Greystar Drives Financial Success for Residents through Airbnb-Friendly Apartments Collaboration

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Feb 05, 2024, 09:00 ET

Greystar and Airbnb celebrate one year of the Airbnb-Friendly Apartments strategic collaboration, generating revenue for both residents and property owners.

CHARLESTON, S.C., Feb. 5, 2024 /PRNewswire/ -- Greystar Real Estate Partners, LLC ("Greystar"), a global leader in the investment, development, and management of real estate, including rental housing, logistics, and life sciences, today announced that since collaborating with Airbnb to enhance and evolve the Airbnb-friendly apartment program one year ago, its residents have earned over $3 million in income from hosting and its properties have earned more than $950K from their share of hosting revenue.

In partnering with Airbnb, Greystar offers short-term rentals at more than 160 of its Airbnb-friendly multifamily rental properties, with more properties continuing to come online. The program enables residents to earn supplemental income by using their apartments to host guests part-time on Airbnb, while adhering to program rules set by Greystar as the building manager. Greystar-managed apartment buildings participating in the program can limit the number of nights residents host their apartments and are able to apply their community guidelines.

"In the face of rising costs, Airbnb-friendly communities have given us the ability to provide our residents with the opportunity to monetize their space," said Young Hill, Managing Director leading the Flexible Living Strategic Services platform at Greystar. "Additionally, our community management teams gain valuable tools for enhanced visibility and controls. Airbnb's marketplace has enabled us to tap into a demand source of prospects who value home flexibility, while adding an additional revenue stream for our owners."

Using Airbnb tools to manage residents' hosting activity significantly mitigates risks associated with unauthorized short-term rentals. By participating in the program, Greystar-managed properties have gained more transparency into the hosting experience, allowing for more effective management, responsible home-sharing, and alignment with the rules of each community. Furthermore, Greystar benefits from Airbnb's background screening and identity verification processes and can set rules for Airbnb guests and hosts in their communities.

"Allowing residents to host on Airbnb with this program has been a huge success for our participating multifamily housing communities," said Mike Clow, Executive Director at Greystar. "We are enabling renters to tap into flexible living arrangements, while providing building owners and operators full transparency and oversight of the hosting activities happening in their communities."

Greystar continues to expand its' suite of flexible living services, including the following initiatives:

Airbnb-friendly apartments: Provides visibility and oversight into a previously unauthorized activity. Offering the ability to host on Airbnb is a key differentiator in driving flexibility and affordability for long-term residents.
ShortStay by Greystar: A professionally managed program for full-service apartments, leveraging multiple booking platforms to support increased occupancy and an additional revenue stream.
Furnished by Greystar (coming soon): A solution designed to drive occupancy for vacant inventory without having to dedicate or furnish units in advance through a seamless digital furnished leasing program.

About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $290 billion of real estate in 247 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 857,400 units/beds globally, and has a robust institutional investment management platform comprised of more than $76 billion of assets under management, including over $34 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.