Tenant want's to AirBnB the flat!

Just an update. Insurance company doesn't allow BnB's and would void the whole policy. ;(

 

Easy to change Insurance Companies.
You need to make a decision and then take the required action.

 

Call one that does. Problem solved.

 

Yes of course, that could be done but I like our insurance policy and I don't have the time to be ringing around places to look for policies to suit a tenant.

Not many insurers like bnb's at this stage snd I'm not going to take the risk. The house will rent fine at the right price.

 

So long as you have insurance what do you have to lose?

All your standard agreements such as 'return of the property in its original condition' protect you (its the same thing as land lords who worry about pets, children are way more destructive but why care about either because that's what rental agreement and bonds are for!!)

In all likely hood they will take much better care of the property because they need it to be appealing to Air B&B tenants.

Just charge them more for the privilege... as many have said most tenants would do it any way and just not tell you.

 

Most insurers do not allow sublet, even if they say they do, get it in writing, I was told yes by one company and policy started, only to find out, no, policy was void.

If you can sort out the insurance, which probably is not a huge deal, then it sounds ok, better than being empty.

 

A hard to rent property at above market rates with a two year lease.....yep, I'd let them Air bnb, so long as the insurance is fine.

 

Seems I might be the contrarian here. No way I'd be agreeing to let the tenant AirBnB--I like to be in control of who is residing in my properties. I feel that AirBnB in this situation is effectively "outsourcing" the process of selecting who stays at my property to someone (the main tenant) who may not have the same interests as you. If I had your problem I would reduce the main tenant's rent to offset the no AirBnB position. I guess I'm coming from a not so pleasant experience...some time ago one of my tenants was AirBnB'ing a spare room and it didn't end well. Insurance will be an issue, 12 months ago most of the insurance companies I spoke to would not cover any AirBnB related claims.

 

Terri Sheer do short term rentals. They are the 'go to' company for landlord insurance. So do other companies. Any person who rents a property with dual, self contained living spaces will sublet it in some way.

 

probably am a bit biased... but I've had much more annoying long term tenants and vacancies are a pain (just thinking of the lost $$). As above had said, airbnb'ing should encourage the tenant to keep the place nice, it's next to impossible to get airbnb tenants in a badly reviewed place. I'm pretty impressed the tenants have even asked.

I guess it's just the stigma of leasing it out on the nightly basis not knowing who it is that feels risky?

 

Looks like we have reached an agreement. House rented on a 13 month lease. Moved to Terri Scheer Insurance to cover us as landlords and the tenant responsible for getting her own insurance to cover airbnb. Tenant is paying the difference in the cost of the upgraded insurance to cover us for airbnb. Look forward to seeing how she presents the now ugly self contained flat

 

Well done. You got presented with a left field idea, thought about it, and went with it.

 

Thanks again. Definitely a move out of the comfort zone but hey you have to try these things. Tenant wasted no time - moved in on Saturday and the Airbnb ad is already up and I must say she has managed to get it looking good with only some furniture so far. Looking forward to seeing how it goes.

 

Good luck to you both! I hope it's a win:win:win