– Customized short-term rentals for the growing number of foreign visitors to Korea and global corporate clients.
-Short-term stays are like hotels… Easy contracts for short-term stays such as 1 or 3 months
Handys, which operates Korea's largest residence hotel brand, Urbanstay, announced on the 4th that it is launching a new short-term residential rental platform, "Plott LIFE." Platt LIFE is a new short-term rental service targeting customers with high payment capacity and high demand for accommodation, such as international students, global corporate business travelers, and mid- to long-term tourists.
In the domestic real estate rental market, jeonse (a deposit or monthly rent) contracts of two years or more are the norm, so those seeking short-term stays, such as one or three months, have had difficulty finding suitable properties. For example, while the number of international students in Korea has steadily increased each year, the average occupancy rate in domestic university dormitories last year was only around 22%. For these students, short-term rental platforms can serve as reliable living spaces. Handyz's Flat Life platform guarantees rent payments for landlords (hosts) throughout the contract period and reduces the burden of high short-term rental deposits for tenants (guests).
Flat Life guests can book rental properties conveniently through the website and mobile app, just like booking a hotel room. They also benefit from reliable management through Handyz's customer service. Hosts who list their rental properties on Flat Life can also expect profits of up to 30% higher than their monthly rental income through relatively high-rent short-term contracts.
Handyz operates a global customer center, available 24/7 in seven languages, for Flat Life users. Using a proprietary property management system (PMS), Handyz integrates reservations, payments, and settlements. Furthermore, it plans to implement a host quota system by region to discourage indiscriminate competition and ensure stable revenue.
“Platlife is a short-term rental housing solution that both hosts and guests can trust,” said Handys’ strategy lead, Son Hong-tak. “We plan to provide new value to customers who have been feeling uncomfortable between the travel accommodation market, which targets short-term travelers of about a week, and the real estate rental market, which assumes long-term contracts of two years or more.”
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