BOSTON – In response to the city’s growing need for furnished accommodations, Blueground announced that it is expanding into Boston.
The hospitality tech company enters the Boston real estate market with 60 properties, and plans to lease 250 apartments throughout the city within the next year.
Blueground, which leases carefully selected, high-quality properties, and then upgrades them to fully furnished, best-in-class rentals, has quickly amassed a portfolio that comprises more than 1,500 apartments in the most sought-after neighborhoods in cities around the world, including Dubai, Istanbul, New York, San Francisco, Los Angeles and Athens.
Blueground’s disruptive business model and its significant growth – a 200-percent increase in revenue year-over-year since the company’s launch in 2013 – contributes to the reason that it has raised a total of $20 million from a group of renowned global investors, including U.S.-based Endeavor Catalyst, Jabbar Internet Group, and VentureFriends.
“Our expansion into Boston represents a key milestone in our plan to bring Blueground’s innovative living solution to cities around the world,” said Alex Chatzieleftheriou, CEO and co-founder of Blueground. “There’s a shortage of turnkey living solutions for renters who want flexibility and mobility, but don’t want to sacrifice comfort and luxury. To meet that demand, within the next five years, we’re aiming to lease and upgrade 20,000 properties throughout the U.S., and 50,000 apartments globally.”
Blueground typically leases several apartments before they hit the market, with a goal of holding them for many years, ensuring landlords have 100-percent occupancy for the full duration of the rental agreement. The company then offers the beautifully designed and thoughtfully furnished properties to vetted business executives and renters, who stay in the properties for an average of six months (minimum stay is 1 month). In Boston, Blueground is leasing from prominent property owners and management companies such as Related Rentals, UDR, Bozzuto and Greystar in Back Bay, Downtown, the Seaport, East Cambridge, North End and South Boston.
“In Boston’s neighborhoods, which are in higher demand than ever before, there’s a severe lack of turnkey, thoughtfully-furnished apartments” said Zack Hughes, General Manager of Blueground Boston. “Blueground will fill that void, while simultaneously providing the city’s landlords with an easy and cost-effective solution for turning unoccupied properties into revenue generators.”
Blueground’s fully furnished apartments are curated by a team of professional designers, and feature modern and practical amenities such as high-speed interent and custom-made settings, including designer sofa sets, dining tables and chairs; five-star-quality hotel mattresses, linens, and towels; handmade carpets; and high-end gadgets such as smart TVs, speakers and home assistants. No matter the duration of stay, Blueground tenants save the cost and trouble of buying furniture, while living in a decorated and fully equipped apartment.
Utilizing technology, Blueground automates all aspects of the experience. Once the online reservation is made, tenants have access to guest support through the Blueground app. Value-added services are available including cleaning, maintenance, and an easy relocation function that allows guests to experience new apartments in neighborhoods across the city.