Multifamily N Illinois

Proptech firm Blueground launches in Chicago

Proptech firm targeting corporate travelers, Blueground, launches in Chicago,ph1
Blueground will lease fully furnished, turnkey rentals on terms as short as one month out of high-end properties such as 500 Lake Shore Drive.

Real estate technology company Blueground has expanded into Chicago. The company, which offers fully furnished and equipped apartments for a month, a year or longer, aims to make the apartment leasing process more efficient for both renters and landlords.

Blueground leases high-end properties and upgrades them to fully furnished, turnkey rentals, utilizing technology to automate all aspects of the rental experience. The company, which is leasing from prominent local property owners and management companies such as Bozzuto, The Habitat Company, The John Buck Company, Lincoln Property Company, Related Rentals and RMK Management, plans to lease 250 apartments throughout Chicago within the next year. Blueground currently offers apartments in prestigious buildings such as One Bennett Park, 500 Lake Shore and 465 North Park Drive.

“Blueground is revolutionizing the apartment rental process, which has historically been an unpleasant and time-consuming experience for both landlords and tenants,” said Alex Chatzieleftheriou, CEO and co-founder of Blueground. “Chicago renters will now be able to lease an apartment with the same speed and convenience that has come to characterize most other aspects of modern urban living. People expect and deserve to be able to get everything done from their devices with just a few taps, swipes and clicks. Why should renting an apartment be any different?”

Blueground typically leases several apartments before they hit the market, with a goal of holding them for many years, ensuring landlords’ steady cash flow and value-added financing solutions that maximize a property’s annual yield. The company then offers them to vetted business executives and individual renters, who stay in the apartments for an average of six months, with a one-month minimum stay.

“Blueground is a game-changer for the Chicago market,” said Matthew Lohmann, general manager of Blueground Chicago. “Renters will now have the ability to view apartments, check availabilities in real time, sign a lease for a duration of their choosing, pay rent and file maintenance requests—all online. Furthermore, they will have the flexibility to move between apartments or neighborhoods, if they choose to, without constraints or penalties.”

The expansion into Chicago marks a key milestone for Blueground, which was founded in Greece in 2013, and entered the United States market last year. The company—which has a portfolio of apartments in the most sought-after neighborhoods in Athens, Dubai, Istanbul, New York, San Francisco, Los Angeles, Boston and Washington D.C.—plans to lease and upgrade 20,000 properties throughout the U.S., and 50,000 apartments in a total of fifty cities, within the next five years.

In every city, Blueground’s fully furnished apartments are curated by a team of professional designers, and feature modern and practical amenities such as custom-made finishes and high-end gadgets. No matter the duration of stay, Blueground tenants save the cost and hassle of buying furniture, while living in a bespoke fully equipped apartment. Additionally, tenants have access to ongoing guest support through the Blueground app and value-added services such as cleaning and maintenance.