SAN DIEGO, June 23, 2015 (GLOBE NEWSWIRE) -- Pillow Homes, a technology-driven hospitality company for vacation rentals, opens in San Diego today. San Diego has more than 12,000 short term vacation rentals and has become the nation's fastest growing market in the country.
An infographic accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=33999
San Francisco-based Pillow is pioneering on-demand property management, taking care of all the work that goes into "hosting" guests from platforms like Airbnb, VRBO, and Homeaway. Now San Diegans can join those in San Francisco, Napa/Sonoma, Los Angeles, and Seattle in optimizing their income from short term home rentals without all the hassle of actually hosting guests.
In downtown San Diego, the average short term rental income is $3365, that's double the average for long term rentals with only $1716 per month. In Ocean Beach, short term rentals earn $3407 versus $1831 long term, La Jolla $3987 versus $2671, and Coronado $4111 versus $2865, respectively. In Pacific Beach, short term rental income averages a whopping $4896 per month, almost triple the $1761 earned from long term rentals.
Pillow offers homeowners two ways to earn income from their homes. The standard Pay-Per-Booking option means homeowners pay a fee of 15 percent of their rental income for Pillow's management services, roughly half the price of most competitors routinely charge which ranges anywhere from 25-40 percent fee. This Pay-Per-Booking option offers homeowners more flexibility to set available dates for their property.
Additionally, Pillow has introduced a Fixed Income Guarantee - the first of its kind in the industry. Under this model, homeowners lock in a pre-determined monthly rental income. Using 85 criteria, including location, number of bedrooms, and amenities, Pillow is able to accurately predict both occupancy and daily pricing. This technology means Pillow's homeowners can rest assured knowing their rental income is secured each month, whether or not they are able to rent our their property. Pillow's Fixed Income Model guarantees homeowners monthly payments that can easily cover most mortgages or finance a vacation.
"Now from Seattle to San Diego, Pillow is helping homeowners make more money from their biggest asset: their homes," said Pillow CEO Sean Conway. "Vacation home rentals will earn San Diegans a much greater return, actually double and triple what they'd get for long-term rentals."
For guests, every Pillow home comes with standardized amenities, hospitality touches, and 24/7 guest support to ensure a reliable and enjoyable stay. Pillow's service is increasing the supply of high-quality, vacation rental properties -- for corporate or vacation needs -- that offer excellent hospitality standards as well as the unique and local experience that comes from staying in a home.
Pillow's online services include a proprietary pricing algorithm and booking engine, listing optimization and marketing, and customer service before, during, and after guests' stay. Local services include house cleaning and preparation, guest support, key exchange, maintenance, and repairs. Pillow currently operates in San Francisco Bay Area, Sonoma, Napa Valley, and Los Angeles and plans to open in 9 more cities within this year following the Seattle launch.
Pillow's management team includes CEO and Co-Founder Sean Conway, and President and Co-Founder Justin Miller, who together founded Notehall which was sold to Chegg in June 2011.
About Pillow:
Based in San Francisco, Pillow is a next-generation hospitality company helping homeowners maximize their vacation rental income by creating great guest experiences, without the time and effort required to personally host guests. For more information, please visit www.pillowhomes.com.
