short-termrental
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Airbnb taps San Francisco's biggest landlord for short-term rentals
Airbnb is recruiting San Francisco's largest landlord to allow tenants to offer their apartments as short-term rentals. In return for Veritas Investments serving up five of its buildings, Airbnb will give it a cut of the nightly revenue (10 percent, according to the San Francisco Chronicle), as part of the incentives it launched a year ago.
New York City starts cracking down on illegal Airbnb listings
New York's ban on short-term rentals has officially started cracking down. As the New York Post reports, a notorious Manhattan landlord and a Brooklyn real estate broker were hit with 17 total violations of the new law. Each violation carries a $1,000 fine.
Expedia to pay $3.9 billion for Airbnb competitor HomeAway
The short-term rental market is growing, and Expedia understandably wants a piece of it. After snapping up Orbitz and Travelocity earlier this year, it has now decided to purchase HomeAway. It's an online service that focuses on renting out vacation homes, further intensifying Expedia's rivalry with Airbnb. The travel empire has been displaying HA properties alongside hotels for a couple of years, but it will now completely own the company and all its brands. In its press release, Expedia admits that it has agreed to pay a hefty $3.9 billion for HomeAway, because it has "long had [its] eyes on the fast growing ~$100 billion alternative accommodations space." Both companies are expecting to close the deal in 2016, and if they obtain regulatory approval, Expedia will pay in cash and stock worth $38.31 per share.
