Airbnb launches service allowing American renters to host apartments By Reuters

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Airbnb launches service allowing American renters to host apartments

Stock Markets Nov 30, 2022 07:46AM ET

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Airbnb launches service allowing American renters to host apartments

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(Reuters) - Airbnb Inc said on Wednesday it is introducing a new listing service in the United States that will help renters find an apartment where they can host part-time.

The move comes at a time when people are looking to earn additional income as higher food, transportation and housing expenses continue to squeeze household budgets, deepening the cost-of-living crisis in the country.

"As the cost of living continues to rise, renters can use the extra income earned by hosting part-time on Airbnb to contribute to their rent, save for a home, or pay for other living expenses," Airbnb co-founder Nathan Blecharzyck said.

The short-term rental firm has partnered with more than 175 buildings in 25+ cities across the United States, the company said in a blogpost.

The latest service will feature buildings managed by Equity Residential (NYSE:EQR), Greystar Real Estate Partners LLC and 10 other companies, the Wall Street Journal reported on Wednesday, citing the company.

Airbnb did not immediately respond to a Reuters request for comment on the tie-ups.

Landlords who partner with the new listing service will get a share of the total booking revenue from Airbnb sublets - 20% in most cases, the WSJ report added.

Renters have hosted on average nine nights per month and earned on average $900, Airbnb said.

Earlier this month, the company said it had recorded a "disproportionate" 31% rise in single-room listings on its platform in the third quarter, as more people sought extra income.

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