February 22, 2017
The Apartment Investment and Management Company (AIMCO) has filed lawsuits in California and Florida asking the court to prohibit Airbnb from listing their apartments. Additionally, AIMCO is seeking monetary damages from Airbnb. AIMCO contends Airbnb is profiting from and even encouraging their tenants to intentionally violate the terms of their leases.
Historically, property managers have had mixed feelings about short-term rentals. Some have raised concerns with the lack of oversite and being left to police the short-term tenants. Other property managers have used short-term rentals to fill vacancies.
Recently, Airbnb has made attempts to bring landlords into the fold by rolling out the “Friendly Buildings Program.” Property managers who agree to allow short-term rentals are able to choose which units are able to participate, when, and write building specific rules. By enrolling in the program, property managements are able to take a cut of the payment, typically 5-15%.
Short-Terms Rentals are currently one of IREM’s Public Policy Priorities in 2017.