In September, Airbnb announced the launch of the Friendly Buildings Program, which provides a transparent way for apartment residents to rent their units on the short-term rental site. But many of the larger apartment management companies have gone on the record as not wanting to participate.
Apartment community managers and owners who sign up for the program determine the terms of resident participation (what units, for how long) and then get a cut of their residents Airbnb income, typically between 5 percent and 15 percent of the rental fee.
But representatives from Lincoln Property Co., AvalonBay Communities Inc., Essex Property Trust and Camden Property Trust have said they arent interested in participating. The safety and liability concerns of allowing short-term renters to cycle in and out of apartment communities is a stumbling block for some.
Theres just inherent risk in allowing unknown guests to come onto your property, Margaret Hepfner, a senior executive at Lincoln Property Co., told the Wall Street Journal.
The company began piloting the Friendly Buildings Program across the country in April and says around 1,500 units are currently participating or will soon join.