Short-term rental provider Mint House, who provides rental housing to business travelers, has launched an annual subscription service for “digital nomads.” For $250 a year, subscribers to Mint Pass receive discounts of 30% on stays of five or more nights, a 48-hour advanced cancellation allowance, preferred guest communications, and rewards after staying in five different cities. Though all Mint House locations are available via subscription, the company will not be selling an unlimited number of subscriptions, says Business Travel News. The company wants to test the program to see how it fares before deciding if it will expand availability.
Located in downtown neighborhoods, Mint House has about 600 units in 12 cities, including Austin, Denver, Detroit, Greenville, Louisville, Miami, Milwaukee, Minneapolis, Nashville, New York and Philadelphia. They expect to add 2,000 more units by the end of the year, including a Columbus, Ohio location. Average daily rates are typically $199 to $249 though prices may be higher in hot spots like New York and Miami. Features and amenities of Mint House units include mobile check-in, in-suite laundry, high-speed WiFi, premium toiletries, full kitchen smart TVs, pre-stocked grocery delivery, filtered water, artisan coffee and a rigorous cleaning regimen.
Why a subscription program?
In an interview with Business Travel News, Mint House corporate partnerships manager Caroline Rehkow said they designed the program around the changing needs of their guests. They also wanted to offer a flexible cancellation policy and value for guests.
“When doing our research, [we found other programs] had a high barrier to entry, like a high annual fee, or there was not a clear-cut percentage off the best available rate,” Rehkow said. “We wanted to make sure we were both clear and flexible.
New $18 million investment
News of the subscription program comes just days after Mint House announced that Allegion Ventures was making an $18 million investment in the company.
“The Allegion Ventures investment thesis – to make security and access smarter, stronger, faster and less intrusive – is aligned with the experiences both Mint House and Kasa create for their business and leisure travelers,” said Rob Martens, Allegion president and chief innovation and design officer. “As the need for what we call ‘seamless access’ has been amplified by the COVID-19 pandemic, there are opportunities across not just the hospitality market, but also commercial and institutional real estate, to innovate and delight customers, while also helping them safeguard their health through smart technologies.”
“It’s always been our mission to fundamentally improve the lives of road warriors who are tired of the legacy, box-like hotel, whether they were staying for two nights, two weeks or two months,” said Will Lucas, CEO and founder of Mint House. “Over the course of the pandemic, Mint House’s model has proven to be ahead of its time as our tech-driven concept offers a safe, reliable option that corporate travel managers feel confident in booking for their employees. We are honored to have Allegion Ventures on our side as we continue to grow, expand and innovate in the short-term rental space.”
Between the COVID pandemic and the desire to work remotely growing, Mint House offers a compelling service to business travelers, whether they are staying for two days or two weeks. An affordable annual subscription gives guests significant savings, which will increase loyalty and strengthen retention. At the same time, the new subscription service will provide Mint House with a steady stream of recurring revenue, depending on the popularity of the program. With travel escalating again, this subscription program has a good chance of being successful for Mint House.