Airbnb is promoting its new program, which allows hosts to share revenue with tenants who use their units for short-term rentals.
The program offers landlords, in exchange for their permission to list their units on Airbnb, up to a quarter of their income from tenants’ short-term rentals in multifamily housing, change reportThe site is free and directs customers to “Airbnb-friendly” buildings, according to Skift.
About 260 buildings (approximately 100,000 apartments) in 40 U.S. markets have participated in the program so far, the outlet said. That’s just a fraction of the 6 million Airbnb listings worldwide.
The program legitimizes a common practice in which tenants circumvent leases by offering their units as short-term rentals in order to earn some extra cash while out of town.
“There are roughly 45 million properties to rent in the U.S., and the vast majority of them don’t allow part-time hosting on Airbnb,” says Jesse Stein, the platform’s global head of real estate. real deal. “We wanted to create a program where people who rent their homes have the same financial benefits as people who rent out their homes on Airbnb. …
“It’s a win-win for all stakeholders.”
So far, the plan has been more popular with multifamily owners with newer buildings, while older buildings may have restrictive covenants on subletting, the outlet said.
The program won’t be a big hit in some areas, like New York City.
In fact, the short-term rental company filed two lawsuits against the city on June 1, Crain’s ReportOne of them named the company as a plaintiff, while the other sued on behalf of three local hosts. Both parties are seeking an injunction against Local Law 18, which requires hosts who use Airbnb and other home-sharing sites to register their rent with the city.
The goal of the law is to track short-term rentals in the city and prevent landlords from renting out multiple units at once.
State law already prohibits renting out units for fewer than 30 days unless a full-time resident is present, but the law has proven difficult to enforce.
“Airbnb will have to cancel thousands of registrations,” company attorney Karen Dunn told Crain’s. “New York City will be the Grinch who stole the summer.”
Still, Stein told Skift, Airbnb is “in a good place to be regulated globally, and New York City is one of the outliers.”
— Ted Glazer
