Landing, an apartment rental start-up that offers shorter-term leases via a membership model, enters the South Florida market.
The company provides a flexible rental model for those who don’t want to be locked into a long-term lease with deposits and fees or deal with setting up and furnishing apartments, but want the mobility to move around without the hassle.
For $199 a year plus the monthly rent, members can transfer between fully furnished Landing apartments with just 30-days notice. The apartments are designed for “stay-as-long-as-you-like living” according to the company’s website.
With the rise and acceleration of the remote working trend, the Landing business model is expected to thrive. Landing operates mainly in Class A buildings in urban centers through revenue-sharing with building owners for managing the units.
The company is in 20 U.S. markets. It added 11 markets recently including apartments in 20 buildings around the Fort Lauderdale and Miami areas. Rents start at around $1,700 a month for some one-bedroom units, depending on the location. Landing has targeted 30 markets by 2021.
Landing raised $20 million in equity and $10 million in debt this past February for expansion. Landing has raised a total funding of $45 million including $15 million seed funding from its founder and former Shipt CEO Bill Smith. Smith considers Landing an example of an emerging category, “Living as a Service.”
photo credit: Landing