Apartment Operators in Talks with Airbnb
Three major apartment operators – Equity Residential, AvalonBay Communities Inc., and Camden Property Trust – are in talks to enter into a revenue-sharing partnership with Airbnb, the Wall Street Journal reported today. Under the deal, they would allow apartment dwellers to rent out their homes through the lodging website in return for a share of the profits. As it now stands, most apartment leases forbid tenants from subletting.
The move would add about 250,000 units to Airbnb’s database, strengthening its hold on the short-term rental market, which is now valued at $25.5 billion, and provide more competition for hotels.
The companies told the Wall Street Journal they plan to examine local laws carefully before deciding whether to proceed.
