{"id":16450,"date":"2016-10-07T05:00:32","date_gmt":"2016-10-07T12:00:32","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=16450"},"modified":"2020-12-24T10:17:27","modified_gmt":"2020-12-24T18:17:27","slug":"airbnb-for-multifamily","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/","title":{"rendered":"Airbnb + Apartments"},"content":{"rendered":"<p>Airbnb announced the official launch of its multifamily housing program. The <a href=\"https:\/\/buildingowners.withairbnb.com\" target=\"_blank\" rel=\"noopener noreferrer\">Friendly Buildings Program<\/a> welcom<img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-16463\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/10\/EBmf.jpg\" alt=\"ebmf\" width=\"409\" height=\"250\" \/>es collaboration with apartment owners and addresses their apprehensions regarding transparency and accountability\u2014that is what it attempts to do, at least.<\/p>\n<p>Nearly 35 percent of multifamily property owners are interested in a home-sharing program and 24 percent of owners were unsure, reports the <a href=\"http:\/\/www.nmhc.org\/home-sharing-survey\/\" target=\"_blank\" rel=\"noopener noreferrer\">new National Multifamily Housing Council (NMHC) home-sharing survey<\/a>. Nearly 60 percent of multifamily property owners are open to the idea of Airbnb onsite. The market is a powerful growth opportunity for the company if it can overcome owners\u2019 concerns.<\/p>\n<p>In the past, apartment owners routinely resisted the use of their properties for short-term rentals. The legalities of renter subleasing and inadequate insurance provisions topped the list of objections. Security and accountability trailed close behind.<\/p>\n<p>The Friendly Buildings Program proposes the following solutions:<\/p>\n<ul>\n<li>The program brings property owners into the loop of transactions. Owners can establish parameters for unit-sharing, including restrictions.<\/li>\n<li>Short-term rental provisions are made easy through lease addendums.<\/li>\n<li>Owners are notified of home sharing activity including reservation details and guest information. Owners receive regularly scheduled activity reports.<\/li>\n<li>The program protects against liability claims up to $1 million USD that occur in a listing as well as up to $1 million against third party claims of property damage or bodily injury.<\/li>\n<\/ul>\n<p>Kim Duty, Senior VP, Public Affairs &amp; Industry Initiatives at NMHC summarized many owners&#8217; thoughts on the insurance proposal, \u201cA $1 million insurance policy is not close to enough to cover the\u00a0potential risks.&#8221;<\/p>\n<p>Until more can be done to reduce liability, Airbnb faces a formidable obstacle. Most owners won\u2019t move forward without a feasible insurance solution.<\/p>\n<p>Mark Stringer, executive Vice President at Avenue5 Residential took a quick survey of the room. More than 75 percent of respondents thought the Friendly Buildings Program posed too much liability and was therefore not worth pursuing.<\/p>\n<p>Potential revenue increases are promising, though.\u00a0 Owners are included in revenue sharing via a customizable commission structure. This commission reduces vacancy costs by garnering revenue from unused or sublet units.<\/p>\n<p>Through the program, Stringer calculates that \u201cIncreases in rent revenue can come to 5-15 percent but there is some risk to mitigate.\u201d<\/p>\n<p>He hints at one of the remaining owner concerns, security.\u00a0 Owners question whether Airbnb offers sufficient resident screening. Currently, the company relies on Verified ID, which connects guests with a government-issued ID.<\/p>\n<p>Admittedly, that isn\u2019t much in terms of security. It seems only fair and logical that short-term renters would meet the same standards as residents in the community.<\/p>\n<p>Furthermore, some owners wondered if a transient population would change the atmosphere of the community.<\/p>\n<p>Stringer says, \u201cConsider how you want your property to feel. Is it a home or a hotel?\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Airbnb announced the official launch of its multifamily housing program. The Friendly Buildings Program welcomes collaboration with apartment owners and addresses their apprehensions regarding transparency and accountability\u2014that is what it attempts to do, at least. Nearly 35 percent of multifamily property owners are interested in a home-sharing program and 24 percent of owners were unsure, [&hellip;]<\/p>\n","protected":false},"author":440,"featured_media":16452,"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":[687,289,29,398,1695,40,39],"class_list":["post-16450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-airbnb","tag-apartments","tag-multifamily","tag-nmhc","tag-short-term-rentals","tag-yardi","tag-yasc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"Airbnb announced the official launch of its multifamily housing program. The Friendly Buildings Program welcomes collaboration with apartment owners and\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Airbnb + Apartments\" \/>\n<meta property=\"og:description\" content=\"Airbnb announced the official launch of its multifamily housing program. The Friendly Buildings Program welcomes collaboration with apartment owners and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2016-10-07T12:00:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-24T18:17:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/10\/shutterstock_379920892.