The legal battle between Airbnb and the Apartment Investment and Management Company over Aimco’s claims that Airbnb was encouraging residents to violate their leases by renting out their apartments on the short-term rental platform is now over.
And everyone appears to be pleased.
Aimco and Airbnb jointly announced Tuesday that they reached a settlement that covers “all their disputes” and ends all of the litigation between the two parties.
Aimco sued Airbnb last year in Florida and California, claiming that the site was actively promoting deliberate breaches of tenants’ leases.
The two sides battled in court for most of this year after a California court ruled last year against an Aimco apartment community’s claim that Airbnb helped facilitate lease violations after residents complained that Airbnb users were negatively affecting quality of life at the property.
Aimco planned to take the case to Ninth Circuit Court of Appeals, while simultaneously fighting Airbnb’s contention that the California court’s ruling necessitated tossing the Florida lawsuit as well.
Additionally, Aimco had two massive multifamily trade organizations in its corner, as the National Apartment Association and National Multifamily Housing Council filed an amicus brief supporting Aimco’s claims against Airbnb saying that though open to the prospect of short-term rental activity in multifamily properties, the practice must be better regulated.
But now, after more than 18 months of fighting, the two sides reached a settlement. Terms of the settlement were not disclosed, but the companies issued a joint statement on the matter.
“The parties believe the settlement is in both sides’ best interests,” the companies said. “Aimco believes that the parties’ agreement provides Aimco with the ability to control short-term rental activity consistent with its contract and property rights. As part of the settlement, Aimco and Airbnb have agreed to meet to discuss opportunities in the multifamily housing industry.”
Additionally, Airbnb spokesperson Christopher Nulty said that the company is ready and willing to work with landlords like Aimco to facilitate short-term renting.
“Airbnb is committed to building mutually beneficial partnerships with building owners and landlords through initiatives like our Friendly Building program,” Nulty said in a statement provided to HousingWire. “We believe that by working together, home sharing can bring economic benefits to both landlords and tenants.”