To own multiple homes or apartments and to be able to reside in multiple cities seems like a pipe dream for most. However, with the advent of technology and the shared economy, it is now a realistic possibility for the average person.
Let’s say you lived in Sydney, but dreamt of also living in New York for part of the year or perhaps somewhere closer such as Melbourne. Let’s say you always wanted an apartment to stay in when visiting another city regularly, whether for holidays or business.
In the past, to acquire or even rent an apartment you may use just once or twice a month didn’t seem feasible unless you were wealthy and could afford to have an apartment left empty for the most part.
But now you can use services such as Airbnb or Stayz to have a second home or apartment in another city rented out to holiday guests during the times you aren’t using it.
Airbnb and Stayz connect holidaymakers with owners of rooms or entire houses or an apartment for short term stays tapping into what is commonly referred to as the shared economy. It is similar to Uber, which has turned many private cars into an owner-operating chauffeur driven business for those sharing an existing asset.
The extra income generated can often pay for the monthly cost to rent or pay off your second home or apartment, but still allow you to use it when you are visiting your home away from home.
This enables the average person to be able to often afford a second home or apartment, whereas in the past it wasn’t viable.