This article was produced by Airbnb.
Airbnb has been working with multifamily owners for several years to unlock hosting for renters. As part of ongoing efforts to drive value for owners and make hosting more accessible to renters, Airbnb introduced the Airbnb-friendly marketplace in November 2022. The marketplace provides a platform for prospective renters to find Airbnb-friendly apartments where they can sign a 12-month lease and host their primary residence part-time on Airbnb.
According to the U.S. Department of Housing and Urban Development, spending more than 30 percent of income on housing costs is considered “cost burdened”. Per U.S. Census data, 46 percent of renters spend 30 percent or more of their income on housing, including 23 percent who spend at least 50 percent of their income on housing.
The ability to rent an Airbnb-friendly apartment has proven to be a viable economic lifeline for renters. Hosts in Airbnb-friendly apartments earned approximately $1.5 million altogether in 2022, with the typical Host earning $4,500.1 Based on the average cost of rent in the United States currently, a typical income of $4,500 represents 2.5 months of rent.2 Renters can choose to use earnings from hosting to pay for some of their housing costs, other living expenses, or to save towards purchasing their own home.
Furthermore, property owners can rest knowing that Airbnb tools provide ways for owners to implement controls and have transparency over Airbnb hosting activity. To help ensure full-time renters benefit from the program, each building can create its own community rules for hosting—including a limit on the number of nights renters can host per year. In addition, all renters are expected to follow local short-term rental rules and Airbnb’s community standards.
Building managers also gain access to a dashboard where they see when guests are arriving and leaving at each property, and which residents are hosting. Property owners can elect to earn a share of revenue on every booking in their property, giving them the potential to increase revenue without raising rent.
Being Airbnb-friendly can help attract incremental demand to properties. Since the program launched, renter interest in Airbnb-friendly apartments has been high—with over 3,000 waitlist requests across 850 U.S. cities. Looking to meet the interest with additional supply, Airbnb has grown the program from 175 buildings in 25 markets upon the November launch to more than 250 buildings across 37 markets and 80,000 units currently on the marketplace in the United States. Airbnb continues to add new supply—with over 70 more buildings across new and existing partners lined up to come on board.
Interested in adding your property to Airbnb-friendly apartments? Visit airbnb.com/d/multifamily
- According to internal Airbnb data looking at the revenue earned by Hosts in Airbnb-friendly apartment buildings in 2022. Typical is defined as the median. Every Host’s experience hosting is unique. Host revenue may vary widely depending on many factors, including availability, price, acceptance and cancellation rates, and the demand in the listing location.
- Based on figures from RentCafe.com as of April 2023.