Airbnb Friendly Building Program Rolls Out
Digested from Inside Airbnbs Plan to Partner With the Real Estate Industry in Fortune (9/13/16) by Kokalitcheva, Kia
Last week, short-term rental company Airbnb unveiled an initiative that will allow apartment community owners to sanction short-term rentals of their market-rate units for a cut of the proceeds.
Building owners can apply to participate in the Airbnb Friendly Building Program, as long as short-term rentals are legal in their jurisdictions. The owner determines which units can be listed on the site, for how long, and what percentage of the short-term rent the owner will receive (generally 5 to 15 percent). Residents in eligible units then sign up through Airbnb.
Airbnb has been piloting this program since April in 1,100 to 1,500 apartment units across the country, including in the hot rental markets of San Jose, California, and Nashville, Tennessee.
Airbnb provides reports to the property managers or owners about which units, both sanctioned and unsanctioned, were rented using the site. For unsanctioned listings, Airbnb does not provide apartment communities with the residents names or unit numbers.
Currently, apartment owners can only allow market-rate apartments to be listed on the site.