CAI Illinois Chapter president, Kerry Bartell wrote an important piece on regulation of Airbnbs in the Chicago Tribune this past week.
In her article, she cites a Pennsylvania State University study that found that nearly 30% of Airbnb’s revenue comes from users that list their units for rent full-time.
Why is this important to condo living you ask? Because platforms such as Airbnb provide landlords the opportunity to rent out their units without the need of licensing or following Association leasing policies, leaving condominium associations open to a revolving door of unknown renters.
The solution? Regulation that includes licensing of all short-term rental units that are not primary residences. This would provide Associations the information required to safely manage and police their buildings.