending a series of KigoHospitality Workshops that begin by experiencing KigoHospitality in the RealPage Suites.
Steve Winn, Chairman and CEO of RealPage
“Apartment owners with only a few units available for short-term rentals do not have the infrastructure to support a great guest experience and the systems to efficiently handle guest screening, insurance, agreements, taxes, regulations, cleaning services, access control and 24-hour contact center services. KigoHospitality provides a cost-effective way for apartment owners with a limited number of short-term rental units to capitalize on the significant shift in consumer behavior away from hotel accommodations to short-term apartment rentals.”
Matthew Hoffman, Senior Vice President of Kigo
“According to the Phocuswright study, the U.S. short-term rental market, which is estimated to reach $40 billion by 2019, is currently facing supply shortage challenges resulting from rising traveler demand. While apartment owners and managers across the country have vacant apartments that can easily meet the pent-up and growing demand, they are faced with unique challenges that make entering the short-term rental market too risky. Now, thanks to the launch of KigoHospitality, we are enabling apartment owners and operators to easily create and manage short-term rentals with hotel-like quality and consistency while adding a new revenue stream.”
Keith Dunkin, Senior Vice President of Asset Optimization at RealPage
“KigoHospitality provides a real opportunity to optimize supply and demand through the secondary revenue stream that short-term rentals can deliver. Just as important, pushing inventory out of the long-term rental pool helps constrain supply, which YieldStar and LRO monetize for owners in the form of higher rents.”
Kigo is a globally-trusted, web-based, scalable platform that provides vacation rental managers with all the critical features they need, including reservation management, distribution, marketing, revenue management, eSignature and websites, in one, easy-to-use, single solution. Designed to maximize revenue and streamline operations, Kigo allows vacation rental managers and owners to spend less time managing more properties. Now KigoHospitality is addressing the needs of apartment owners and operators that want to capitalize on the consumer shift from hotels to short term accommodations.
RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use our platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves more than 12,400 clients worldwide from offices in North America, Europe and Asia. For more information about the company, visit https://www.realpage.com.
RealPage Investor Relations
Rhett Butler, 972-820-3773
Released July 16, 2018