San Francisco: A digital platform called Letulet has been launched, which includes intuitive tools for renters to gain landlord approval in order to host short-term rentals on Airbnb.
The platform also offers lease addendums and conversation starter tips to help renters, while landlords can grant conditional approval for sub-leasing their properties.
By launching the platform, Letulet aims to shifts the rental paradigm so that renters can list apartments or homes on Airbnb with the approval of their landlord, as a way of ensuring transparency in the short-term rental hosting economy. In addition, it aims to serve as a mutually-beneficial safe space whereby tenants and landlords can establish custom terms that benefit both sides, including revenue sharing.
Letulet CEO and founder, Mark Henderson, said: “With skyrocketing rent, home-sharing is a legitimate solution for renters to close the income gap and is now a permanent part of the fabric of commercial real estate.
“Now with Letulet, both renters and landlords have the tools to collaborate and the option to embrace the sharing economy together. Letulet is redefining the future of home-sharing by facilitating the process in the right way, the fair way,” he added.
In areas like San Francisco and Manhattan in the United States, renters have been known to spend up to 50 per cent of their gross monthly income on rent. those numbers can be well over 50%. That has led to more than half of 25-34 year-olds, and over 60% of those under 25, wanting the ability to share their units in San Francisco.
While some landlords look to embrace home-sharing through participation on tech platforms such as Airbnb’s friendly building program, the solutions have so far been tailored to fit large-scale institutional landlords with invite-only access to renters within those properties.
Letulet is seeking to counter this by providing a more efficient route for renters to take a proactive approach to directly request the home-sharing option from their landlord.
Henderson said: “Letulet benefits renters, landlords and cities. Renters gain flexibility and the ability to make money by subletting through the highly-credible Airbnb service.
“Landlords can easily permit and monitor short-term rental activity in their buildings. Cities experience a decreased burden from fewer sub-lease disputes with renters and landlords openly collaborating.
“It’s truly a win-win for everyone involved,” he added.
He also added that renters will be able to earn extra money hosting short-term rentals with the support of their landlord, via the website here.
Other benefits include:
- Renters can easily establish agreements with landlords so that both benefit from any home-sharing arrangement.
- A custom lease addendum, which comes free with Letulet, allows for legal protection and full transparency.
- Renters can post listings directly on Airbnb, and Letulet claims it automatically takes care of all details, including splitting the revenue and keeping landlords informed.
Part of Letulet’s remit is to appeal to all markets, including the millennial market, as well as eliminate “secret” subleases, by offering a financial incentive for landlords to participate at this address.
Moreover, Letulet includes an all-in-one dashboard, which provides full visibility and tracks all Airbnb activity in the landlord’s building, including revenue flow, guest information and booking schedules.
Landlords will also receive an pre-agreed portion of the renter’s earnings after each reservation.
The digital platform has now been rolled out across the San Francisco/Bay Area and the service will become available in a number of other major cities in the United States later this year.
For more information, visit the Letulet website here.