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Cash-strapped renters might have an alternative to rising living costs as inflation rises: Airbnb. Airbnb has launched its new “Airbnb friendly” apartment program in 25 cities, including Raleigh and Durham.
It allows tenants to rent out their apartments while they are away if their landlords consent to it.
According to Airbnb’s estimates, tenants could make an average of $878 per week. This is after you have paid the Airbnb Host service charge and the property management company’s cut.
Three properties managed by Greystar — the Marlowe Lake Boone, Columns at Wakefield (both in Raleigh), and Avana On Broad (Durham) — are part of this program. They are the only properties currently available in the area.
Participating properties in the program include 175 across the country. Airbnb stated that it intends to expand the program, and has started a waitlist to add more cities to its list. Airbnb stated that revenue share is variable by building. However, most partner buildings receive between 20% and 25% of the host’s booking amount. Airbnb usually collects a flat fee of 3% of the total reservation amount.
Short-term rental regulations must be adhered to by tenants.
The City Council adopted new rules in 2021, which meant that short-term rentals were legalized in Raleigh for many years. These regulations require short-term renters to obtain a permit from the city, prohibit outside advertising and special events, as well as prohibit gatherings at their homes.
Also, multi-unit complexes can only be used for short-term rentals in one building, not more than 25%, or two dwelling units.