TwinCity Furnished Residences was founded in 2018 in Jersey City with the purpose of giving its guests the comforts of home while being away from it. Since then, we have evolved with changing regulations from what was originally a Short-Term Furnished Rental (STFR) model to become a pioneer in the Medium-Term Furnished Rental (MTFR) space today.
In 2020, Jersey City Council passed Ordinance 255 effectively eliminating short-term rentals in the borough. This was a major blow to the Short-Term Rental Economy in Jersey City as these rentals saw an estimated $57 MILLION DOLLARS in revenue in 2019 alone, nearly 50% of the revenue for the entire state from short-term rentals. This crippled businesses which focused on leasing multiple units to realize economies of scale and then sublet those out for a profit. This coupled with the 2020 Corona Virus pandemic has caused many of these businesses to falter and shutter their business for good bringing the amount of furnished rentals in Jersey City down to less than 25% of the 2019 amount.
So what makes TwinCity different?!
What has allowed TwinCity to not only survive but THRIVE during this environment is the fact that each TwinCity managed unit is either owned by TwinCity or by one of our partners. This owner/manager model has enabled TwinCity to operate at much lower margins than competitors throughout the pandemic and TwinCity has emerged as the predominant Furnished Rental Company in the area as each day the amount of competition gets smaller and smaller. This has also allowed TwinCity to focus on expansion efforts and in 2021, we will be expanding our Medium Term Furnished Rental model to include Hoboken and Miami as well!
As of January 1, 2021 all TwinCity properties in Jersey City will be Jersey City Ordinance 255 compliant meaning each unit will be rented for a MINIMUM of 28 days or the building will be Ordance 255 compliant. While this has been a blow to our short-term rental business, it has allowed us to focus more on our differentiating factor of the Medium-Term Furnished Rental which is supported by our deep relationships with our core customer base of Corporate Clients along with the evolving times that the pandemic has brought on.
Gone are the days where employees are required to work from their offices 12mo/year. They have the flexibility to work-from-home and abroad. TwinCity’s MTFR model fits PERFECTLY into this new lifestyle allowing employees the ability to come to the NYC-Metropolitan Area with full flexibility on how long they will stay all while having all the comforts of home when they get here and the quality they have come to expect. Each TwinCity managed unit is equipped with:
- Smart Home Features such as Keypad Access
- Toiletries including Soap, Shampoo & Conditioner
- Hotel Quality Linens & Pillows
- Ironing Board & Iron
- First Aid Kit
- Fire Extinguisher and Fire Safety Equipment
- Free and FAST Wi-Fi Throughout the property
- Access to Washer/Dryer (Most In-Unit)
- Fully Equipped Kitchen with Stove, Oven, Microwave
- Basic Cooking Utencils
- 24-Hour Customer Service
- & Much More!!!
Our units are conveniently located in Urban Centers with close proximity to Mass Transportation providing easy accessibility and the convenience of grocery shopping, restaurants and bars at your doorstep. We have also partnered with local retailers allowing us the ability to provide discounted rates to our guests and proudly support the communities in which we operate!
Expansion
In 2021, we made the decision to spread our wings and venture outside our “hometown” of Jersey City. We are now operational in both Hoboken and Miami and look forward to expanding our furnished rentals beyond and offering even more cities as we grow organically. What is important for us is to be able to maintain the QUALITY and CONSISTENCY that guests have come to associate with TwinCity. The central communication platform with 24/7 customer service and the quality control of our units are what keep our guests turning to TwinCity versus the current mainstream platforms. You know you are getting exactly what you see on our site when you step into a TwinCity property. It is our central focus and our top priority. So apologies if we are not currently in your city but sit tight, we’ll be there soon!
We thank you for considering TwinCity and would love to be your home away from home!
Best,
TwinCity Management
