YouRent in Miami.
National short-term vacation rental provider on rapid growth track.
MIAMI – YouRent, a national short-term vacation rental provider headquartered in Miami, announced that it is rapidly growing its Miami collection of properties with the addition of 1200 Ocean Drive and 1611 Lennox Avenue. Through master lease agreements for both buildings, the company adds 35 units to its exclusive inventory of 175 multi-family rentals under management in Miami.
YouRent is projected to reach more than 300 units in the Miami market this year.
The entire building located at 1200 Ocean Drive, which has a total of 26 units, was master leased by YouRent for a 20-year term with property owner Infinity Real Estate, a privately-owned developer, owner, and manager of high quality real estate in primary U.S. markets. The New York City-based company has a portfolio of over 50 individual properties representing more than 2.5 million square feet of commercial space and over 1,000 urban multi-family rental apartments. 1611 Lennox, which has a 10-year lease, offers a selection of nine rentals with varying floor plans.
"We've substantially increased our group of Miami properties over a short period in direct response to the tremendous success we have had thus far with our current available units in the city," said Brian Ferdinand, COO of YouRent. "Miami's booming tourism market has been benefiting from this new option of unique accommodations and will continue to do so as we grow our portfolio."
"We are pleased to align with YouRent as the company's business structure allows us to generate great demand for our units to be utilized for short-term vacation and corporate rentals in one of the nation's prime travel and hospitality destinations," added David Berg, investment director and partner of Infinity Real Estate.
Since an investor-led group acquired the controlling interest of the company, YouRent has experienced a more than 500-percent growth from its original collection of 52 properties in Miami and Nashville at the time of purchase. In its trajectory, YouRent is projected to hold a revenue upwards of $75 million by the fourth quarter of 2017, and enter several new key markets.
Utilizing a first-of-its-kind industry platform, YouRent's inventory consists of luxury units in Class A, multifamily properties. Through partnerships with best-in-class habitation design consultants and national furniture manufacturers, the company provides a short-term vacation rental product that is standardized in design. YouRent's properties are strategically located near major urban cores in proximity to main attractions and offer unparalleled value. Its highly-trained management and around-the-clock concierge program in each market enables the company to consistently curate and deliver to guests a superior environment and experience of vacationing like a local.
YouRent was founded in 2012 and currently functions under the corporate entity, Vacation Rentals, LLC.
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