Recharge, a mobile app that lets users book hotel rooms by the minute, is launching a home-share unit alongside a strategic investment from Fifth Wall.
Though the terms of the strategic deal were not made public, Recharge says it has raised $10 million to date. In April 2017, JetBlue Technology Ventures made an undisclosed investment in the company.
In addition to hotels, which Recharge users (typically corporate travelers or locals) can book at four- and five-star properties in the San Francisco and New York areas, homes are now also available to book in both locations, as well as in Los Angeles.
Recharge says the launch of homes gives hosts the opportunity to make money on their properties while they’re out of town, at work or any time they leave home for any amount of time.
The homes unit has been in beta for the past three months, and more than 80,000 users are on the waitlist with active bookings in San Francisco and New York.
“It’s a solution that works for both parties - in homes, we found an equally underutilized asset. We go to work, we come home. During the day, the space where we live is often vacant, creating a prime opportunity to generate revenue,” Recharge says in a blog post.
Subscribe to our newsletter below
“The ability to supplement our rent using Recharge creates a much more willing supply line. The incentives match, and people are signing up to utilize their apartments.”
The company also says Recharge is “friendlier” from a regulatory standpoint than other types of fluid real estate solutions. “Whereas some of the more entrenched services encourage short-term tenants over longer-term ones, which can decrease long-term housing supply and drive up rental prices across a city, Recharge is used by hosts who live in their homes and apartments.”
Recharge launched in 2016 with a mission to offer customers “a nap on every corner.” As part of the strategic investment, Brad Greiwe from Fifth Wall will be joining the board.