Home sharing was one of the hottest trends discussed at this year’s Canadian Apartment Investment Conference (CAIC) this fall. While many property owners and managers have been hesitant to allow renters to share their units with short-term guests, the trend keeps gaining momentum. At CAIC, Brookfield Asset Management’s Jonathan Moore, who manages the company’s multifamily investments, revealed details of the company’s $200 million investment in a joint venture with Niido, Airbnb’s multifamily development partner. The funds are being used to buy as many as six apartment complexes in Florida and Nashville and developing them into communities where tenants may rent out their units through Airbnb for almost half the year — and share the profits with the landlord.+ For the industry, this partnership represents a significant commitment to making home sharing work — for both multifamily operators looking to take advantage of a growing trend and leverage its revenue while protecting their bottom lines, and renters looking to offset the cost of their leased units and enjoy a more flexible lifestyle. Airbnb’s Jaja Jackson, director of global multifamily housing partnerships, stated, “We’ve shown how landlords, developers and Airbnb can work together to create value for everyone. We’re excited to continue to work together to make home sharing easier to landlords, tenants and travelers.” Developing Brookfield’s New Communities Since 2010, Brookfield’s investments include around $8 billion in purpose-built apartment acquisitions and another $3 billion in multifamily development. After the sale of more than $4 billion in apartments in the past couple of years, Brookfield has chosen to repurpose that capital in the home sharing market. The choice of Florida and Nashville as the locations to test this venture have been by the fact that the two cities are popular with tourists but light on Airbnb...

The new report, As Rents Rise, More Renters Turn to Doubling Up, explores the growing rate of co-living arrangements. Finances were the primary reason for multiple generations and teams of adults sharing a single home. You could benefit from this trend, even if you never considered marketing your units as a co-living floor plans. Co-living Styles and Motives Co-living isn’t a recession-era trend. It has been on the rise well since the economy began to recover. The rate of co-living has increased from 39 percent to a whopping 54 percent for people ages 23 to 29. In multigenerational living, young adults team up with their parents or in-laws to form a single, cost-effective household. On top of saving on rent, co-living allows families to save on utilities, entertainment, and childcare costs. In addition to families teaming-up under one roof, the research reveals that non-familial teams formed with the same motive. To improve rental affordability, many adults double-up in housing. Without surprise, the co-living trend is most prevalent in the nation’s metros with the highest rents, particularly Los Angeles with a co-living rate of 46 percent and Miami at 41 percent. So what is the income threshold for co-living? Renters with an annual income near $30,000 or less shared homes more often than their peers with higher incomes. While that income amount varies by metro, renters that choose to share abodes tend to make about 30 percent less than renters who choose to live alone. Making Co-Living Work for You How might you benefit from the rising rate of co-renters? If you don’t permit subletting, it may be worth considering. Creating contracts for residents to use can help you remain in control while benefiting from a lower vacancy rate. Realistically, you probably have several renters subletting a...