Airbnb recently launched a new program that will allow tenants of apartments in select buildings to be hosts. Dubbed “Airbnb-Friendly Apartments,” the company said the program will “unlock the economic benefits of accommodation for help tenants cover the rising cost of living.”
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“We believe cities can help renters better afford where they live by supporting Airbnb-compatible apartments and adopting policies that allow renters to share their space,” the company said in a statement.
The median asking rent in the United States in October rose 7.8% year-over-year, according to a Redfin report from November 16. And the consumer price index (CPI) housing index contributed more than half of the monthly increase for all items in October, the Bureau of Labor Statistics (BLS) reported Nov. 10. – up 6.9% over the past 12 months.
The company said it “is part of Airbnb’s broader efforts to help more people reap the economic benefits of accommodation at a time when many are trying to keep pace with the rising cost of living.” .
He added that over a three-month period, tenants in Airbnb-enabled apartment buildings hosted an average of nine nights per month, earning an average of $900 per month.
So far, the company lists 175 Airbnb-enabled apartment buildings in 25 cities across the United States, including Houston, Phoenix and Jacksonville, and plans to launch the program in other cities in the coming months.
“Airbnb was founded during the Great Recession when Brian and Joe needed help paying their rent, and now Airbnb Compatible Apartments builds on that founding story by making it easier for people to reap the economic benefits of living. “As the cost of living continues to rise, renters can use the extra income earned by hosting part-time on Airbnb to contribute towards their rent, save for a home, or pay for other living expenses,” Airbnb co-founder and chief strategy officer Nathan Blecharzyck said in the statement.
All hosts must be the primary resident of the apartment, and each building has its own community hosting rules, including a limit on the number of nights tenants can host per year, the company added.
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The new Airbnb page will allow people to browse Airbnb-enabled apartments, use an income calculator, and connect with building management.
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This article originally appeared on GOBankingRates.com: Airbnb will let apartment tenants rent their space if the building is “user-friendly”
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