Blueground wants to make it easier for people to rent apartments

Greece-based firm partnering with Related Rentals, UDR, Decron

Los Angeles /
Oct.October 29, 2018 01:15 PM
CEO and co-founder Alex Chatzieleftheriou

UPDATED, Oct. 29, 4:30 p.m.: Blueground, a “hospitality tech company” that offers fully-furnished units mostly to business travelers, is setting foot in Los Angeles.

Originally founded in Greece, the firm leases apartments from developers, later furnishing the units and subleasing them to individuals or corporations at a markup. The length of the stays average about six months, with a minimum requirement of one month.

For developers, Blueground provides a way to lease unoccupied units, said Alex Chatzieleftheriou, the company’s CEO and co-founder. Some of the firm’s developer partners include national players like Related Rentals and UDR, as well as local landlords such as Decron Properties and Legacy Partners.

The company says it currently has 22 apartments scattered around L.A. that are ready to book. It plans on adding 250 more in the next 12 months, said Christopher Tin, general manager for L.A.

Blueground is the latest technology company disrupting the traditional real estate landscape in L.A. With its online platform, the firm is making it easier to rent units for a flexible amount of time, tapping into a consumer base that traditionally occupied hotels or extended-stay locations.

The firm is looking to attract millennials who are looking to try out a new city without the hassles of committing to a year-long lease and furniture, Chatzieleftheriou said.

The focus reflects changing consumer preferences, in which younger generations are eschewing homeownership and demanding a more seamless experience when renting a unit, Chatzieleftheriou added.

“We see the patterns of renting an apartment changing,” Chatzieleftheriou said. “The whole idea for Blueground is we want people to move seamlessly from apartment to apartment.”

Rates for a one-bedroom unit start from $2,990 per month, and range up to $5,890, depending on location and amenities, according to its website. All bookings are handled completely online.

Blueground currently has more than 1,500 apartments spread across Athens, Greece, Istanbul, Dubai, San Francisco, and New York. In addition to L.A., it is also building portfolios in Washington D.C., Chicago and Boston.


Related Articles

arrow_forward_ios
Rendering of Sea View Hotel
Renderings depict hotel planned on PCH near Nobu Ryokan Malibu
Renderings depict hotel planned on PCH near Nobu Ryokan Malibu
Cronies Sports Grill in Agoura Hills and Tinhorn Flats Saloon & Grill in Burbank (Google Maps, iStock)
LA County sues two restaurants for outdoor dining
LA County sues two restaurants for outdoor dining
(iStock)
Outdoor dining to return in LA County this week
Outdoor dining to return in LA County this week
Westend Bar (Photo via Google Maps)
Costa Mesa bar owner faces criminal charges for Covid violations
Costa Mesa bar owner faces criminal charges for Covid violations
Gov. Gavin Newsom (Getty, iStock)
LA’s outdoor dining ban stands despite judge’s harsh rebuke
LA’s outdoor dining ban stands despite judge’s harsh rebuke
(iStock)
LA County to provide nearly $6M in aid to restaurants
LA County to provide nearly $6M in aid to restaurants
Outdoor dining along Colorado Blvd. in Pasadena on Nov. 29, 2020 (Getty, iStock)
Pasadena’s break on dining ban inspires other cities
Pasadena’s break on dining ban inspires other cities
A rendering of the project and an aerial view of the property (AXIS/GFA via NoHo Neighborhood Association, Google Maps) 
Napa Industries plans 171-unit hotel in NoHo Arts District
Napa Industries plans 171-unit hotel in NoHo Arts District
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...