Airbnb will list big landlords’ apartments so tenants can sublet them out on its app. Giving old-world property giants a way to benefit from transient post-pandemic lifestyles is a neat innovation, says TheRealLSL.
, Greystar Real Estate Partners and others to help rent out apartments. The arrangement will allow tenants at their big housing complexes to sublet on Airbnb’s platform. That may draw local ire, like the company's regular offering. But the deal, which secures buy-in from large housing managers that should otherwise hate Airbnb, makes sense in a post-pandemic era.
The agreement paves the way for some of America’s largest landlords to list their empty abodes for traditional long-term leases on Airbnb. Lessors who snag the apartments can then post their places for shorter-term rentals. In exchange, Airbnb will give the property managers extra visibility and control over who is doing this, and for how long. It’s an acknowledgment by the landlords that a critical mass of their tenants wanted this flexibility, whether they liked it or not. It also helps them to benefit from the growth of short-term rentals: The landlords get a cut of Airbnb’s revenue from sublets posted on its platform.
The partnership may face snags. Local municipalities have pushed back on Airbnb’s traditional business after permanent residents complained about messes or raucous parties. Airbnb says that renters only sublet nine nights per month, on average. But if a meaningful number of tenants make their apartment into a hotel room, companies might alienate their most lucrative, permanent renters.
Still, Covid-19 has fundamentally changed people’s habits in a way that could benefit both Airbnb and the apartment rental firms – if they innovate. Among other things, companies have implemented policies that allow for longer-term remote working as a benefit, even as people go back
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