The Risks Of Renting Out Your Apartment

Today, the hotel industry is one that is struggling to remain in power. The main reason for this is the popularity amongst tourists and travelers of the new homestay platforms like AirBnB and others. These services allow normal people to rent their homes, rooms and even their couches out to travelers for a fraction of the cost that a hotel charges for a night. This allows the common people to make money by engaging in this business, and allows a traveler to have a roof over their head for the night at a very low price. There are actually hundreds of millions of bookings happening all over the world right now and they are continuing to grow. However, just because the service exists doesn’t mean that it is risk free. In fact, renting your place out to a stranger for the night while you are in it seems like the setting for a horror movie, and with good reason.

The Owner’s Side of Things

While services like these are perfect for a traveler to stay in, setting up your apartment for rent to stay with a stranger can be a horrible experience as well. For example, a lot of places that rent out have a clause in their lease that forbids you from subletting your apartment out to someone else. This is against the law and could get you evicted, fined or even sued. If a landlord finds out that you have been letting your apartment out to strangers without their consent, you are going to be in a world of trouble. The last thing you need in your life is an angry landlord. While bringing your friends over is completely acceptable, bringing in random people from the internet to their place of business is a deadly sin that simply cannot be forgiven. If this happens, you should probably start looking for a new place to stay, because you are quite possibly going to be given the boot in a bit.

Take the Law into Account

There are some parts of the world where the state law expressly states that a homeowner cannot offer an Dubailand apartment for rent in the short term, like in New York. Getting caught while doing this could result in a few nights at the local jail. This was released in order to slow down the rate at which illegal hotels were spreading through the city.

Always do your research into the laws of the land before engaging in any transactions of this nature. The last thing you need is to be fined thousands of dollars for nothing more than ignorance.