– Airbnb plans to help renters list their homes on its platform to earn additional income
– The initiative aims to help renters stay in their homes amidst skyrocketing rental rates
– Some cities have passed ‘renter-friendly’ policies, allowing tenants to participate in short-term rentals as well.
Airbnb is launching a new initiative to help renters list their homes on its platform in order to earn additional income. The company aims to work with city and state governments to advocate for short-term rental rules that allow renters to share their homes. This effort is seen as a way to combat the impact of skyrocketing rental rates, which have left many households financially burdened.
Despite the perception that Airbnb hosts are making millions in profit, the company reports that over 40% of homeowners in the US who rent out their properties on the platform use the extra money to stay in their homes. Additionally, around 10% state that the additional income has helped them avoid eviction or foreclosure.
A recent report from Harvard’s Joint Center for Housing Studies highlighted the record number of cost-burdened renter households in 2022, with over 22 million households spending more than 30% of their income on rent and utilities. The report also highlighted the significant financial strain on renters, with 12.1 million households spending more than half their income on housing costs, leading to reduced spending on essentials like food and healthcare.
One challenge facing Airbnb’s renter initiative is existing laws that limit short-term rentals to homeownership. However, there have been positive developments in some cities, such as Virginia, where a new law allows tenants to obtain short-term rental permits with permission from the property owner. Airbnb is actively working to partner with cities to develop sensible short-term rental policies that grant renters the opportunity to earn additional income through the platform.