Airbnb is teaming up with landlords in an effort to make peace with one of the home-sharing service’s biggest critics.
Airbnb — which landlords and property managers have long been wary of — has created a new service: the Airbnb Friendly Building Program. According to Fortune’s Kia Kokalitcheva, the program is essentially an olive branch to the real estate industry and will allow landlords to keep tabs on how their tenants are listing and renting their apartments on Airbnb — for a price.
Here’s how Fortune explains it: The program will allow building owners to apply for the program and, if accepted, decide on the terms for renting a unit in their building. The owners can submit those terms to Airbnb and change the tenant’s lease to reflect the agreements. Tenants then sign up for the Friendly Building Program through Airbnb, while Airbnb will handle payment.
There’s only one issue: while the upside of the program is that tenants will now be in accordance with their lease and won’t face eviction if they list their place without consent, they’ll also stand to make less money off the listing. Airbnb says it recommends landlords take 5% to 15%, but it’s left entirely up to the landlords to determine how much of a cut to take.