Stay Alfred Introduces Hotel-Like
Short-Term Rentals to Downtown Urban Markets
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ounded in 2012, Spokane-based Stay Alfred manages four hundred short-term rentals in busy downtown areas in twelve major U.S. cities, with plans to grow its rental inventory tenfold and expand internationally over the next three years.
Stay Alfred founder Jordan Allen formed the company with partner Conrad Manfred, who eventually moved on to other ventures. “Alfred” is a combination of the cofounders’ names—though they went through multiple name iterations before settling on Stay Alfred. Those in the industry who have had the privilege of getting to know Jordan Allen know that he is an insightful, out-of-the-box thinker
average stay of 4.1 nights for 4.4 people, the company caters to families and corporate travelers looking for larger spaces, vacation rental amenities, and a more local experience—but with hotel-like standards. “The top markets we have entered are undersupported with this kind of new short-term rental concept, particularly in downtown areas,” Allen said. “At Stay Alfred we go in, test the market, see how it is working, and then expand within the city.”
Stay Alfred has a variety of economic models for securing inventory, but Allen doesn’t manage homes in the traditional sense. He primarily leases units under long-term contracts but has recently transitioned to leasing entire apartment buildings to control the entire guest experience.
who has taken the time to study the vacation rental and hotel industries and carve out a niche for his fast-growing company.
The Stay Alfred business model is laser focused on short-term rentals in downtown locations in major US city markets. With an 64
VRM Intel Magazine | Summer 2017
Allen explained, “It is much more like a hotel operation, and now we are master leasing whole buildings. Instead of going out and renting two or three units in a building, this gives us flexibility on signage, corporate sales, and government contracts.” The challenge with Stay Alfred’s model is that it is responsible for the long-term lease payment of its units, regardless of whether it is able to maintain occupancy. “We carry the cost of the rent, which is why we are really hungry to make sure that we can make reservations,” Allen said. “There are certainly benefits and downsides of the model. The benefit is we don’t have to deal with owners and guests; we just have to deal with guests. But we have the rental amount of these properties that is due every month, and it can turn into a really scary number.