- Airbnb plans to help renters list their homes to earn additional income.
- The company says it has the potential to reduce the impact of soaring rental fees.
- Airbnb's new initiative comes as some cities pass “renter-friendly” policies.
Airbnb is on a mission to help renters earn a little extra income, and maybe even a little income of their own.
The company on Friday announced plans to help renters list rental homes on its platform. Airbnb plans to work with city and state governments to “advocate for short-term rental regulations that allow renters to share their homes.”
Despite stories of Airbnb hosts making millions of dollars by renting out their properties, Airbnb claims that more than 40% of U.S. homeowners who rent their properties on the platform have no money left over. He said he only uses it to stay at home. About 10% said the money helped them avoid eviction or foreclosure.
So, as rents soar across the country, Airbnb said its new initiative could also help renters “stay in their homes.”
A record 22.4 million renter households will be cost-burdened by 2022, spending more than 30% of their income on rent and utilities, according to a report from Harvard University's Joint Housing Research Center cited by Airbnb. It is said that there is The report also found that a “record high” of 12.1 million renter households were burdened with high costs, spending more than half of their income on housing costs. As a result, those with the lowest incomes spent 39% less on food and 42% less on medical care than those with no burden.
One obstacle to Airbnb's rental business is that “many early laws limited short-term rentals to homeowners,” said Airbnb's vice president of public policy. President Theo Yedinski told CNN.
In recent years, towns and cities across North America have begun cracking down on short-term rentals, requiring licenses and, in some cases, requiring short-term rental owners to live in the property as their primary residence.
one promising sign — At least when it comes to Airbnb — That's because Virginia signed a law earlier this week that requires local governments that issue short-term rental permits to property owners to also issue the same permits to tenants with the property owner's permission. . Cities like Raleigh, San Diego and Tulsa have also passed “renter-friendly” policies, according to Airbnb.
“Homeownership should not be a barrier to entry when sharing a home,” Mike Signer, Airbnb's director of North American policy, said in the company's announcement. “The vast majority of hosts in the U.S. share their space to cover the rising cost of living. We partner with cities to develop smart short-term rental policies that give renters the same opportunity. We would like to develop.”
Airbnb did not immediately respond to Business Insider's request for comment.
Axel Springer, the parent company of Insider Inc., is an investor in Airbnb.
