After collecting feedback about users’ wants and needs, we’re excited to announce a new investment property in Philadelphia, Pennsylvania that is both short-term rental and a value-added property.
Other than being a hub of history and culture and is the second-largest city on the East Coast, Philadelphia is a city where the supply of homes is limited, the demand is wildly high, and the interest rates are low. Also known as a “city of firsts”, such as the creation of the first newspaper in the U.S. and becoming the country’s first industrial center, this city will now be the home of our first value-added, short-term rental property.
What makes the Philadelphia rental property unique
Philadelphia City Council passed new rules on real estate intended for Airbnb properties, setting a higher standard. Airbnb’d homes must have a commercial activity and rental license and be correctly zoned for short-term rentals. Fortunately, all of our Ark7 properties have met those requirements and can be offered as a short-term rental property in accordance with city law. This means that fewer homes will meet the requirements, the Philly market pool will be smaller, and our property can be more desirable.
Ark7’s excellence in fractional real estate investing paired with Airbnb’s ease of renting is great for both renter and investor. Over 800 million people have already stayed at Airbnbs, and there are always more people looking to book. Airbnb is a user-friendly rental platform that allows for efficient booking, support and communication for renters. With Ark7 managing guests and bookings, and Airbnb managing relations, investors like yourself can receive monthly dividends from each short-term rental investment.
Not only will our local partner use Airbnb, but they will also use a multitude of other booking and travel websites to capitalize on short-term rentals. Our professional team is skilled in handling management and can offer confidence in stable returns.
The Philadelphia property currently has an estimated short-term rental return of 5%, but after an upgrade project, that number will likely rise to 7%+. This will bring the estimated annual total return including appreciation to 18.45%+. The project is ongoing and is estimated to be completed in the next 3 months. The property will grow from 3 bedrooms and 1 bathroom up to 4 bedrooms and 3 bathrooms, including the newest remodeled basement. It will accommodate up to five separate Airbnb users, increasing overall rental income capabilities.
This property has limited market capacity. Property shares are now set at $120/share and are in high demand.
Our current Seed/A1 users will have early access to purchasing shares on Oct 7th at 10:00 am PST, before the public launch on Oct 9th at 10:00 am PST. Look out for an email notification for when you can start investing in the Philly property.