Are you a renter who wants to rent out your own apartment? Airbnb is unveiling a new service just for that.
The home-sharing platform has introduced a new listing service in the United States that will help renters find an apartment where they can host part-time.
The move comes at a time when people are looking to earn additional income as higher food, transportation, and housing expenses continue to squeeze household budgets, deepening the cost-of-living crisis in the country.
The new service aims to attract big landlords with a cut of its rental sales. Landlords who partner with the new listing service will get a share of the total booking revenue from Airbnb sublets. It is estimated to be 20 percent in most cases.
Airbnb co-founder Nathan Blecharzyck said the rising cost of living means renters hosting part-time can use the extra income to contribute to rent, save for a home, or other living expenses.
The short-term rental firm has partnered with more than 175 buildings in more than 25 cities across the U.S. to roll out the new service. Cities such as Phoenix, Houston, Jacksonville, and others are already going to be home for the new initiative.
Some of the biggest landlords and property managers in the country are a part of the service already. It will feature buildings managed by Equity Residential, Greystar Real Estate Partners LLC, and 10 other companies, among others.
Airbnb said that renters have hosted on average nine nights per month and earned on average $900. The new listing service comes after Airbnb recorded a “disproportionate” 31 percent rise in single-room listings earlier this month. It showed how many more people were looking for extra income.
It comes as Airbnb also aims to expand its business in multifamily buildings where owners often shun short-term rentals.