Airbnb Has Partnered With Major Landlords to Allow Renters to Host Apartments On The Platform
Airbnb is partnering with several significant landlords and management companies to list apartment buildings where renters may sublet apartments on the site. On Wednesday, the firm said a new page on its website would list "Airbnb-friendly" buildings, allowing tenants to post their properties in the same manner as homeowners.
There are typically extensive prohibitions against subletting apartments for short stays in rental buildings. Airbnb has listed 175 apartments in 25 major cities, including Los Angeles, San Francisco, Atlanta, Dallas, Houston, Denver, Seattle, and Phoenix. Some cities, including New York City and Washington, DC, are not included because of local restrictions on short-term rentals.
Renters could host on the platform, and buildings could draw tenants interested in hosting. The amount tenants earn will vary.
Nathan Blecharczyk, a co-founder of Airbnb, says that it depends on the building and the location, among other things, to determine how much money Airbnb can make.
Because apartment rents have risen tremendously over the past few years, as have home prices and other expenses, tenants are searching for ways to supplement their incomes to meet their monthly payments. According to Apartment List, rents have decreased but are still up 10% from a year ago. Last year, rents rose more than 15% from the previous year.
Airbnb has introduced a new webpage where tenants can see how much money they might make per month by renting their rooms on the platform. The amount a tenant can make varies depending on the number of rooms in the building, the number of nights for which it is available, and the possible rents, taking into account the building's amenities. It has also created a calculator for tenants of apartment buildings to see how much they can earn. Because tests have been underway on these buildings, tenants have averaged nine nights per month, generating an average of $900 per month.
Every participant building must have a primary residence as adhered to by the rules, which keep the apartment from being sublet for more than 80 to 120 nights each year. The restrictions, enforced since all transactions are conducted on the portal, are meant to prevent investors from subletting apartments full-time. The owner or management company of an apartment building may reject a listing before its publication if it does not comply with its standards. A government ID is also required from potential subletters.
Primary apartment real estate investment trusts, such as Equity Residential and UDR, and the largest apartment management firm in the United States, Greystar, are partnering with Airbnb to provide apartments with hosting privileges.
According to a Greystar representative, this platform will present the right tools for owners and residents to address short-term rental activity effectively without influencing the overall housing supply. According to an Airbnb representative, we are working on an innovative approach to participate responsibly in the 21st-century sharing economy.
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