Airbnb follows Zillow and Apartments.com in the online rental business, but with one important difference.
All apartments listed on Airbnb’s website must be available for short-term subletting.
Sublets are not normally something that landlords accept. They introduce uncertainty into the rental equation and increase the risk of property damage.
But Airbnb says it managed to get part of the country top property owners and managers play ball by offering them around 20% of booking revenue.
The new service clearly aligns with Airbnb’s interests. It adds more inventory to site listings.
But think carefully.
Owners now have a potentially lucrative new source of income. But they also have an incentive to raise rents to cover unknown costs.
And consider the American healthcare system. What happens when intermediaries come between doctors and patients? Costs are rising.
Airbnb is not a charity. They are there to make money. Who do you think ultimately pays for the convenience they provide?
Finally, spare a thought for other building tenants offering short-term rentals on Airbnb.
They now face the prospect of strangers cycling in and out of neighboring units, just as landlords face the same problem with Airbnb properties in their neighborhood.
Maybe I’m being too alarmist. Perhaps the potential savings offered by Airbnb apartment listings outweigh the possible hassle.
But I have an Airbnb party house in my neighborhood – even though such places are ostensibly forbidden by the service.
I spent more than a few weekend nights trying to sleep as the boom-boom-boom of dance music rumbled down the street.
I’m not sure that’s progress.
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