Airbnb is the service that allows you to rent the spare room in your home to earn some cash on the side. You can even rent out your entire place if you wanted to. Airbnb has never directly been involved with the real estate, it has served as a platform that connects people who have space to rent and people looking to rent. That’s going to change next year when Airbnb will open its own branded apartment building Florida.
The Financial Times reports that Airbnb is teaming up with real estate developer Newgard Development Group to launch its own branded apartment building which will be called “Niido powered by Airbnb.”
The building is going to have 300 units and it will be built and owned by Newgard. Units will feature keyless entry and secure storage options that tenants will be able to use to store their stuff when they want to rent their unit on Airbnb. They will be allowed to sublet their units through Airbnb for up to 180 days annually.
All bookings will be managed through the Airbnb app. It’s essentially going to be a serviced apartment experience as a host will be present on site and mandatory cleaning will be included. The short term rental conditions will see Newgard taking a 25 percent cut and Airbnb a 3 percent cut with the rest going into the tenant’s pocket.
This won’t be the only building of its kind. Newgard has said that it’s going to construct over 2,000 Airbnb branded units over the next two years.