If you want to know whether you can Airbnb rental property, you must be familiar with the benefits. Lots of people make thousands of dollars annually by Airbnb their apartments.
Undoubtedly, it is a great way to make a few bucks when you are out with friends or on vacation. However, with rental properties, it is a sticky situation on whether you can Airbnb or not.
Don’t fret! We are here to help. In this article, we’ll walk you through all you need to know about Airbnb, a rental property, and if you can do it too. Stick around to learn all you need to know about renting out your place!
What Is Airbnb: An Overview
Before you consider Airbnb your apartment, you must first know what you are getting into. Airbnb is an online marketplace for homestead vacation rentals available worldwide.
The trend started as early as 2007 when the founders rented their home to a couple of tourists. Since then, the company has been on an incline.
Tourists count on Airbnb for a more immersive experience and to get to know the locals. Over four million unique hosts on the platform offer accommodation services.
In simple terms, the hosts put up their houses on the platform. Interested people communicate; boom, the deal is sealed, and money is made. It is as simple as it sounds.
Can You Airbnb Your Rented Space?
Whether you can Airbnb your rented space doesn’t have a straight answer. The answer could be yes or no, depending on several factors.
But before you log on to Airbnb and put up your space, ensure you go through these factors. This way, you are sure you aren’t crossing boundaries or breaking laws. Let’s delve into it!
Subletting
Many landlords count Airbnb as subletting. Hence, they don’t permit it. It doesn’t matter if the term subletting equates to Airbnb or not.
Most rental contracts prevent subletting (renting your home for a few days or longer). So you will need to get the permission of your landlord first before taking any bold steps.
While it might seem like the landlords are being unnecessarily mean, there is a reason behind the reluctance. When a tenant sublets or Airbnb their apartment, it breaches specific terms and conditions.
And since they are unaware of who is living in the apartment, the landlord’s insurance may become void.
Risk of Eviction
Let’s say you take a chance at it and are caught; you could be evicted. Since some agreements frown on subletting, Airbnb can be viewed as a breach of contract.
As a result, you might be faced with eviction. And according to specialists, the number of tenants that have been evicted due to Airbnb their apartment has increased in recent years.
You must go through the agreement with your landlord. Here, you can see if your landlord frowns on a sublet, and you can know your next course of action.
If you are a decent tenant, your landlord might agree to be flexible with their terms. But if they don’t agree, it is best you don’t risk it.
You should not Airbnb your apartment if you live in a rent-controlled area. Most landlords here will hop on any opportunity they get to evict you at a chance of getting tenants ready to pay higher rents.
Many tenants are being evicted from their houses for putting them up on Airbnb.
Local Laws
Apart from landlord to tenant agreement, you also have to consider the local laws of your area. Many regions have local zoning laws that restrict short-term rental hostings.
If your area refuses short-term rental hostings, opting for Airbnb is not a smart move. But if you want to host, you should see the laws becoming more flexible and be patient till then.
That said, there are a couple of cities with flexible Airbnb laws you can consider renting a property for better chances at Airbnb:
Memphis
Houston
Atlanta
Dallas
Cleveland
Indianapolis
Columbus
Most laws don’t completely prohibit short-term hosting. For instance, some areas limit the days you can Airbnb your apartment. The typical limit often spans between 90 – 120 days.
If this time limit is passed, it usually attracts a fine. Hence, it would be best if you stayed in touch with the rules that apply in your region. This way, you know the limit and can avoid crossing them.
Contrary to popular opinion, Airbnb for tenants is more tricky. There are many steps to follow, and you must try your best to avoid crossing any lines. However, it is not impossible. So how does it work? Let’s get to it.
The Right Way to Airbnb Your Rental Property
Although there are several complexities surrounding Airbnb as a tenant, you can make something work. That said, here is how you can walk around the tricky situation.
Carry Your Landlord Along
Many tenants go behind their landlord’s backs and rent out their apartments. This move is risky, as it might seem like you are gambling with your lease.
You can ensure your landlord never finds out about your guests, especially if your landlord stays out of town.
While you might scale through if your guests don’t cause havoc, it might not always go this way. Neighbors can complain, and it can get messy for you.
Instead of taking this risk, you can talk with your landlord. Get their permission before listing their property on Airbnb.
To ensure the landlord agrees, take steps to show it is worth their while.
A way to do that is to split the profit. Sometimes, the landlord agrees to let tenants put their rented space for hosting for 20% of the earning.
Also, you can offer to pay a higher rent. Plus, you can agree to limit the frequency of hosting and guarantee that no damages will be done.
If your landlord still doesn’t agree, don’t do it. No amount of extra bucks is worth the eviction.
Pay the Necessary Taxes and Fees
Ensure you settle all the fees and taxes imposed on short-time rentals. Traditionally, the taxes are paid by the guest. The role of the host primarily is to remit the taxes to the rightful place.
Also, you have to register with your area to get a business license. In some areas, though, Airbnb takes care of remitting the local occupancy taxes for you.
Hence, you don’t need to go through the long processes. It would help to research how taxing is done in your area before taking further steps.
Who Are Your Guests?
With Airbnb, you want to screen your guests. This way, you can avoid any unnecessary problems from a lousy guest.
You wouldn’t want guests who will turn your house into a raid party and attract the wrong type of attention.
As a result, it is imperative to ask the important questions. You wouldn’t want to get evicted because of a guest that got carried away or caused lots of damage.
Takeaway
Airbnb is an excellent way to make a few bucks while you are out of home. It takes minimal effort and brings lots of profits. However, only some home users can do this.
Factors like local zoning laws and landlord-to-tenant agreements decide who gets to host. That said, ensure you carry your landlord along when hoping to opt for Airbnb.
More so, do adequate research on what your local area wants.
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