Airbnb Brings Subleasing Platform For Renters To UK With Greystar Partnership

Courtesy of Greystar
Greystar's Greenford Quay Scheme In West London

Airbnb's marketplace allowing renters to sublease their apartments in partnership with building landlords is expanding to the UK.

The online rental platform teamed up with build-to-rent giant Greystar to launch Airbnb-friendly Apartments in the UK.

Renters at three Greystar schemes — Sailmakers in Canary Wharf, Greenford Quay in west London, and Fizzy Walthamstow — can now lease their apartments on Airbnb. The scheme covers 1,500 apartments, though Airbnb said it wants to expand the program to other buildings and other parts of the UK.

Renters leasing out their homes on Airbnb must do so in partnership with building owners and follow local leasing laws. They are required to share between 10% and 25% of the revenue with their landlords, industry publication Landlord Zone said.

“With many renters continuing to find themselves cost burdened, AFA offers a valuable opportunity to earn income through Airbnb while they’re away,” Airbnb Global Head of Real Estate Jesse Stein said in a statement.

Under the usual lease structure on UK apartments, residents are not typically allowed to sublease properties.

In the U.S., where Airbnb has partnerships with 750 buildings comprising more than 200,000 units, hosts using the program have made more than $14M over the past two years. Its U.S. partners include Greystar and Starwood Capital.

“It adds financial flexibility for residents and our community management teams have visibility into hosting activity, which means they can help ensure everything runs smoothly and there is no impact to the wider community,” Greystar Senior Director, Client Relations Maria Hatch said in a statement.

Continue reading this story with a free account

Log in or register
Related Topics: Airbnb , Greystar , Jesse Stein
Sign up for more articles like this
Subscribe to Bisnow's London Newsletters
Related Stories

Why Hines Is Restarting Its Development Engine

Pinewood Studios Pays Owners £100M Dividend And Completes £300M Refinancing

Deutsche Bank Takes 5 Floors At Oaktree And Quadrant's Canary Wharf Scheme

Ashley's Frasers Sets £20B Real Estate Acquisition Target

Billionaire Buys Into BTR With £150M Deal

IRES Looks To More Forward Funding As Resi Market Gathers Pace

Liverpool Tops The Premier League (Of Property Price Rises)

100% Of European Asset Managers Hold Stranded Assets. So Why Aren't We Fixing Them?

Plans Submitted For Massive 1.1M SF Canary Wharf Office Retrofit

Ari Emanuel Invests In Broadway's Next Act With $6B Theater Buy

Yardi-Backed Flex Office Marketplace Launches In U.S. As Companies Plan To Up Attendance

BPS Purestone Hurries To Disrupt Undervalued London Market In £500M Push