Fortune's Kia Kokalitcheva looks at Airbnb's new Friendly Building Program, an initiative that will allow multifamily owners to work with their tenants (and share in the revenue) on short-term stays.
Under the program, owners can set the terms of the subletting, such as how long the stays can be, as well as how the revenue will be divided. The owner then submits those terms to Airbnb (while amending its standard leases), allowing tenants to sign up for their building's program.
What’s more, Airbnb also handles paying both the hosts and their landlords, as well as collecting and remitting taxes where applicable. According to Airbnb, building owners' typical take is between 5% and 15% of their tenants’ earnings through the program.
The program is meant to ease concerns many owners have about subletting; most notably, the lack of transparency about who's coming or going.
To balance providing transparency to the landlord about the tenants' home-sharing activity and the hosts’ privacy, Airbnb tells Fortune exclusively that its reports will include financial transactions from hosts who haven’t agreed to be part of the building’s official home-sharing program, but will not disclose specifics about those hosts, including their names and exact apartment unit. This follows Airbnb’s long history of erring on the side of not sharing data, even with increasingly frustrated city officials who want to better enforce their laws.