This year has been an eventful one for short-term rentals around the world: The boom-bust saga and seeming unending fights about new regulations.
06.12.2023 - 04:20 / skift.com / Srividya Kalyanaraman
Top of this Thursday morning to you, readers! It’s not news, but I found these funny and relatable Airbnb stories amusing.
Speaking of Airbnb, it might be losing business in New York City but like in life and business, there will always be profiteers when it comes to rentals, and someone’s loss is someone else’s profit.
Touted as “Hinge Meets Airbnb,” Kiki Club, formerly EasyRent, has roots in New Zealand and calls itself a social network for renters. Inspired by dating apps like Hinge, Kiki matches listers with renters who share similar preferences, aiming to make people comfortable with strangers staying in their homes.
“So what Kiki does fundamentally is that it allows people when they’re going away to have someone stay in their home who they feel like they know,” said Kiki Club CEO Toby Thomas-Smith. “You know, it’s not just a random person going in.”
Users download the invite-only app and go through a vetting process before being matched with hosts looking to rent their apartment or those looking for apartments to rent. Thomas-Smith said that this social bit is essential to the network.
“We won’t even send people options. We only send them the best person and say pretty much like take it, take it or leave it,” said Thomas-Smith. “And we have a 95% acceptance rate on that. And so Kiki’s kind of centered around this whole idea where it’s built for the everyday person to not lose $5,000 when they’re away.” Operating as a mid-term rental, users on Kiki can rent homes for a minimum of 30 days.
The startup recently raised $9 million, including a $6 million seed round led by Blackbird Ventures, pushing its post-money valuation to $28 million. It hopes to make a mark in New York City.
Kiki Club takes 10% of rent paid or transactions processed through the app. Put simply, renters get back 90% of the rent through subletters and Kiki Club takes the rest.
“We saw the situation in New York City and we were like, if Airbnb gets banned, that’s incredible for us,” Thomas-Smith said. “Because the whole reason the regulation is happening with Airbnb is they’re trying to take these short term rentals that used to be long term rentals and put them back on the long term rental market. So they’re going to push out all these investment landlords. That’s incredible for us because we don’t work with landlords. We work with renters who are renting out their home while they’re away.”
Thomas-Smith said that Kiki was founded in 2020 in New Zealand, and expanded to seven cities within the same year, then the company launched in Sydney in February 2022.
“In 10 months we filled 1,500 homes, processed, let’s say, people $2.5 million of rent payments and made $250,000 of revenue,” Thomas-Smith said.
The invite-only network
This year has been an eventful one for short-term rentals around the world: The boom-bust saga and seeming unending fights about new regulations.
Few traditions are as cherished and timeless as the annual performance of George Balanchine’s The Nutcracker by the New York City Ballet, which will be performing through December 31, 2023. This beloved production has become an integral part of the holiday festivities, attracting over 100,000 spectators annually.
Christmas Eve is Sunday, December 24. And while Sundays aren’t typically the hardest nights to grab reservations, the holiday is changing things up, with plenty of top restaurants already fully booked. If you procrastinated, have a change of plans or just want to leave the cooking (and cleaning) to the pros, there are still plenty of great options to dine out in New York City this Christmas Eve. Here’s where to go:
New York City is practically synonymous with New Year’s Eve. The entire world watches and waits for the ball to drop in Times Square, while revelers at the crossroads of the world and across the boroughs celebrate the upcoming New Year. Plenty of restaurants far away from the chaos are also hosting celebrations for festive meals, toasts and a fun ambiance to ring in the 2024. Here’s where to celebrate:
What do you get when you cross two alums of the fine dining pantheon The Modern with the finest Italian seafood, creative cocktails and deep and esoteric wine list all in a gorgeously chic Soho setting? Say hello to Principe, which is fast becoming everyone's new favorite downtown destination.
Chinese tourists won’t be coming back to New York City at their pre-pandemic levels next year. Affordability and limited flights are two issues holding back the rebound, say travel executives.
Tourist, transplants and born-and-raised New Yorkers all have one thing in common: They love New York. The city is a trove of inspiration when it comes to gifting, especially with unique items that reflect the exceptionality of The Big Apple in all its glory. Here’s what to gift your favorite New Yorker, current, past or present.
For most New Yorkers, Times Square is a place to be avoided at all times—especially and unequivocally on New Year’s Eve. The Ball Drop looks fun and exciting when watched from the warmth and privacy of your couch but in real life, it looks like a million people packed between police barricades and squished up against each other in the cold for way too many hours, waiting for a 10-second countdown. And there are no public restrooms.
Young budget tourists are putting off trips to New York City. Maybe it’s because they are finding it harder to find affordable rooms.
This is a shot of a tournament game at a basketball court — colloquially known as ‘The Cage’ — in Greenwich Village neighbourhood. It’s a dynamic scene, and one I felt really captured the energy of the game. I showed up around mid-afternoon as I was meeting an art director for a dinner later that evening. It was pure luck a game was happening — I only intended to scout out the location for a little while. But the end-of-day light was great, and the hosts said I could take as many photos as I liked from inside the court. After moving around the back and sides of The Cage for a bit, I decided this was the shot I really wanted: the leading lines from directly behind the hoop were just too good to pass up.
Happy Thanksgiving, folks! I know you’d rather carve a turkey than open your inbox, so we will keep this brief.
Christian Lee joined Mint House as CEO in March, and 100 days into the role and a year after the company’s $35 million fundraise, Lee has his work cut out for him. But the former WeWork CFO isn’t a stranger to a volatile industry.