The sharing economy has grown tremendously in the last decade. With apps like Uber and Lyft dominating the transportation industry, folks are growing more accustomed to trusting their business to strangers. And with the rise of Airbnb, it’s more affordable than ever for people to travel. Not everyone loves Airbnb, though. For property managers, the unauthorized subletting of your property is inherently problematic.
If you own property in a touristy area, chances are good one or more of your tenants will turn to Airbnb to make some extra cash. Peer-to-peer renting has plenty of drawbacks and almost no positives for the landlord. While Airbnb does provide $1 million in liability protections for hosts, it’s limited to very specific types of damages. If an Airbnb guest becomes ill because of mold in your apartment, you could be held liable for their medical bills.
There’s also no telling how Airbnb guests might disrupt your community. Even if your tenant lucks out with Airbnb guests who are mostly quiet and polite, it only takes one bad incident to annoy neighbors.
When it comes to Airbnb: just say no. Make sure to include clauses prohibiting subletting in your lease. You’ll want all the protections you can against a tenant who wants to get into hosting!
– Scott Safadi, Cal Bay Property Management