A big apartment landlord company has reached a settlement with Airbnb that the company says “provides Aimco with the ability to control short-term rental activity consistent with its contract and property rights,” according to a release.
“Apartment Investment and Management Company (Aimco) and Airbnb jointly announced settlement of all their disputes and the dismissal of all litigation between them,” according to the release. The company manages about 50,000 apartments.
There was no information available on whether there was an financial settlement involved.
AIMCO had charged that Airbnb “is a full-fledged real estate broker of illegal short-term rentals and should be held to the same level of scrutiny and accountability as a ‘brick-and-mortar’ broker engaged in comparable unauthorized activities,” Aimco’s legal representative Mike Williams, said in a release earlier this year.
Also multifamily industry organizations, municipal and county government, neighborhoods, hotels and lodging, and homeowners’ associations had filed briefs in support of Aimco’s lawsuit in California to hold Airbnb legally accountable for brokering and promoting illegal short-term rentals.
Landlord company and Airbnb agree to discuss opportunities in the multifamily housing industry
“The parties believe the settlement is in both sides’ best interests. As part of the settlement, Aimco and Airbnb have agreed to meet to discuss opportunities in the multifamily housing industry,” the company said in the release.
“Airbnb is committed to building mutually beneficial partnerships with building owners and landlords through initiatives like our Friendly Building program,” Airbnb spokesperson Christopher Nulty said in a statement to TechCrunch. “We believe that by working together, home sharing can bring economic benefits to both landlords and tenants.”
Aimco is a real estate investment trust focused on the ownership and management of quality apartment communities located in selected markets in the United States. The company is one of the country’s largest owners and operators of apartments, with 133 communities in 17 states and the District of Columbia. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500. For more information about Aimco, please visit our website at www.aimco.com.