{"id":15346,"date":"2016-07-03T05:00:39","date_gmt":"2016-07-03T12:00:39","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=15346"},"modified":"2020-12-24T04:06:51","modified_gmt":"2020-12-24T12:06:51","slug":"airbnb-and-multifamily","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/airbnb-and-multifamily\/","title":{"rendered":"Airbnb & Multifamily"},"content":{"rendered":"

Have you used Airbnb yet, either as a vacationer or a person renting out your home? According to the site, there have already been 60 million users<\/a>, so chances are you have. I mean, I haven\u2019t, because I like getting my towels cleaned every day and stealing hotel-branded pens, and also I think I would get creeped out when\u00a0surrounded by\u00a0some stranger\u2019s family pictures while I\u2019m trying to go to sleep, but, what can I say, I\u2019ve always been a\u00a0rebel.<\/p>\n

And it\u2019s not just single-family homes that are being rented out. Now multifamily is slowly, te\"shutterstock_410273989\"ntatively exploring the possibility of maybe getting in on the Airbnb action, as MHN recently reported<\/a>.<\/p>\n

As a property manager, should you allow residents to participate in Airbnb or use the service yourself for vacant units? Lets look at some pros and cons.<\/p>\n

Con: There might be security issues.\u00a0<\/strong>The people coming in and out of your community through Airbnb won\u2019t necessarily have the same checks you give your potential residents. In fact, you\u2019ll probably know nothing about them. You don\u2019t know who they\u2019re inviting to visit them either. This could lead to some safety concerns.<\/p>\n

Pro: It\u2019s an appealing perk for residents.\u00a0<\/strong>If your community allows for Airbnb rentals, if a resident wants to go on a long vacation or if they need to break their lease a little early, it could be an option for these residents. Then they wouldn\u2019t have to worry about paying their lease for a month they weren\u2019t there, or losing a security deposit. Which would\u00a0definitely lead to good word of mouth about your community. It could even be marketed as an \u201camenity\u201d at your community.<\/p>\n

Con: Speaking of amenities, Airbnb-ers might hog the actual<\/em> amenities.\u00a0<\/strong>People who are renting the apartments for a vacation are probably going to end up using the community pool. Maybe the gym. Definitely the fresh-baked cookies in the leasing office. Which could end up annoying your regular residents.<\/p>\n

Pro: You can cash in on the trend.\u00a0<\/strong>Have a unit that\u2019s been vacant for awhile? If you can\u2019t rent it for a year, how about getting someone from Airbnb paying rent for a month or two. Even if they\u2019re only staying for a week, it\u2019s money coming in, which is way better than no money coming in when it\u2019s vacant.<\/p>\n

Con: You\u2019ll have to remember your ABCs: Always be cleaning.\u00a0<\/strong>If there is frequent turnover of vacationers and visitors, you\u2019ll constantly have to monitor your apartments and then clean them. Even if your renter is still there, there will probably be more maintenance calls. That could end up being more time and money for your team. This\u2026probably isn\u2019t a\u00a0huge deal. But, still, something to consider.<\/p>\n

Pro: You can\u2019t fight City Hall. So you might as well have a say.\u00a0<\/strong>Eventually, a\u00a0resident is\u00a0going to list his\u00a0apartments on the home-sharing site. It\u2019s definitely going to happen, whether you want it to or not. If you embrace this, and have documented procedures in place for this so you can regulate how and when it happens.<\/p>\n

Con: It might not be legal. <\/strong>According to The New York Times, <\/em>in cities such as New York and San Francisco, it\u2019s illegal to rent out an \u201capartment for fewer than 30 days.\u201d<\/a>\u00a0So before you get involved with Airbnb, check out your local laws. Because it\u2019s not like you can list your jail cell on the site. (Sigh, that joke should also be illegal. In this state, anyway.)<\/p>\n

What do you think about Airbnb? Is it where all multifamily is headed, or do you think property managers will continue to be leery about it? We\u2019d love to hear your thoughts.\u00a0Post your comments on our\u00a0Facebook page<\/a>\u00a0or send\u00a0a tweet\u00a0to @MHNOnline<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Have you used Airbnb yet, either as a vacationer or a person renting out your home? According to the site, there have already been 60 million users, so chances are you have. I mean, I haven\u2019t, because I like getting my towels cleaned every day and stealing hotel-branded pens, and also I think I would […]<\/p>\n","protected":false},"author":443,"featured_media":15348,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[687,289,29,1530],"class_list":["post-15346","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-airbnb","tag-apartments","tag-multifamily","tag-sharing-economy"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Have you used Airbnb yet, either as a vacationer or a person renting out your home? 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