I’ve been a loyal user of Airbnb for more than a decade, staying in properties in 7 or 8 countries and on both coasts of the U.S. According to the app, I’ve taken 22 trips during the past ten years or so. What isn’t really reflected in the app, however, is how pleased I’ve been with virtually every one of the units I’ve rented. Other than one single place, (in this country), I’ve been really happy with every one of the properties I’ve stayed in.
Airbnb has repeatedly provided me with the opportunity to feel like a resident, rather than a mere tourist. Staying in an apartment or cottage while I’m traveling gives me the sense that I actually live there. When there’s a refrigerator with items I’ve picked up from a local market and a load of laundry hanging up to dry, I feel like I’m home. Hotels are fine for a night or two, but beyond that, I want a kitchen for making breakfast and a washing machine to freshen up the very limited wardrobe I packed in my carry-on only luggage.
Trust me, I’ve had few issues with Airbnb, but I’m willing to accept at least partial blame for the problems. Over the years, I’ve learned to exclusively book places with generous cancellation policies and a minimum of 5 or 6 positive reviews. I look carefully at the location to determine proximity to transportation, preferring to not rent a vehicle in most instances. My personal preference is for properties which provide some sort of outside seating, be it a terrace, balcony or deck, and I seek those out, imagining apertivo and sunsets al fresco.
Airbnb began as a platform for people to rent spare bedrooms, empty vacation homes and even air mattresses, for brief stays. When I reflect back on the places I’ve stayed, I’d say that the majority by far were properties that were owned by individuals, as opposed to large commercial real estate groups. These weren’t apartments or buildings purchased for the primary purpose of generating income. No, these were family homes furnished with a combination of older, quality items along with generic Ikea dishware.
On the occasions when I’m traveling solo, I’ve booked rooms, rather than entire properties. I’m old enough to be familiar with, and experienced in, staying at traditional Bed and Breakfasts. In fact, on my upcoming trip to Italy, two of my stays are in rented rooms. Both of these accommodations provide access to kitchens and sitting rooms but, most importantly for me, they also feature phenomenal views from “my” bedroom. And a private bathroom, of course.
The thing with which I’m struggling with currently, regarding Airbnb, is the impact of short term rentals on local housing markets. When owners opt to rent their property to short term renters there are less units available for people who want to be resident renters. While I can understand how one might want to maximize the return on their real estate investment,* I think it’s time for Albany to draft some legislation limiting the number of units an individual or corporation can rent as a short term rental.
Here’s an example with which I’m familiar locally. A friend of mine lived in a lovely and freshly renovated apartment on the fringes of the College of St. Rose neighborhood. Upstairs from their unit, was a large multistory apartment rented to 3 college students. Upon their graduation, the owner of the property elected to Airbnb the vacant unit rather than lease the property to long term renters. According to the search I just conducted, that very large (5 bedrooms/6 bathrooms) apartment is renting for nearly $600 a night on Airbnb. If a real estate investor/landlord can potentially pull in $1000s, why wouldn’t they, right? The listing indicated that there was a 3-night minimum stay required, at $1800 a pop. Renting the apartment to a long term renter at market rate in Albany would only earn the owner about $3000 a month.
A little quick research on my part showed that this particular property owner advertises 6 other homes, I mean “income generating properties,” on Airbnb ranging in price from $200 to $600 a night. How is this sort of activity being taxed? Does the city of Albany have a registry for short term rental properties?
Because my home has a rental flat, I am obligated to have it inspected every other year or so. I am required to pay a fee, naturally, for the inspection and if my tenant should leave, according to the regulations, I need to have it re-registered. Do you think owners of properties featuring short term rentals are obligated to do the same?
Spoiler: not likely.
I don’t begrudge anyone for making an honest buck, but something needs to change. The stock of rental properties in our area, in the current real estate market, is too small to allow investors to buy an unlimited number of properties for the purpose of short term rentals. I don’t know what number is acceptable, but a lack of oversight or regulation is absolutely unacceptable.
As for me and my fondness for living like a local when I travel, I’m going to become even more selective and conscientious about the short term rental properties I choose to book. My vacation house shouldn’t be the reason anyone can’t find a home.
What are your thoughts on this topic?
*Not really. I’ve raised my tenant’s rent once in ~15 years.
DelSo 