A few weeks ago the San Francisco Chronicle put the spotlight on for-rent property sites like Airbnb and HomeAway. The article featured a couple annoyed by disruptive neighbors. When they looked online to research the property, they discovered that their neighbor was renting out his property on Airbnb. When they tried to contact Airbnb to complain, no satisfactory resolution was offered.
We are asking our CHBO members to take heed from this article. First, it’s important to control the quality of tenants you allow in your property. Be sure to conduct thorough tenant background checks and credit checks and market your property in such a way that it only attracts high-quality tenants.
Second, it’s wise to only allow stays of a minimum of one month – or even three months at a time. This ensures you don’t have tenants coming and going – which can easily annoy neighbors and make you the neighborhood villain. Allowing nightly or even weekly stays may put your neighbors at a security risk, something you want to be very mindful and considerate of. Remember, what you put out in the world is what you get back.
Third, always make sure you’re abiding by all city and state laws, including applicable tax laws, and structure your tenant/rental agreements within your HOA’s rules and regulations. Remember, for nightly and even weekly stays, lodging taxes may apply (in SF, the lodging tax is 14%!).
Overall, it’s important to remember to abide by the law and your HOA’s rules and regulations when renting your property as a corporate rental. Be certain, confident and ethical when it comes to managing your rental property and you can’t go wrong!