2019: Airbnb Restrictions, 2020: Covid-19 Restrictions
These last couple years have been really tough for all property owners. First, the city hit with strict guidelines and restrictions on Airbnb and vacation rentals. Then the unexpected pandemic happened resulting in further loss of income for all property owners.
But not all property owners got affected the same way. While traditional rentals struggle with adapting to the current events, Co-Living remained an advantageous rental strategy in terms of mitigating risks by insuring timely collections of rents with high retention and occupancy rates. This is directly due to the easy move in, hassle free living, and flexible all inclusive rental offered to people looking for extreme flexibility during uncertain times like these.
This is why a partnership with SKN Communities can truly help you retain the income level you need even during the most uncertain times. The peace of mind, knowing your property and income are secured, is really worth every penny. Our property partners (“owners”) have nothing else than good things to say. We know that most of them rely on their property to continue their day to day living. If you have been affected in any way in the past and have struggle keeping your property profitable, we urge you to get in touch with us as soon as possible to explore new opportunities with us!
New Airbnb Ordinances in LA
The home sharing ordinance requires all individuals who list their units on short-term rental sites to register with the city and pay an $89 fee. Hosts can only register one vacation rental property, and it must be their primary residence—aka the place where they live for more than six months of the year.
How many days a year can hosts rent out their places?
Hosts are limited to renting their units for 120 days each year, unless they sign up for an “extended home-sharing” option that lets them rent year round. To qualify, hosts must pay an $850 fee, and have been registered with the city for six months or have hosted for 60 days, without receiving a citation in the past three years.
How will the city enforce the rules for Airbnb?
The city will track the units that are registered as well as the units that are listed on sites like Airbnb and all of the other vacation rental sites. Come November, it will start issuing notices to hosts that are not in compliance. If hosts fail to comply after that, they could be charged fines of $500 a day or more. Platforms that don’t comply could be charged fines of $1,000 a day or more. Click here for more information.
Switching from Vacation Rental to Co-living
As long as you have a corporate agreement with your building or if you own the property. The switch is not that difficult. You can make some arrangements with your furniture and prepare your units for a different type of demographic. Hence there are similarities between the two business models. Our consultation team is ready to help you with the transition.
Let us help you keep your cash flow
You have worked hard to create your vacation rental business however it is being taking away from you. We specialize in co-living and student housing rentals. We can save your business and convert your existing operation into co-living.
How to get in touch with us
For more information, email firstname.lastname@example.org