🏨 Here: A Fractional Short-Term Vacation Rental Marketplace Closes Its Doors
Here, a fractional short-term vacation rental marketplace, has closed after operating for just over two years.
Another proptech startup has failed, blaming the ‘current interest rate environment’.
Here, a fractional short-term vacation rental marketplace, has sadly bid its users farewell after just over two years of operation. The Miami-based startup, which had managed to secure a known $5 million in funding, recently posted an announcement on its website stating that it was ceasing operations “due to the current interest rate environment and economic conditions.” It seems that even the promising world of vacation rentals couldn’t escape the effects of a tough economy.
The Rise and Fall of Here
Here, founded in July of 2021, didn’t officially launch until 2022. According to the popular publication ShortTermRentalz, the marketplace aimed to provide investors with the opportunity to acquire partial ownership of vacation rentals. Here took care of all the tiresome property management processes, assuring its valued members that they could earn monthly income and potentially witness property appreciation. Ah, the sweet sound of passive income.
CEO and co-founder Corey Ashton Walters, who also co-founded Homeworthy, a remote cloud real estate brokerage, had high hopes for Here. And why not? The vacation rental market seemed like an exciting venture, combining the allure of globetrotting with the profitable world of real estate. What could possibly go wrong?
The Not-So-Sunny Side of the Coin
As the saying goes, “What goes up must come down.” And boy, did interest rates take a nosedive in the past two years. Here’s decision to close up shop is yet another unfortunate consequence of rising interest rates. Just last week, we reported that Frontdesk, another short-term rental provider, had given their entire staff the boot and was on the verge of shutting down. It seems that the harsh reality of the proptech world is catching up with many startups.
What’s Next for the Check-Out Crew?
While bidding adieu is never easy, Here has announced its plan to sell all the properties it holds within the next six months. So, if you’re looking for a slice of the vacation rental pie, keep your eyes peeled for some intriguing opportunities on the horizon. As for Here, its legacy will become another chapter in the book of startup tales, reminding us that even in the ever-evolving world of technology, not every venture turns into a unicorn. Farewell, Here.
- 😯 Moon Landing Mission Takes an Unexpected Detour 😯
- Introducing the Minitailz Smart Pet Tracker: Your Pet’s Personal We...
- Introducing Anura MagicMirror: Your Personal Health Monitor! 💪🪞
🖊️ Q&A: Your Burning Questions Answered
Q: How did rising interest rates affect Here’s decision to close down?
A: Rising interest rates can have a significant impact on businesses that rely on borrowing or have financial structures tied to interest rates. In Here’s case, the current interest rate environment created unfavorable economic conditions, leading to their regrettable decision to cease operations.
Q: What will happen to the properties held by Here?
A: Here has stated its intent to sell all the properties within the next six months. This could present an interesting opportunity for potential buyers who have a keen eye for vacation rental investments.
Q: Are there any other short-term rental providers facing similar challenges?
A: Unfortunately, yes. The proptech industry has recently seen a series of short-term rental providers facing difficulties. Frontdesk, for example, was recently forced to lay off its entire staff and is currently on the verge of shutting down. It seems that the dream of vacation rentals is facing some rough waters.
🌐 Looking Toward the Future
The closure of Here and the struggles faced by other short-term rental providers are indicative of the challenges that proptech startups have encountered in the face of economic turbulence. However, the vacation rental industry remains an intriguing and potentially lucrative market. As interest rates stabilize and economic conditions improve, we can expect to see a resurgence of innovative approaches to fractional ownership and property management in the short-term rental space.
References:
- Short-term rental provider Frontdesk lays off entire staff, on the verge of shutting down
- Lifetime Website Hosting Subscription – 40% off
- California self-driving cars exempt from traffic tickets
- ShortTermRentalz – The marketplace gave investors a way to acquire partial ownership of vacation rentals
- Short-term rental provider Frontdesk lays off entire staff, on the verge of shutting down
- Zeus Living reportedly shutting down after raising $150 million in debt and equity
📢 Calling All Wanderlusters!
Are you as fascinated by the world of vacation rentals as we are? Share your thoughts and experiences in the comments below! And don’t forget to spread the word on social media—let’s unleash the power of the tech-savvy travel community together! ✈️ 🌍 📲
Note: This article is for informational purposes only. Please conduct thorough research and consider professional advice before making any investment decisions.
