Airbnb presents a dilemma to landlords. In many cases their residents may be posting their units for lease but the landlord isn't getting their cut. In fact, some landlords, like Related Cos., have evicted tenants who used the site.
But three REITs may be charting a new path for landlords who are dealing with Airbnb. The Wall Street Journal's Laura Kusisto explains:
Equity Residential, AvalonBay Communities Inc. and Camden Property Trust have had discussions with Airbnb in recent weeks about joining forces, executives at each of the companies said. They all said they are interested in pursuing a revenue-sharing model with Airbnb but would need to work out details.
The moves hold the potential to expand Airbnb’s access to rental units across the country and further formalize a business that has grown from a matchmaking service for couch-surfers into a real threat to established hotels.
But there are some hang ups:
Such a deal could place Airbnb under additional scrutiny from lawmakers by seeking to legitimize the use of apartments as hotel rooms. Lawmakers in some cities are seeking to crack down on the practice, arguing that it takes units off the market for local residents and that apartment buildings don’t adhere to the same fire and safety codes as hotels.