As the world continues to adapt and embrace ever-expanding technological progress, the boundaries between the physical and digital realms are becoming thinner. The transformative power of artificial intelligence (AI) has become increasingly prevalent across industries worldwide, shifting how businesses operate and revolutionizing customer experiences.
In the midst of this new wave of innovation, the rental sector stands as a prime example of an industry harnessing the potential of AI to redefine its landscape. Driven by advancements in data analytics and machine learning algorithms, AI has catalyzed profound changes in the rental sector, which has experienced steady growth in recent years.
The global short-term rental market has grown rapidly, reaching an estimated value of $138.3 billion in 2021. Additionally, as of 2019, there were 1.95 million active vacation rental listings in the United States alone. The closely tied home-sharing market has followed suit, with an estimated 68.2 million people expected to use any home-sharing platform.
Co-founders of Orion Haus and the AI-powered home-sharing application, Cindy Diffenderfer and Kanan F. Whited IV, project that this growth trend might increase further as people worldwide gradually become more comfortable with traveling. "If this continues, which I'm sure it will, the industry will have to take a more proactive and flexible approach to accommodate demand," said Diffenderfer.
Amidst this remarkable growth, it is essential to recognize the underlying factors driving the popularity of short-term rentals. The rising cost of rent has become a significant concern, with the average American spending a substantial portion of their household income on housing expenses. Additionally, the growing trend of remote work has allowed more individuals to have the flexibility to explore new destinations and embrace alternative accommodation options.
Recognizing these underlying factors, CEO Cindy Diffenderfer and CTO Kanan F. Whited IV created Orion Haus to address the pressing concerns of housing expenses and explore new, innovative accommodation options. Cindy Diffenderfer's background in multifamily housing, paired with Kanan F. Whited IV's expertise in AI technology and luxury experiences, have shaped Orion Haus into a dynamic force in the rental industry.
Together, Diffenderfer and Whited launched the OHAI app, setting new industry standards, particularly with regard to its approach to AI. "The opportunities that AI offers are endless. Not only can it improve operational efficiency, but it can also reduce manual tasks and free up time to enhance human experiences," shares Whited.
In fact, with its ability to analyze vast amounts of data, artificial intelligence is capable of streamlining every aspect of the multifamily rental and home-sharing market. The OHAI app automates all operational tasks, including guest communication, housekeeping schedules, critical exchanges, and parking arrangements. Hosts can better utilize their time and resources without getting stuck in administrative tasks. At the same time, guests can receive property recommendations tailored to their preferences, thus improving overall customer satisfaction.
"What I especially like about the use of AI in our industry is its ability to cater not just to the needs of the property owners or residents but also the guests'. We are apartment building owners, so I've personally experienced the obstacles and challenges when I've let my residents homeshare. So when designing the OHAI app, my main goal was to ensure all sides would reap the benefits while minimizing potential problems," says Diffenderfer.
The OHAI app has experienced great success since its launch. Although many people, including some industry professionals, are skeptical about artificial intelligence, Kanan F. Whited IV believes that the business sector has yet to experience the full potential of AI. Maintaining his ambition, he plans to expand OHAI through AI and continually explore new technologies.
"There are people who believe that AI, or even robots, are going to replace humans. Since some industries have streamlined the manufacturing process by utilizing robots, it's only natural to be worried," Whited shares. "However, rather than being a replacement, AI is best leveraged as a stepping stone to a better future because if we work alongside it, there's nothing we can't achieve."
The rising cost of rent and the growing trend of remote work have further fueled the demand for short-term rentals. Given that housing expenses consume a significant portion of the average American's income, home-sharing offers an additional income opportunity that provides a viable solution. Additionally, the flexibility offered by remote work allows individuals to explore new destinations and experience unique stays while maintaining productivity.
The OHAI app has become a game-changer in the industry since its launch, setting a new benchmark for AI integration in home-sharing. Under Diffenderfer and Whited's leadership, the future of home-sharing is poised for a remarkable transformation, providing secure and exceptional experiences for all involved.
In this era where technology and artificial intelligence shape our world, the rental sector must embrace the potential of AI to redefine the way we approach accommodation. With a deep understanding of the challenges faced by apartment building owners, hosts, and guests, Cindy Diffenderfer and Kanan F. Whited IV have harnessed the power of AI to revolutionize the home-sharing industry through the OHAI app. As we continue to explore the possibilities of AI and work alongside it, the future of home-sharing holds great promise.
