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With the rise of Airbnb and the sharing economy, the short-term rental market is growing rapidly across the globe. In fact, Airbnb, the leading marketplace for short-term rentals, currently operates in 65,000 cities and holds over 3 million listings worldwide. This is especially true among residents of multifamily buildings – it is reported that approximately 65% of all short-term rentals take place in multifamily apartment complexes. People frequently use Airbnb to host guests in their units when they’re out of town for the weekend, away on family vacation, or even while they’re staying at home.
Although short-term rentals in apartment buildings are proliferating, many, if not the majority of these rentals, are in violation of their lease agreements. This is due to the fact that subletting on Airbnb is prohibited by most landlords and building owners. Nevertheless, residents still choose to rent out their units without their building’s permission, risking eviction and creating a number of serious legal problems.
Nowadays, short-term rentals are riddled with complex legal issues, including government regulations on units and licensing and tax requirements. The legality of short-term rentals depends on a building’s local regulations, as local governments vary widely in how they enforce specific limitations. Pillow Residential aims to provide a legal framework for building owners and residents to facilitate compliant short-term rentals. Pillow Residential is a free apartment amenity that residents can use to rent out their apartment units with their building’s approval while also abiding by community regulations.
Pillow Residential allows building owners to add an attractive amenity to their apartment complexes — full consent and approval for residents to host Airbnb rentals — at zero cost for management while actively sharing in the revenue stream. The option to host short-term rentals can be a powerful asset that enables a building’s leasing office to attract more potential residents and drive them further down the leasing funnel. By marketing short-term Airbnb rentals as an exclusive, modern amenity that residents can use to legally earn money, building owners can effectively differentiate their listings and gain a competitive edge.Moreover, without access to critical information, such as guest and hosting activities, building owners remain unaware of the great risks for financial liability and other legal repercussions if incidents were to take place while guests are present. Pillow Residential has the resources necessary to create full transparency and compliance within buildings, giving building owners peace of mind and a way to control short-term rentals that are likely taking place already.
Blake Hayunga is the COO of a large real estatement investment company that launched Pillow Residential in a 316-unit apartment complex in Denver, Colorado. Blake was able to incorporate compliant short-term rentals into his building’s list of amenities to significantly increase new resident interest. Since the introduction of this amenity in Blake’s building earlier this year, Blake has seen a 20% increase in applications as well as capture premium rents 4-7% greater than current market rents.
There’s no doubt that short-term rentals are now one of the most practical and desirable apartment amenities sought out in the market. This kind of amenity can be a quick and easy way for residents to make extra cash from their unused living spaces. With their additional incomes, Airbnb hosts can subsidize their rent, travel the world, or use it however they please. In a recent article by Inman, Blake mentioned how he sees Pillow Residential as “a huge competitive advantage along with a way to organize something that’s happening already — while turning it into a revenue sharing opportunity” for him.
By partnering with Pillow Residential, building owners are able to facilitate and actively engage in this existing trend to not only increase their buildings’ occupancy rates, but also maximize their net operating incomes.
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Written by Harry Lee · October 9, 2017