Home-sharing service Airbnb has a pitch for inflation-stretched renters: Rent out your apartment to guests to offset the rising cost of living.
The short-term rental service partners with some of the biggest landlords to help renters find an Airbnb-friendly apartment where they can live and host at the same time.
“Airbnb-friendly apartments are part of Airbnb’s broader efforts to help more people enjoy the economic benefits of lodging at a time when many are trying to keep pace with the rising cost of living,” said the company said in a statement. statement announcing the new initiative on Wednesday.
Airbnb has an inventory of more than 175 guest-friendly apartment buildings in more than 25 markets across the United States, the company said. Renters can list an empty room on the site or rent out their entire apartment while they’re away.
Airbnb’s new partners include properties operated by Equity Residential, Greystar, Sentral and others. Potential tenants can browse Airbnb-compatible apartments on Airbnb website.
Airbnb said the initiative takes the company back to its roots, when co-founders Brian Chesky and Joe Gebbia took in strangers to help cover their rent.
“Airbnb was founded during the Great Recession when Brian and Joe needed help paying their rent, and now Airbnb Friendly Apartments builds on that founding story by making it easier for people to reap the economic benefits of accommodation,” said the co-founder and head of Airbnb. Strategy Officer Nathan Blecharzyck said in a statement. “As the cost of living continues to rise, renters can use the extra income generated from part-time accommodation on Airbnb to contribute to their rent, save for a home, or pay for other living expenses.”
According to an Airbnb survey, more than 40% of Airbnb hosts use the revenue they earn on the platform to help cover higher living costs. The new program says it aims to expand that opportunity to more Americans.
It’s also a way for Airbnb to grow at a time when dozens of US cities and states have banned short-term rentals. In New York, for example, all short-term whole-home rentals are illegal. Housing activists have accused Airbnb and other short-term rental companies of exacerbating the housing crisis by turning badly needed accommodation into de facto hotels.
Landlords will get a discount of up to 20% of the total booking revenue from Airbnb sublets, the the wall street journal reported.
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