Earn Income with Airbnb-Friendly Apartments
That’s right! Airbnb offers a program that partners with apartment and condo building owners to allow tenants to rent out their space. They even show examples of revenue for each area and building.
Whether you’re a frequent traveler, a snowbird chasing the sun, or a student spending semesters away from home, finding ways to offset your housing costs can be a game-changer. One innovative solution is the Airbnb-friendly apartments program. This initiative by Airbnb allows renters to earn extra income by hosting guests part-time, perfectly suited for those who often find themselves away from home.
What is the Airbnb-Friendly Apartments Program?
The Airbnb-friendly apartments program is a collaboration between Airbnb and various apartment buildings across the U.S. This program aims to help renters like you find apartments where part-time hosting is welcomed. With over 175 participating buildings in major cities, you’re likely to find a spot that suits your needs and preferences.
Benefits of the Program
- Extra Income: By hosting on Airbnb while you’re away, you can earn substantial income. On average, hosts in this program can earn about $9,527 per year. This additional income can significantly offset your rent, utilities, or even fund your next travel adventure.
- Flexibility and Control: You have full control over your hosting schedule. This means you can decide when to list your apartment based on your personal schedule and travel plans.
- Peace of Mind: The participating apartment buildings are already on board with the program, which means you don’t have to worry about violating any lease agreements or building policies. Plus, Airbnb offers various protections for hosts, including insurance and customer support.
How It Works
- Find an Airbnb-Friendly Apartment: Start by exploring the participating buildings through Airbnb’s dedicated page. This page lists all the buildings where hosting is allowed, along with specific rules and requirements for each building.
- List Your Space: Once you have your apartment, you can set up your Airbnb listing. Be sure to highlight any unique features or amenities that make your place stand out.
- Host Guests: When you travel, be it for a week or several months, list your apartment on Airbnb and start hosting guests. You can communicate with potential guests, set your own prices, and decide on the availability.
Who Can Benefit?
Frequent Travelers
If your job or lifestyle requires frequent travel, why let your apartment sit empty? By listing your space on Airbnb, you can turn those empty nights into a steady income stream. Imagine coming back from a business trip to find that your rent is already partially paid for!
Snowbirds
For those who migrate south to escape the harsh winters, this program is perfect. Instead of leaving your northern home vacant, host travelers looking for a cozy winter retreat.
Students
College students often spend summers or semesters abroad. During these periods, your apartment can become a temporary home for other students or visitors, allowing you to earn money even while you’re away studying.
Apartment Building Owners
Apartment building owners can greatly benefit from participating in the Airbnb-friendly apartments program. By offering this feature, they can attract a larger pool of potential tenants who value the ability to host on Airbnb. This added convenience and potential for income generation make their properties more appealing, potentially allowing owners to charge a premium for these apartments. Additionally, the program enhances the building’s reputation as a flexible, modern, and tenant-friendly place to live, which can lead to higher occupancy rates and increased tenant satisfaction.
Marketing Takeaway
Airbnb does a great job of defining who this program is for as well as explaining the benefits while addressing concerns to the buildings co-op or management. They outline the success of the program with stats and case studies to back it up which focuses on revenue and overall positive neighborhood sentiment – addressing would-be concerns up front.
On the other side of it, their dedicated page to renters outlines the clear benefits of having that extra revenue and reducing their overall costs to rent, and adding an easy to use search tool to locate participating apartments.
The building owner(s) can utilize their Airbnb partnership to attract potential renters with the revenue split, and either increase the rental rate, or use it as a tool to attract tenants in a bearish markets. Processes would need to be in place if the apartment doesn’t already have the additional resources to manage the program, but Airbnb would more than accommodate with support.
Renters would likely need to become an Airbnb host and learn the ins and outs of the platform, as well as the entire process from booking to marketing their space. Albeit the arrangement with the building might be as such that the property management or landlord would handle the entire process for you. Before considering this a viable way to off-set rent, check out the link below to see if friendly apartments are available in your city, and if the projected revenue numbers make sense.
For more information, you can visit Airbnb’s real estate page if you’re a building or landlord, or access the friendly apartments search page for renters.
