Airbnb could mess with fundamentals in the multifamily market by creating extra risk for landlords with tenants using the site.
Mirador Real Estate broker Neeta Mulgaokar says that fines to landlords for “illegally operating hotels” (run by their tenants through Airbnb) can outweigh the money they take in from rent—making renting not worth the risk, CNBC reports.
At least one NYC landlord is going after tenants who illegally use the website—a tenant was sued $300k for getting the building hit with $60k in fines.
Next Step Realty’s Matt Bauman says Airbnb also hikes up rents, as landlords jack prices once tenants start making money through the website.
On the other side of the coin, big multifamily players are looking to capitalize on this market disruption. Three of the biggest landlords in the country are in talks with Airbnb about listing their properties directly on the site. [CNBC]
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