Earlier quoted context omitted.
this is definitely happening in NYC. A friend of mine just told me how he was considering getting in on it. In NYC there's an enormous arbitrage. The cheapest hotel room in the city is $300/night. Meanwhile, you can rent a 1BR apt for $2,500 / month. So you rent an apt for $2,500 / month and book it out on AirBnB for $200 / night ... and you're looking at a monthly arbitrage of $3,500. The guy I know heard about it f…
Easily. I know at least two people clearing $100k/year by being 'airbnb slumlords.' Real estate agents are keeping apartments off the market and renting them out as hotels. Airbnb is clearly forcing a convergence between hotel prices and rents. This doesn't just mean forcing hotel prices down, it also means forcing rents up. I wish the tech community could stop reflexively defending airbnb and engage with the questio…
I Bought An Apartment To Rent Out On Airbnb
221–230 of 386 posts
Re: I Bought An Apartment To Rent Out On Airbnb
#222Earlier quoted context omitted.
There are a number of reasons. Most states have laws regarding how temporary rental properties (otherwise known as hotels) are zoned. You can't suddenly turn a building zoned for residential use into a hotel without getting it re-zoned. Also, NY specifically worries that it will change the local housing market. If investors buy up enough local properties and turn them into mini hotels, locals may be priced out of the…
I think your missing a huge one. Taxes, hotels in major city's often send 10+$ a day to the local government. And before people complain about this that money often pays for things like museums and convention centers which is why many people are going to the city in the first place. Edit: NY get's 10$ on a one room 140$ hotel room stay as it's $2.00 per day per room* + 5.875% of the rent. http://www.nyc.gov/html/dof/…
Re: I Bought An Apartment To Rent Out On Airbnb
#223Earlier quoted context omitted.
The first modern zoning was in 1916 in New York for height related reasons. Great Britain didn't start zoning until 1947. EDIT: I was sort of surprised that was the first zoning, when I just looked it up. I always mentally associated zoning with 1920s progressive social engineering.
HAHA, take that ole Blighty! But really, the whole idea that AirBNB should be able to ignore established zoning is another example of why I consider the "sharing" economy to be the "taking" economy. Sharing space peacefully is exactly what zoning is aimed at.
Re: I Bought An Apartment To Rent Out On Airbnb
#224Earlier quoted context omitted.
They're disrupting an obsolete industry.
No, travel agents were an obsolete industry. Hotels are not obsolete, AirBnB is 'disrupting' the industry by ignoring local laws and regulations. It may be that these regulations exist to protect an obsolete business model but it also might not. When your path is blocked by a fence before you tear it down, its a good idea to understand why it was put up in the first place.
Service sucks, rooms suck, tech really sucks. You have awkward kids in bad suits and clip-on ties at the front desk who're trained to use Romantic terminology over Germanic. That's at the better places.
I'm staying at the original, and seemingly one of the better, Fremont Street places, in town for a quarterly meetup for the startup I'm at. The wifi costs $12.99 a day, they throttled my connection the one time I used it trying to make a viddy call, and last night I was connected to the router but nothing was coming through. I've had similar experiences around the country, for the past 10 years, and seen little improvement. I convinced the hospitality company I was at, and some that I consulted with, that the wifi is as important as the running water, but you can tell most don't feel that way.
I got in the other night around 10pm, went to a touchscreen terminal they overpaid for, and I haven't seen a single person use over this week here, but didn't have a confirmation because someone at the company booked it, so used a phone sitting next to the kiosk to call a representative, who directed me around to find a desk that I'd passed and disregarded because it was labeled as "Tickets", then spent a good half-hour getting checked-in because of various confusion and technical glitches and dozens and dozens of key-presses in their property management system.
Then, there are the guests. As soon as someone stays at a hotel, they think they're entitled to act like an asshole. It seems to usually boil down to them feeling like they overpaid, regretting the decision, and taking it out on some staff member. They know that the people around them are either other customers or employees, and treat them with ambivalence because there are no consequences or accountability. Guests can review a hotel, hotels can't review guests.
A couple weeks ago, I stayed at an Airbnb place for the first time, outside of Boston. We texted the host when we were coming, took the T, ending up on an awesome light-rail car at the end that I didn't know about, walked through a beautiful neighborhood, knocked on the door, chatted with the host for a minute, and were shown to our room. Totally painless, which made it easy to feel gracious and respectful of the host and his property and neighbors. Had a great breakfast at a local place, because good places are in residential areas. All you can find around hotels are crappy chains. You know, because of the zoning. And that good places don't want to deal with pissed off hotel guests.
The fence is coming down. Hotels are doomed.
Re: I Bought An Apartment To Rent Out On Airbnb
#225Earlier quoted context omitted.
There's nothing US specific about zoning laws. They most probably preceded the founding of your silly colony.
The first modern zoning was in 1916 in New York for height related reasons. Great Britain didn't start zoning until 1947. EDIT: I was sort of surprised that was the first zoning, when I just looked it up. I always mentally associated zoning with 1920s progressive social engineering.
New York passed the first US laws, as far as I can tell from a quick search (although I do see vague references to San Francisco using zoning laws against the Chinese in the 1880s, and a lot of people, including Wikipedia, quoting a more limited achievement of 'the first comprehensive/city-wide zoning laws' for New York), but Europe definitely predated them. I believe Germany and some other countries also had them, besides France.
[0]: http://books.google.com/books?id=dONVGtJzxrwC&pg=PA20&lpg=PA...
Re: I Bought An Apartment To Rent Out On Airbnb
#226Re: I Bought An Apartment To Rent Out On Airbnb
#227Exactly what is the difference between what this person is doing and running an unlicensed extended-stay hotel?
Re: I Bought An Apartment To Rent Out On Airbnb
#228Earlier quoted context omitted.
Nitpick: lien. But yes, if I'm a neighbor there and I find out this is going on, I get angry.
I wonder is the HOA would have the legal authority to change the locks ?
Re: I Bought An Apartment To Rent Out On Airbnb
#229Thanks for this, I wondered what the details might be like. I don't suppose you've had the County come after you for occupancy tax yet have you? While in general there are a lot of hotel rooms in Vegas (something like over 140,000) the hotels are a pretty strong political block and have been a thorn in the side of some folks who went the VRBO route.
Hotel stays in Vegas are also very cheap. I'm rather surprised he gets a price that lets this work.
Re: I Bought An Apartment To Rent Out On Airbnb
#230Exactly what is the difference between what this person is doing and running an unlicensed extended-stay hotel?
Your argument presumes that an extended-stay hotel needs to be licensed. I don't buy it.