I recently took a family trip to Charleston, South Carolina. While there, we all stayed in an Airbnb property. For those of you who don’t know, Airbnb, founded in 2008, is a hospitality marketplace for travelers looking for unique, short-term accommodations. Your options include: renting a private room, a room shared with others, or a whole house with your friends and family. With over three million listings in 65,000 cities and 191 countries, the world is your oyster.
I have to tell you, my experience was GREAT! The property was in a great location, and it was half of the price we would have paid for three different hotel rooms. Who isn’t for saving money? The property came with a fully equipped kitchen. The salt and pepper shakers were missing, but I let that slide. The property also had clean sheets, any necessity – you name it. A gentleman, who seemed to be an Airbnb property manager, even stopped by to drop off a space heater.
Recently, many clients have asked us whether we have expanded into Airbnb property management. We regretfully say we have not… yet. This type of property management is not out of the question for the future. We find it to be a great concept, as you can probably tell by now. However, we do not have the systems in place for the high turnover rate the short-term Aribnb type business demands.
Most Airbnbs are hosted by people who rent out their personal residence while they are out of town – why not? It’s a great way to make extra cash! However, recently there has been an increase in the number of investors who are purchasing homes and condos with the sole intention to use them as Airbnb rentals. Regardless of your situation, it is important for property owners or renters who wish to host their homes through Airbnb to be sure your lease agreement, neighborhood rules and regulations, and municipal codes allow for short-term rentals. It may come as a surprise to learn not all communities/associations allow for this type of activity, and unknowingly, you may be subject to fines.
Earlier this year, Aimco, one of our nation’s largest property management a
gencies, filed a law suit against Airbnb. The case claimed Airbnb advertised Aimco’s units as short-term sublet rentals, therefore violating lease agreements between Aimco and their tenants. Read the whole story at Florida Realtors!
As a result of this news story, as well as many other similar stories within the last year, Airbnb is answering landlords worries. They implemented (and continue to revamp) a new program, by the name of Airbnb Friendly Buildings. If you are a landlord or building owner, this program is an easy way for you to express consent to your tenant to become an Airbnb host. This reservation platform also allows you to track hosting activities in your home. As any program, there are terms and agreements that must be agreed upon. If your building is currently available within this program, get with your tenant and sign up today!
If you are able to make your home Airbnb friendly, please carry on! Keep growing this great community for travelers and the hospitality industry!