It’s been a busy summer for the short-term rental market, and in working with Asana Partners, we had the opportunity to get a closer look at the trend.

We were tasked to market a master lease opportunity offering 14 turnkey apartments at 1704 Walnut Street. SoSuite snatched the opportunity shortly after the building went to market. SoSuite is a hospitality company that provides thoughtfully designed and cared for accommodations in Philadelphia’s most unique historical buildings. Their mission is to ensure that during the guests’ stay, they will enjoy hyper-local recommendations and personalized services. As part of their ongoing rapid expansion within the region. This lease opportunity included 13 (1) bedroom units and 1 studio unit on the 2nd-5th floors of the building above Doc Martens.

This unmatched location in Rittenhouse is just one block from the Square and is surrounded by some of the best dining, nightlife and shopping options in the city. It makes the perfect spot to stay for a weekend getaway or a work-ready location. This was an exciting opportunity for us, and we were pleased to work with Jacob Cooper and Jonathan Makar, MSC who represented the tenant.

According to The Business Journal, all but two markets tracked by AirDNA have seen an uptick in short-term rental demand since last summer. Some contributions to this could be due to the return to cities and cross-border travel this year. Guests are staying longer in Airbnb rentals and even living in them. Stays of one month or longer have tripled over the past 3 years and continue to be the company’s fastest-growing category.

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