We have been hearing a lot lately about Airbnb and other short-term rental sites battling with local jurisdictions like NYC and Boston about the rental restrictions there. Throughout the world we are seeing jurisdictions starting to regulate or outlaw short term renting. What we are not seeing is community associations and buildings flexing their muscles in the equation.
It’s at the building level that there are reports of crime, noise and other life, safety and health issues. Neighbors are faced with short term renters infiltrating their home buildings. During the New York Marathon this year, one condo reported hundreds of short term visitors in their lobby and health club during race weekend, complaining of safety concerns – who are these people in my building? During college football season, towns where top teams play come to life in the short term rental market where millions of dollars in rents are earned.
How do the buildings protect themselves? Finally, a company launched Know Your Rental (knowyourrental.org) where a building can have a voice and publish their rental restrictions in an Official Registry that renters can search before accepting a rental. If it is illegal to rent in a particular building on a short term basis, renters will not rent there. Who wants to book a family vacation in NYC only to find out after you’re in the apartment that the rental is illegal.
Buildings could remind their own owners about rental restrictions, but renters from around the world previously had no way of knowing in advance whether a rental was legal. Indeed, on Airbnb, prospective renters don’t even know the address until booking. At that point the renter needs to know the building’s rental restrictions so the renter can decide whether to proceed with the rental. If the rental agency is connected with Know Your Rental, owners listing their property for rent and renters both will be automatically notified before proceeding.
At just $100/yr for visibility worldwide, Know Your Rental has tremendous value. It notifies renters of your building’s particular restrictions (as well as your jurisdiction’s restrictions when they register). You can tell your owners that you are taking proactive measures to protect them and your building from wrongful renting, and indeed deter illegal renting.
