Greystar
[Credit: Airbnb-Friendly Apartments]

Greystar and Airbnb-Friendly Apartments mark one-year link-up

US: International real estate developer and manager, Greystar Real Estate Partners LLC, has provided an update on its partnership with Airbnb since the two companies announced a collaboration on the latter’s ‘Airbnb-friendly’ apartments programme one year ago. 

Over the last 12 months, residents participating in the programme have earned over $3 million in income from hosting and properties have earned more than $950,000 from their share of hosting revenue, according to Greystar.

Airbnb debuted the listing service in November 2022, with the company initially partnering with 250 buildings in cities such as Houston, Phoenix, Jacksonville and New York City that enabled renters to lease out their apartments on a part-time basis through the platform. Renters can also make use of Airbnb Setup, a programme that simplifies the hosting process for new hosts by matching them with Superhosts.

Additional partners on the programme include Starwood Capital Group, GoldOller Real Estate Investments, Milhaus, Space Craft, Equity Residential and UDR Inc.

In partnering with Airbnb, Greystar exclusively offers short-term rentals at more than 160 of its Airbnb-friendly multifamily rental properties, with more properties continuing to come online. The programme enables residents to earn supplementary income by using their apartments to host guests part-time on Airbnb, while adhering to programme rules set by Greystar as the building manager.

Greystar-managed apartment buildings participating in the programme can limit the number of nights residents host their apartments and are able to apply their community guidelines.

Young Hill, managing director leading the flexible living strategic services platform at Greystar, said: “In the face of rising costs, Airbnb-friendly communities have given us the ability to provide our residents with the opportunity to monetise their space. Additionally, our community management teams gain valuable tools for enhanced visibility and controls. Airbnb’s marketplace has enabled us to tap into a demand source of prospects who value home flexibility, while adding an additional revenue stream for our owners.”

Airbnb wants to help more people tap into the benefits of hosting and access new revenue streams, while the service is also designed to drive ancillary income for owners at the same time. Over a three-month period, renters who hosted in ‘Airbnb-friendly’ apartment buildings hosted on average nine nights per month and earned an average of $900 per month, according to the platform.

To support sustainable and responsible tourism, each building in the programme has its own community rules for hosting, including a limit on the number of nights renters can host each year. Renters are also expected to follow local short-term rental regulations, building rules and Airbnb’s own community standards.

Mike Clow, executive director at Greystar, said: “Allowing residents to host on Airbnb with this programme has been a huge success for our participating multifamily housing communities. We are enabling renters to tap into flexible living arrangements, while providing building owners and operators full transparency and oversight of the hosting activities happening in their communities.”

Greystar plans to continue expanding its suite of flexible living services, including the following initiatives:

Airbnb-friendly apartments: Provides visibility and oversight into a previously unauthorised activity. Offering the ability to host on Airbnb is a key differentiator in driving flexibility and affordability for long-term residents.

ShortStay by Greystar: A professionally managed programme for full-service apartments, leveraging multiple booking platforms to support increased occupancy and an additional revenue stream.

Furnished by Greystar [coming soon]: A solution designed to drive occupancy for vacant inventory without having to dedicate or furnish units in advance through a seamless digital furnished leasing programme.

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