Last November, we launched a program called Airbnb-friendly apartments, a novel marketplace for renters to find apartments where they can sign a 12-month lease and host their primary residence part-time on Airbnb. With the cost of living continuing to be extraordinarily high, the Airbnb-friendly apartment marketplace offers renters—who are more likely to be cost-burdened—a way to earn additional income to offset living expenses through their traditional year-long rental.
Since the program launched, renter interest in Airbnb-friendly apartments has been high—we’ve received over 3,000 requests across 850 US cities to be notified about when an Airbnb-friendly apartment building is available. Looking to meet the interest with additional supply, we have grown the program from 175 buildings in 25 markets upon our November launch to more than 250 buildings across 37 markets and 80,000 units currently on the marketplace in the US.
Creating hosting opportunities for renters and benefits for buildings
Whether you own your home or you rent, everyone should be able to share their primary residence. Historically, it has been hard for renters to find a landlord who is supportive of hosting, even on a part-time basis, and even though renters are typically the ones who would most benefit from additional income.
This is why we have partnered with rental companies of all sizes across the US, including some of the largest such as Greystar, Equity Residential, and UDR. Since launch, we’ve added new partners Starwood Capital, GoldOller, Milhaus, and SpaceCraft, and have over 70 more buildings across new and existing partners lined up to come on board.
Driving affordability for renters
The launch of Airbnb-friendly apartments is part of our broader efforts to help more people tap into the economic benefits of hosting at a time when many are trying to keep up with the rising cost of living, particularly renters. Today, 46 percent of renters in the US spend 30 percent or more of their income on housing, meaning nearly half of all renters are “cost-burdened,” while 23 percent of renters spend 50 percent or more of their income on housing.1
The ability to rent an Airbnb-friendly apartment has proven to be a viable economic lifeline for renters. Hosts in Airbnb-friendly apartments earned approximately $1.5 million altogether in 2022, with the typical Host earning $4,500.2 Based on the average cost of rent in the US currently, a typical income of $4,500 represents 2.5 months of rent3 and it’s clear Hosts are using this income towards everyday expenses.
In a recent poll of Hosts in Airbnb-friendly apartments, 68 percent said they used their Host income to offset living expenses, 37 percent said to pay for travel, 27 percent said to pay credit card debt, and 23 percent said to save for homeownership.
Airbnb-friendly apartments Hosts have already shown multiple use cases for the program and how they host:
- Rahul and his wife host a private room in San Francisco on the weekends and their whole place when they travel. They’ve discovered that they enjoy meeting new people from different backgrounds and professions.
- Dyllon is an entrepreneur who works remotely and loves to travel. He recently started hosting his San Diego apartment as a way to help pay for travel adventures. He remembers getting a booking while on vacation in Mexico that paid for his entire trip. He also plans to make a few upgrades to his home—he thinks both he and his guests would enjoy an espresso machine.
- Jeff and his partner host their San Diego apartment while they travel. Jeff is transitioning from the Air Force and loves interior design, and saw this as a way to earn supplemental income while he figures out his next career.