Growth in medium-term rentals? Expansion of an Airbnb type business …

Flatio, a Czech Republic-based medium-term rental platform, has announced that it has acquired the NomadX digital nomadic housing market for £ 3.6million.

The deal will see Flatio take over the inventory of apartments, staff and social platforms from NomadX as the company plans to accelerate its growth in the UK. The company PropTech, which made £ 4.5million last year, aims to have at least 10,000 UK property listings in its inventory over the next three to five years.

As part of the deal, all real estate listings, management and transactions will be centralized on Flatio’s technology platform after a transition period of several weeks.

While the NomadX branded housing market will continue to exist, it will be powered by Flatio and expand to all of Flatio’s markets.

Flatio currently has 9,000 listings in 17 countries and 60 cities, while NomadX has 1,700 listings in Portugal alone. Both startups, however, were planning expansion in the UK before the pandemic struck.

“We have noticed a lot of interest from the UK during the pandemic,” said Flatio chief executive Radim Rezek.

“It appears that a combination of uncertainty and remote work opportunities is creating a boom in the mid-term rental industry. We currently only have 150 listings in the UK but plan to increase this number significantly over the next three to five years as we believe the demand for medium term affordable rentals will continue to grow in the UK and in the world after the pandemic. “

He added: ‘If we compare the data three months before the start of the pandemic to three months after, we have seen an increase of almost 60% in the number of visitors from the UK to our platform. This shows that there is a real desire to rent six month properties in the UK and overseas. “

“NomadX already has a large database of digital nomads, many of them from the UK, so we hope this move will accelerate growth and make us the number one mid-term rental platform in the world.”

Flatio claims to have seen 100% revenue growth in its top performing cities, 20% growth in global bookings and over 30% owner growth in all markets, comparing the first three quarters of 2019 with the first three quarters of 2020.

The platform offers monthly rentals to allow professionals, students and remote workers to live in more than 60 cities and 17 countries around the world, including Prague, London, Vienna, Paris and Budapest.

It works similarly to Airbnb, but it doesn’t charge a deposit and relies mostly on individual owners, who make up 78.5% of its listings. Other features include unified rental agreements, bilingual rental agreements, online lease signing, 360 VR tours, and a smart payment app that lets landlords know when they’ve received payment and alerts tenants when the rent is late.

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