Airbnb to expand long-term rental marketplace into the UK
Airbnb has officially launched its long-term rental marketplace in the UK, courtesy of a partnership with real estate developer and manager, Greystar. This breakthrough move marks a significant expansion of the company’s reach in the region.
Unlocking Subletting Opportunities
As part of the partnership, nearly 1,500 flats across three properties managed by Greystar in London are now available for renters to sublet on a part-time basis. The company has also set a goal to roll out this service to other parts of the UK.
To use the platform, tenants must sign a contract with their landlord, establishing key hosting rules for subletting. This includes limits on the number of nights the property can be rented out each year, as well as a requirement to share a percentage of their rental revenue with landlords.
Airbnb’s Vision: Empowering Renters and Addressing Criticism
Airbnb’s decision to expand its long-term rental marketplace comes in response to mounting criticism of its impact on local communities. The company is keen to promote the benefits of subletting, which can provide younger renters with a supplementary income source amidst the cost-of-living crisis.
“The long-term rental segment is one of the fastest-growing across Airbnb’s offerings, and we believe it can cater especially to younger renters who have been priced out of renting due to the cost of living crisis,” said Jesse Stein, Airbnb’s global head of real estate.
Beyond Accommodation: Airbnb’s Plans for the Future
Recently, Airbnb teased plans to venture “beyond accommodation” in 2025 and beyond. With a focus on sustainability and innovation, the company aims to evolve its services and contribute to the development of vibrant communities worldwide.
Stay tuned for more updates on Airbnb’s long-term rental marketplace and its impact on the rental industry! 💫