2014 Jul 24th

AirBnB is a Popular Way for Hoboken Condo Owners to Make a Quick Buck – But is it a Good Idea?

AirBnB has become quite a phenomena.  Many folks took advantage of the opportunity to use AirBnB to rent out their Hoboken condo or brownstone during the SuperBowl for thousands a week.  The AirBnB movement is growing, despite opposition from New York City government and the hotel industry.  Municipalities like New York are against it, primarily, because of the lack of payment of hotel tax to the City on these transactions.

If you look at the AirBnB site, you’ll find many accommodations available in Hoboken.  Some are in Hoboken condos, others in rental buildings like The Shipyard.  It’s easy for me to identify the buildings just from the photos.   I wonder if the Shipyard management knows about it.  Short-term rentals may seem like a great way to recoup some extra money when you’re going to be on vacation, or out of town on business, but is it?

First of all, most condo associations prohibit short-term rentals right in the Master Deeds and By-Laws.  Condo boards ought to be thinking about whether they want to enforce these provisions with penalties for violations or if they wish to put such restrictions into place if they don’t already exist.  Some things for condo boards to consider:

Besides these issues, there have been instances where the AirBnB “guest” has tried to assert rights as “tenant” and has refused to vacate the host property after the AirBnB reservation expired.  Remember, under New Jersey law, tenants have extreme protection from eviction.  You might think you are entitled to your own condo when the week us up, but a guest that won’t leave may be considered a tenant under the law and have the right to stay!

Personally, the idea of sleeping in someone else’s bed and vacationing in the midst of their personal belongings sort of grosses me out.  I’ll take a room at the W over that any day.  Of course, there is a price difference.  Do you think you’d want your neighbor to rent out their apartment to travelers?  Love to hear your thoughts.

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