5 Things to Know Before Considering Home Sharing in Your Multifamily Community

The COVID-19 pandemic has accelerated the adoption of apps that match people who are looking for a place to stay with those who have space they’re willing to rent, including entire apartments. Also known as “home sharing,” this flexible living option continues to grow in popularity as “work from home” is morphing into “work from anywhere” with 11% of American adults using platforms like Airbnb to find places to stay, according to Pew Research.  As a result, “anywhere” is now different living spaces every day, week or month. RealPage® has teamed up with Airbnb to launch the Migo multifamily home-sharing solution and monetization platform that enables property owners to share in the returns. Migo is the connector that makes Airbnb work better in multifamily communities and enables multifamily owners and residents to participate and profit from home sharing on Airbnb. In a recent National Multifamily Housing Council (NMHC) survey, one-third of the NMHC Top 50 list and more than one million apartment homes reported that they would be open to a partnership program with short-term rental (STR) sites. Careful planning will be the key to success. There are 5 things to know before considering home sharing in your multifamily community. City and State Home-Sharing Laws, Regulations and Ordinances Similar to ride-hailing apps like Uber and Lyft, home-sharing services have been the subject of much legal and regulatory scrutiny in recent years. If you’re thinking about allowing your multifamily residents to home share, first examine the laws in your city and state to ensure that any such activity in your community will be compliant with all applicable ordinances and regulations. In particular, New York City has analyzed the legality of these STR services, finding that 70% of such available rentals are illegal or violate the state’s “multiple dwelling” laws.  Home sharing a...