No Vacancies

At first it seemed a win-win when the dynamic trio of some of the biggest US residential landlords announced in late December that they are in talks with Airbnb to create a revenue-sharing arrangement that would list Equity Residential, AvalonBay and Camden Property Trust units of their tenants on Airbnb's website. Apparently no one talked to the City and County Governments that have told us they are fighting those who circumvent critically needed hospitality tax revenue. It seems, if it sounds like it's commercial, and acts like it's commercial, the Sharing Economy may soon be taxed like it is commercial. Thinking of the Millennials that have personally told me about the two and three bedroom condos they shared with their zillion friends, the question arises of who will pay for the increased wear and tear on units? You got it, the same people who may see increased rents to pay for the "new residential" hospitality tax.

Susan Phillips, CEO SelectLeaders
December 31, 2015

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