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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.
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