By that metric, Airbnb's market share would seem to be 10% to 15% of the total US hotel market, based strictly on the number of rooms without adjusting for availability. When availability is factored in, though, the figure drops to 3% of room nights. Green Street expects it to stabilize at between 5% and 10% for most markets, a level at which most Airbnb hosts could still earn an appropriate ROI.

“Airbnb's share of total supply outweighs its share of demand due to far lower occupancy levels than traditional hotels,” according to the Green Street report. In fact, the company's occupancy levels have been decreasing each year. “Despite impressive demand growth”—greater than 100% year over year—“it appears that supply is growing even faster.”

This doesn't mean that Airbnb and other home-sharing platforms won't eventually have an impact on hotel occupancy or pricing, both of which have seen little effect thus far. In particular, home-sharing listings could eventually see a bigger slice of the business-travel pie now enjoyed by the lodging sector. Were that to occur, though, Green Street suggests that one corrective action the hotel industry could take would be to curb the influx of new supply.

Apartment landlords have been wary of Airbnb and its smaller rivals, but Green Street notes that a program introduced recently by Airbnb “could potentially be additive to NOI.” GlobeSt.com reported last month that a survey of National Multifamily Home Council members found that one-third would be open to a revenue-sharing arrangement along the lines of Airbnb's Friendly Buildings program.

“Many in the apartment industry have been watching the growth in the short-term rental industry through platforms like Airbnb, VRBO, HomeAway, FlipKey and others with mixed feelings,” according to an NMHC blog posting. “There's question over the legality of such activity in certain jurisdictions, as well concerns related to liability, insurance and community security, to name a few. But there's also potential opportunity to leverage the trend to grow ancillary income and reduce vacancy costs.”

To date, though, Airbnb's olive branch to the multifamily sector hasn't had many takers. Green Street reports that the majority of apartment REITs have said they wouldn't be implementing the Friendly Buildings program at this time. Equity Residential, though, is trying it out at a property in San Jose, CA. Green Street analyst Conor Wagner will be among the experts taking the stage at RealShare Apartments, scheduled for later this week at the Westin Bonaventure in Los Angeles.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.