Chicago, IL · Member since 2018 · 546 posts · 227 votes
7y
It is best to tread lightly here; first, you need to make sure that by listing the unit on an Airbnb you're not violating any terms of your lease with the landlord (and my guess is they probably might have some reservations given that they've personally decided to go the long term route with their property -- as far as signing the lease with you -- versus putting the place up on a site like VRBO or Airbnb). Additionally, even if it is not explicitly discussed/mentioned in your lease, you may run into some trouble with depending upon the type of property and any HOA rules + regulations. The last thing you want to happen is you put the place on one of the short term rental sites thinking it is ok (*because it hasn't been explicitly mentioned in the lease) and next thing you know you + the landlord are being hit with fines. That would be quite a surprise for your landlord too. Again, I'd be very careful about proceeding with listing the place on Airbnb and really make sure you know that lease in and out. @Aanand Patel
Rental Property Investor · Wenatchee, WA · Member since 2018 · 99 posts · 103 votes
7y
Check your lease. Many apartment leases don't let you sublet or use your rented unit for short term rentals. It's a good question. I know of at least one investor that is breaking his lease since he is using it as a successful airbnb and yet his lease does not let him use it as a sublet or short term rental. It's risky and illegal. It could be grounds for eviction. On the other hand many investors are very successful at renting units for say 1000 a month and airbnb'ing for 2000 a month or more. My advice would be refer to your lease for guidance.
Rental Property Investor · Arlington, TX · Member since 2016 · 706 posts · 611 votes
7y
Read your lease agreement. If it's in your name then there will more than likely be a subletting clause. You can go to the property management company that manages the complex and ask them if you are able to get the apartment put on a corporate lease. If they say yes then you will be able to rent it out.
Chicago, IL · Member since 2018 · 546 posts · 227 votes
7y
It is best to tread lightly here; first, you need to make sure that by listing the unit on an Airbnb you're not violating any terms of your lease with the landlord (and my guess is they probably might have some reservations given that they've personally decided to go the long term route with their property -- as far as signing the lease with you -- versus putting the place up on a site like VRBO or Airbnb). Additionally, even if it is not explicitly discussed/mentioned in your lease, you may run into some trouble with depending upon the type of property and any HOA rules + regulations. The last thing you want to happen is you put the place on one of the short term rental sites thinking it is ok (*because it hasn't been explicitly mentioned in the lease) and next thing you know you + the landlord are being hit with fines. That would be quite a surprise for your landlord too. Again, I'd be very careful about proceeding with listing the place on Airbnb and really make sure you know that lease in and out. @Aanand Patel