Apartment Owner Converting ENTIRE 328-Unit Building to Airbnb-Branded Complex
Signing up for credit cards through partner links earns us a commission. Terms apply to the offers listed on this page. Here’s our full Advertising Policy.
Airbnb hosts in certain US cities, like New York and Santa Monica, have been completely banned from renting their apartments and homes due to changes in local laws. Meanwhile, Nashville appears to be encouraging more home-sharing in the city.
The recently built 328-unit Olmstead apartment complex in downtown Nashville will now be a ‘Niido Powered by Airbnb‘ building. This is a hotel-like concept, which allows residents to rent out their units on Airbnb for as many as 180 days a year. But tenants don’t get to keep all of their Airbnb earnings. They must pay the building landlord a 25% commission.
This is an interesting concept for fans of home-sharing, including hosts and guests. But I imagine it will increase the rental rates in the apartment building because tenants will be able to generate income from their units. And if it’s successful, I’m sure other nearby buildings will adopt similar business models.
Niido buildings aren’t your typical apartment complexes either. Each Niido complex has a host for the building, which is similar to a front desk concierge at a hotel. And the company offers professional cleaning services to residents who choose to host on Airbnb. Niido apartment buildings also offer community spaces for barbecues, game nights, cooking classes, happy hours, pool parties and live music.
You might hear about many more of these conversions in the future. Niido is a Miami-based company that partnered with Airbnb and has since raised hundreds of millions of dollars to purchase apartment buildings in the US. Company executives have said they want to own and operate 14 Airbnb rental properties by 2020.
But so far, not everyone is a fan of the concept. Existing residents of the Olmstead were apparently surprised to learn their building was being converted to a permanent Airbnb complex.
We’re curious to hear what you think of the Niido concept. Let us know in the comments below!
Chase Sapphire Preferred® CardAPPLY NOW
Chase Sapphire Preferred® Card
Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases.
Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 80,000 points are worth $1,000 toward travel.
Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash’s subscription service. Activate by 12/31/21.
Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.
Either $5 or 5% of the amount of each transfer, whichever is greater.
Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)