The apartment housing industry is increasingly dealing with the implications, both positive and negative, of peer-to-peer home sharing services such as Airbnb. The concerns facing the industry were part of the discussions during a key House subcommittee hearing, “How Sharing is Faring: Growth and Adjustment in the Sharing Economy," held on Sept. 29. The industry's concerns included tenant lease violations, on-site security concerns and property insurance implications.
While there are unanswered questions for our industry, and our economy as a whole, the sector is booming. Specifically, revenues are projected to be as much as $335 billion in a decade. With such incredible growth, Congressional and federal oversight is likely to increase.
NAA/NMHC will continue to monitor the policy implications for our industry as the regulatory and legal landscape of the sharing economy continues to take shape.
It is important to note that the House subcommittee hearing represents one of the first times that Congress is injecting itself into the policy arena surrounding this emerging issue.
Provided by NMHC as part of the NAA/NMHC Joint Legislative Program