Airbnb Is Opening Its Very Own Apartment Building

Scheduled to be finished by early 2018

AIRBNB
JEFF CHIU/AP

Airbnb didn’t become the innovative tech company that it is today by remaining stagnant, and has announced its next game-changing project today (Oct. 13). The company is launching its own branded apartments in Kissimmee, Florida in partnership with real estate developer Newgard Development Group, reports The Financial Times.

Newgard will develop and own the 300-unit building, while the apartments will be labeled as “Niido powered by Airbnb.” Scheduled to open in 2018, the building will feature keyless entry and secure storage options for tenants that travel and want to earn some cash while they’re gone. Tenants will be allowed to sublet their apartments through Airbnb for up to 180 days each year.

Those renting out their units will be able to manage bookings through an app, and the accommodation would essentially be like a serviced apartment, with a host on site and mandatory cleaning. In terms of the short-term rentals, Newgard would take a 25 percent cut, Airbnb three percent, and the tenant keeping the rest.