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"663\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erica Rasc\u00f3n\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erica Rasc\u00f3n\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/\",\"name\":\"Airbnb + Apartments - Yardi Corporate Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/10\/shutterstock_379920892.jpg\",\"datePublished\":\"2016-10-07T12:00:32+00:00\",\"dateModified\":\"2020-12-24T18:17:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac\"},\"description\":\"Airbnb announced the official launch of its multifamily housing program. The Friendly Buildings Program welcomes collaboration with apartment owners and\",\"breadcrumb\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/#primaryimage\",\"url\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/10\/shutterstock_379920892.jpg\",\"contentUrl\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/10\/shutterstock_379920892.jpg\",\"width\":1000,\"height\":663},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.yardi.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Airbnb + Apartments\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#website\",\"url\":\"https:\/\/www.yardi.com\/blog\/\",\"name\":\"Yardi Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.yardi.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac\",\"name\":\"Erica Rasc\u00f3n\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g\",\"caption\":\"Erica Rasc\u00f3n\"},\"description\":\"Erica Rasc\u00f3n specializes in online content creation and social media. She joined Yardi in 2011 after receiving her bachelor's degree from Kennesaw State University and serving in the Peace Corps. Erica's interests include sustainability, philanthropy, and the arts.\",\"url\":\"https:\/\/www.yardi.com\/blog\/author\/ericajarrell\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Yardi Blog","description":"Airbnb announced the official launch of its multifamily housing program. The Friendly Buildings Program welcomes collaboration with apartment owners and","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Airbnb + Apartments","og_description":"Airbnb announced the official launch of its multifamily housing program. The Friendly Buildings Program welcomes collaboration with apartment owners and","og_url":"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/","og_site_name":"Yardi Blog","article_published_time":"2016-10-07T12:00:32+00:00","article_modified_time":"2020-12-24T18:17:27+00:00","og_image":[{"width":1000,"height":663,"url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/10\/shutterstock_379920892.jpg","type":"image\/jpeg"}],"author":"Erica Rasc\u00f3n","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Erica Rasc\u00f3n","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/","url":"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/","name":"Airbnb + Apartments - Yardi Corporate Blog","isPartOf":{"@id":"https:\/\/www.yardi.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/#primaryimage"},"image":{"@id":"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/10\/shutterstock_379920892.jpg","datePublished":"2016-10-07T12:00:32+00:00","dateModified":"2020-12-24T18:17:27+00:00","author":{"@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac"},"description":"Airbnb announced the official launch of its multifamily housing program. The Friendly Buildings Program welcomes collaboration with apartment owners and","breadcrumb":{"@id":"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/#primaryimage","url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/10\/shutterstock_379920892.jpg","contentUrl":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/10\/shutterstock_379920892.jpg","width":1000,"height":663},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardi.com\/blog\/airbnb-for-multifamily\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardi.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Airbnb + Apartments"}]},{"@type":"WebSite","@id":"https:\/\/www.yardi.com\/blog\/#website","url":"https:\/\/www.yardi.com\/blog\/","name":"Yardi Blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardi.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac","name":"Erica Rasc\u00f3n","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/09382010b8c97da56343095c2854ad7733a3c2e094f59f75eb5ef1aacf501bcf?s=96&d=mm&r=g","caption":"Erica Rasc\u00f3n"},"description":"Erica Rasc\u00f3n specializes in online content creation and social media. She joined Yardi in 2011 after receiving her bachelor's degree from Kennesaw State University and serving in the Peace Corps. Erica's interests include sustainability, philanthropy, and the arts.","url":"https:\/\/www.yardi.com\/blog\/author\/ericajarrell\/"}]}},"jetpack_featured_media_url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2016\/10\/shutterstock_379920892.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/16450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/users\/440"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/comments?post=16450"}],"version-history":[{"count":7,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/16450\/revisions"}],"predecessor-version":[{"id":24960,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/16450\/revisions\/24960"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/media\/16452"}],"wp:attachment":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/media?parent=16450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/categories?post=16450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/tags?post=16450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}