I recently heard about someone who was renting out their apartment via Airbnb, then I read this Fast Company article called: “This Website Snitches on Renters Who List Their Apartments on Airbnb.” It mentions the website that tracks it is called: Huntbnb. I am sure they are a viable company and many landlords connect with them to be sure their properties are not listed. At the time I thought it was odd that tenants would do such a thing. As a landlord myself, I would never want to find out that my tenants were renting out my condo for others to use. The article cites that in New York City, one-third of apartments are being rented in an illegal manner.
When you go through the vetting process to find renters, you want to find individuals that you can trust, that will take care of the property, and that will alert you when there are issues. If tenants are then turning around and renting the place that they have signed a lease for, in order to make money and have other individuals utilize the property then not only is it illegal, but it is a breach of trust. When a lease is signed it is intended that those on the lease will be the ones that are staying at the property.
I can imagine that legal property and lease documents will continue to be honed and revised because of individuals that are going against principle and legal means in order to make more money. There are so many involved legal issues and liabilities with having individuals stay in a property when no paperwork was transacted with the owner and those staying on the property. There could be issues with theft, damage, fire, etc. To me it has nothing to do with the tenants making money and everything to do with contracts/leases that are signed and the choice of who is staying on the property. There is a reason there is a vetting process for rentals. If a property is listed on Airbnb it should be there because it is truly owned and used as an Airbnb (or other type of rental) that is listed by the owners themselves.
If you are a landlord and are renting your property how do you feel about having your tenants rent out your property on Airbnb? If you are a tenant, would you “sublease” your place on Airbnb?
Chris and I used to live in Boston, where parking spaces would sell for tens of thousands to hundreds of thousands of dollars. Renting an apartment was expensive enough, not to mention finding a parking space when you did not own one. Now that I live in the Pacific Northwest, even the process of renting an apartment is different. Ten years ago when we lived in Boston, you would have to give a landlord the first month of rent, last month, sometimes a security deposit, and a realtor fee. If the apartment was $1000 a month (which was definitely on the low side) that would mean $4000. A lot of money just to move into a place. Yes, $3000 was investing in your future, but the $1000 to the realtor was lost.
All cities are different. No rental process is alike in each city. Portland has nothing on Boston. Which I appreciate. When we moved to Portland, we thought, oh we just need to have the cash to move in, instead Portland is very particular in a different way. Landlords in Portland want to ensure that you have a job and you can prove your monthly income. It makes sense due to the high homeless population. Landlords want to know you will continue to be able to pay your rent. I understand that completely, but it is just so different from Boston.
Portlanders complain about finding parking spaces, just like any other city, but I know Portland does not have quite the market on parking spaces that Boston or New York have. I recently read an article that discusses the IRS auctioning off two parking spaces in Boston for a man who owed back taxes. The parking spaces sold for $560,000. It is shocking to think how much someone paid for a parking space, especially since it is much, much more than many pay for their homes.