University students homestay start-up to shake up the market

Four university students have launched a new homestay business, Nesteek, designed for Gen-Z to help cover their rent and travel freely.

Nesteek aims to be the Airbnb for young Australian renters by creating a platform not meant to be a ‘side-hustle’ but an honest way for young people to cover the cost of rent whilst travelling.

“Airbnb is increasingly geared towards rich home-owners and landlords who want to turn their property into a business. Facebook Marketplace is often the only viable alternative for renters, but it can be a high-risk proposition due to scammers, missed payments, and untrustworthy tenants,” said Nesteek co-founder and CEO, Keith Schembri.

A brainchild of four UTS students, Nesteek has also published its own research highlighting the extent to which rental prices are outpacing wage growth, and how this affects young people.

Rental prices are currently increasing by 25 per cent per year and wages increasing by only 3 per cent per year, Nesteek said that young renters will soon have virtually no disposable income and that the current situation is unsustainable for renters and landlords alike.

Schembri (21), said young people in Australia should not miss out on life experiences and travel opportunities, nor should they pay rent while they are away. He founded the company because he believes:

Unlike millennials, Gen-Z cannot afford to travel freely, due to years of rising rents, inflated post-COVID flights, and the cost-of-living crisis.
Airbnb is broken for renters and young people. The cost to stay or host on Airbnb has steadily increased for years and the service now caters primarily for homeowners that want to run a professional B&B/hotel.
Meanwhile alternatives, like posting an ad on Facebook Marketplace, can be high risk to hosts and renters alike.
Young people need a trusted, secure and easy way to cover their rent while they travel.

“’Do not pay rent while away’ is our rallying cry, because most young professionals and students I know cannot afford to travel and pay rent simultaneously,” said Schembri.

“My generation is virtually penniless after paying their rent, but we deserve the same opportunities as any other generation, to enjoy life, create new experiences, and explore other cultures. The pandemic robbed us of our gap years, our festivals, our holiday romances. We want to move on but travel still seems out of reach.

“We created Nesteek to enable young people living in Australia to cover their rent while they travel, via a secure, trusted, and affordable service. Nesteek is not a side-hustle or business opportunity – listers should only look to cover the cost of their rent, from a single renter, while they are away.

“To protect the lister and their landlord, the funds are automatically deducted from their guests’ bank account in advance of each week of their stay, and they are also protected by a bond payment.”

Nesteek is now live with a range of accommodation options available, though, for now they are limited to inner Sydney.

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