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Home sharing was one of the hottest trends discussed at this year’s Canadian Apartment Investment Conference (CAIC) this fall. While many property owners and managers have been hesitant to allow renters to share their units with short-term guests, the trend keeps gaining momentum.
At CAIC, Brookfield Asset Management’s Jonathan Moore, who manages the company’s multifamily investment
s, revealed details of the company’s $200 million investment in a joint venture with Niido, Airbnb’s multifamily development partner.
The funds are being used to buy as many as six apartment complexes in Florida and Nashville and developing them into communities where tenants may rent out their units through Airbnb for almost half the year — and share the profits with the landlord.+
For the industry, this partnership represents a significant commitment to making home sharing work — for both multifamily operators looking to take advantage of a growing trend and leverage its revenue while protecting their bottom lines, and renters looking to offset the cost of their leased units and enjoy a more flexible lifestyle.
Airbnb’s Jaja Jackson, director of global multifamily housing partnerships, stated, “We’ve shown how landlords, developers and Airbnb can work together to create value for everyone. We’re excited to continue to work together to make home sharing easier to landlords, tenants and travelers.”
Developing Brookfield’s New Communities
Since 2010, Brookfield’s investments include around $8 billion in purpose-built apartment acquisitions and another $3 billion in multifamily development.
After the sale of more than $4 billion in apartments in the past couple of years, Brookfield has chosen to repurpose that capital in the home sharing market.
The choice of Florida and Nashville as the locations to test this venture have been by the fact that the two cities are popular with tourists but light on Airbnb inventory. The perfect opportunity for such a unique venture.
Airbnb and Niido
Miami-based Niido is a startup company that saw a void in the marketplace where some large multifamily REITs and other apartment owners have resisted allowing tenants to rent their units through Airbnb and other home sharing services.
Powered by Airbnb, Niido is currently leveraging a network of 75 million active home sharing users in 191 countries. With shared profits and strict guidelines for short-term sublets, landlords are coming around.
Plus, Niido is taking accessibility of apartment properties in its network further — including Brookfield’s Orlando and Nashville communities — by creating hotel-like amenities for guests including security, cleaning, linen services, and in-demand technology such as high-speed Wi-Fi, cable TV and wireless speakers.
Moving Forward
While Brookfield’s investment in home sharing is still new and somewhat experimental, Moore has expressed optimism about its success in an industry where access is becoming more important than ownership.
Despite some continuing resistance from property owners to embrace the trend, Moore believes that the home sharing model could increase asset value for multifamily operators going forward as more companies allow short-term rentals for their units.
And as in other areas of multifamily portfolio management, tech is driving the changes — including mobile access to rentals and a global inventory of possibilities for travelers — that can lead to greater profits and growth.
