How much Airbnb hosts can earn renting out Seattle-area apartments

Data: Airbnb; Table: Axios Visuals; Note: An Airbnb-friendly apartment (AFA) building is one in which tenants can rent out their apartment part time

A growing number of apartment buildings are allowing tenants to bank extra cash by renting out their units for short stays through Airbnb .

Why it matters: Rental affordability has plunged in recent years, and those who rent are feeling especially bad about their finances, according to the Axios Vibes survey by The Harris Poll.

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State of play: Tenants in the Seattle area who hosted on Airbnb typically earned about $5,000 a year, per 2023 figures shared with Axios.

• Venn at Main and Ten20 in Bellevue and Zephyr on the Park in Redmond are among the 27 Seattle-area apartment buildings that allow renters to host part time, according to Airbnb's website .

Between the lines: While many landlords don't permit short-term rentals , some companies with big portfolios, such as Greystar , have joined Airbnb's apartment platform.

• Apartments accounted for about 16% of U.S. Airbnb listings in April 2024, per AirDNA, a short-term rental analytics firm.

How it works: In 2022, Airbnb launched Airbnb-friendly apartments (AFA), a marketplace to help renters find apartment buildings where they can use their primary residences for part-time hosting.

• The platform grew last year to include more than 400 apartment buildings across 43 markets nationwide.
• Buildings that partner with Airbnb receive a share of the total booking revenue, typically between 5% and 25%.
• Roughly 1,000 U.S. renters are currently hosting through the program, a number Airbnb hopes to boost.

Data: AirDNA; Chart: Axios Visuals

Yes, but: There are lingering concerns that Airbnb's presence drives up rent and home prices in Seattle and across the state.

• Last year, Mount Rainier National Park asked for help housing summer rangers after many nearby rentals were turned into Airbnbs.

The big picture: Seattle has taken steps to regulate the short-term rental marketplace in light of the affordable housing crisis.

• Hosts must register with the city and acquire a business license tax certificate as well as a regulatory license, per the city.
• In most cases, Airbnb operators in Seattle can only rent out two units.
• Additionally, the state caps short-term rental durations at 30 days and requires residents to get a state business license and register with the Washington Department of Revenue.

What we're watching: Airbnb says it is advocating for short-term rental rules that would allow renters in more cities to share their space.