Three years ago, an unusual real estate shopping spree among colleagues kicked off in Nashville, Tenn.
Jay Roberts, the CEO and co-founder of a startup called Domio, purchased a newly constructed condo in the city’s North Nashville neighborhood with his then-girlfriend. A few days later, 24-year-old Adrian Lam, chief strategy officer and co-founder of Domio, bought the home directly across the street with his father. Within a month, Domio—a business that converted apartments and homes across the country into accommodations for tourists—listed both of the properties for rent on Airbnb.
Over the next year, three other Domio employees also bought homes in Nashville, and Domio listed them for rent on Airbnb as well.