Apartment Home Sharing: Proper Zoning

Since Airbnb’s launch in 2008, the short-term home sharing model has upended the hospitality industry.  Now, they’re further disrupting it by enabling home sharing in multifamily communities through an alliance with Migo by RealPage®.  Home sharing benefits property owners According to Multi-housing News, the pandemic's impact has caused short-term rental platforms to pivot in a very short period of time, which has resulted in modified business models that are more financially sustainable and flexible for multifamily property owners. Their resiliency in the most difficult financial environment in over a decade indicates that short-term rentals are here to stay. At the same time, the multifamily industry's perception of short-term rentals (STRs) has evolved over the years. Before the pandemic, multifamily property owners viewed STRs as a threat, not as a benefit. But that view is changing due to a rapidly accelerating demand for flexible living. Simply put, apartment residents who don't occupy their units 365 days per year want the option to engage in home sharing, which can enable them to make money on their unused space. In fact, home sharing can enable renters to offset their rent by upwards of 20 percent.* (Data source:  Migo) Property owners also stand to benefit from the arrangement through higher occupancy and lease renewal rates, which translates into increased rent revenue. It's a win-win. The problem is that many towns and cities across the country either prohibit apartment home sharing or severely restrict it. Home sharing support and challenges Until now, almost all short-term rentals hosted in apartments have occurred without property managers’ knowledge, and some have violated city, state, and local home sharing ordinances.  Enter Migo by RealPage®. With the Migo home sharing solution, property owners can harness the power of RealPage to deliver the only comprehensive suite of technology and service...