News Summary
Landing, a Birmingham-based company specializing in flexible-lease apartments, has announced it secured $180 million in debt financing. Founded in 2019, Landing is set to enhance its offerings by expanding its portfolio of furnished apartments and enhancing customer service. Their innovative monthly membership model caters to both short-term and long-term renters, making a significant impact on the rental market. With a goal to increase revenues by 100% this year and expand to over 700 properties nationwide, Landing is positioning itself for impressive growth in the evolving housing landscape.
Birmingham Company Landing Hits Big with $180 Million in New Funding!
Exciting times are rolling in for Birmingham, as *Landing*, a dynamic player in the flexible-lease apartment market, has just secured a whopping $180 million in debt financing. Founded in 2019 by entrepreneur Bill Smith, Landing is on a mission to revolutionize the way we think about renting furnished accommodations across the United States.
Why the Funding Matters
So, what’s the plan for all this cash? Landing is set to expand its portfolio of fully-furnished apartments while also beefing up its customer service team, sales force, and marketing efforts. This means a whole new level of attention and convenience for users who rely on their services.
Landing’s innovative approach allows users to rent furnished apartments via a monthly membership. This flexibility is perfect for both short-term guests looking for a weekend getaway and long-term travelers who need a home away from home for, say, a few months or more. Property owners get a chance to fill those vacant apartments sitting empty, while users enjoy a living space that’s not only more spacious than a typical hotel room but often comes loaded with amenities.
Impressive Growth Ahead
Thanks to this new funding, Landing is poised for substantial growth. They are predicting a jaw-dropping 100% increase in revenue this year! Initially catering to customers seeking leases of 30 days or more, the company has smartly diversified to include stays as short as two nights. This shift has opened the door to a much larger market for flexible living, which has far surpassed their initial expectations.
Currently, Landing operates in **over 375 cities** nationwide, from the bustling streets of Dallas and Phoenix to charming small towns like Raleigh. By the end of 2021, they plan to increase their property offerings from around **350 to between 600 and 700**, providing even more choices for renters.
What Sets Landing Apart?
Landing isn’t just competing with other rental platforms; they are carving out a unique space in the market by combining the best elements of hotel experiences with the comforts of home. Customers can expect full kitchens, in-unit laundry, and even resort-style facilities, all designed to enhance the rental experience. This consistency appeals to travelers who want to feel at home, even when they are away.
In response to soaring demand, Landing has successfully grown its apartment count to over **7,000 units**. This increase has allowed property owners to significantly boost revenues by driving occupancy for places that otherwise would remain empty. Using data-driven techniques to assess market demands and pricing, Landing is staying ahead of the curve.
The Future Looks Bright!
Looking forward, Bill Smith has big aspirations for Landing. He estimates that roughly 10% of the 40 million Americans living in apartments could adopt this flexible lifestyle within the next ten years. With projected revenues hitting **$200 million** in 2022 and occupancy rates consistently around 90%, the company is on a solid path. They have raised a total of **$237 million in venture capital** and secured **$230 million in debt**, with ambitious plans to reach **$1 billion in revenue** by 2025!
As remote work continues to gain traction, the allure of flexible living arrangements will remain strong, regardless of market fluctuations. With Landing’s tech-savvy model that continuously tracks market needs and optimizes offerings in real-time, they are more than ready to embrace this trend as it expands.
Landing’s success is a testament to the evolving landscape of temporary housing, paving the way for a new era of living that prioritizes flexibility, comfort, and convenience.
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Additional Resources
- AL.com: Bill Smith Looks to the Future
- Wikipedia: Main Page
- Bham Now: Landing Secures $180M
- Google Search: Landing Birmingham
- Forbes: The Next Startup
- Encyclopedia Britannica: Main Page
- Business Alabama: Landing Buys Barsala
- Google Scholar: Landing Birmingham
- Alabama News Center: Landing Commits $1 Million
- Google News: Landing Birmingham
