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Stay Alfred raises $47 million in Series B
The short-term rental company has now raised a total of $62 million in funding
Jeremiah Jensen
Stay Alfred, a short-term rental company that operates out of multifamily properties, just raised $47 million in its Series B funding round. Chicago-based real estate tech fund, Nine Four Ventures, led the round.
Airbnb petitions SEC for rule change to allow hosts to become shareholders
Proposed change would allow gig economy workers to become part owners of gig-based companies
Airbnb is asking the Securities and Exchange Commission for a rule change so its hosts can become part owners in the company, according to a report from CNBC's Sara Salinas. The rule in question is Rule 701, an SEC rule governing equity awards of private companies. The changes proposed would allow "gig economy" workers to take up shares in the company.
People now purchasing vacation homes for profit over pleasure
According to a study by Savills and HomeAway, two-thirds of vacation homeowners rent out their properties to cover costs
Over the past ten years, homebuyers motivations for buying vacation homes has moved from pleasure to profit. According to research from Savills and HomeAway, for the first time ever, vacation home buyers now prioritize rental income over personal use.
Airbnb sues New York City over new host data law
Law could cut city's Airbnb revenue in half
Airbnb is suing New York City over a recently passed law that forces the company to reveal hosts' data, saying this law violates users privacy rights. New York recently passed new legislation that is designed to target illegal short-term rental activity but is slated to slash Airbnb's New York booking revenue in half. But now the short-term rental company is fighting back.
In the Pipeline: Short-term rentals are the future of commercial real estate
The state of short-term rentals, its challenges and the opportunities ahead
Short-term rentals are changing the face of commercial and residential real estate, right before our very eyes. Here's everything you ever wanted to know about short-term rentals and why they are going to the change the way we look at buildings forever.
Airbnb joins hands with multifamily industry to forge future of short-term renting
Doubles down on its multifamily partnerships, addressing concerns with updated program
Airbnb is working hard to make nice with the multifamily industry. The short-term rental company just announced that it is rolling out new products, tools and partnerships to strengthen its Airbnb Friendly Buildings Program.
Massachusetts approves short-term rental tax
Airbnb and others on the cusp of receiving a 5.7% minimum tax on rental transactions in the state
Massachusetts' legislature just approved a bill to tax and register all short-term rental activity in the state. Nationally, the temperature is rising in the short-term rental industry as more and more entities seek to regulate its growth.
New York legislation to cut Airbnb booking revenue in half
"It's just a domino effect from here"
New York's new legislation targeting illegal short-term rental activity is slated to slash Airbnb's New York booking revenue in half. According to an article by Bloomberg, Airbnb and its users are on track to generate $140 million in booking revenue this year, from which Airbnb takes a cut around 15%. But come January when the new legislation goes into effect, Airbnb and its hosts can kiss at least $70 million of that goodbye.
Monday Morning Cup of Coffee: Are cities finally fed up with Airbnb wiping out local housing?
Plus, the CFPB opens a new office, regulatory sandbox for fintech development
Are cities over Airbnb? Looks like it. Last week, two city councils voted to limit the online home rental services activities in their cities, the latest in a series of moves to reign in the company, which some say are aggravating the housing crisis. That, plus more about the CFPB's new office in your Monday Morning Cup of Coffee.