Recent analysis shows Airbnb revenues in steep decline in some large U.S. markets. The consequences of such a decline could send shockwaves through the entire residential real estate market.
The short-term rental market is undergoing a major restructuring, according to analysis posted to Twitter by Reventure Consulting CEO Nick Gerli.
“The Airbnb collapse is real,” says Gerli in the Tweet, citing data showing revenues declining by as much as 50 percent in cities like Phoenix and Austin. Revenues have also declined by at least 34 percent in other cities, like New Orleans, Seattle, and Orlando, according to Gerli’s analysis.
The consequences could have an effect in the housing supply shortages contributing to housing affordability problems all over the country, as noted in an article by Vance Cariaga for Yahoo News.
The implication in the tweet — “forced selling from Airbnb owners” — is that these cities could soon see a lot more homes come on the market, which should lead to lower prices. The implication in the tweet — “forced selling from Airbnb owners” — is that these cities could soon see a lot more homes come on the market, which should lead to lower prices.
Airbnb spokesperson Sam Randall questioned the accuracy of Gerli’s numbers in a soundbite included in a separate article by Andrew Kessel for Proactive Investors.
FULL STORY: Housing Market 2023: Viral Tweet Says ‘Airbnb Collapse Is Real’ — Is Now the Time To Buy a Home?
Short-term rental licenses grew by 46% near Obama Center as affordable homes disappear
The Chicago ward where the Obama library is located is one of the only parts of the city to see an increase in STR licenses.
Portland’s Fines for Short-term Rental Violations Are 27 Times Higher Than Comparable Cities
A city report criticizes short-term rental regulations as ‘flawed,’ calling for less punitive enforcement.
Over 4,000 Maui Short-Term Rentals in Limbo as County Weighs Next Steps
A new bill will phase out roughly 7,000 vacation rentals, but a proposal to exempt as many as 4,500 stalled in the county council.
The state-sanctioned urbicide of Austin
People don’t kill cities. Freeways do.
US to reduce Colorado River water deliveries to Mexico
A new Colorado Treaty amendment reduces Mexico’s Colorado River water allocation by 250,000 acre feet.
New Jersey’s second-largest city bans standalone data centers
Jersey City will continue to allow co-location facilities, such as those meant for research institutions that store their own data.
Amtrak not solely to blame for New Jersey commuter rail's unreliability, report finds
A new study from the Garden State Initiative found that NJ Transit’s budget grew 20% across a 4 year period, but reliability declined significantly over the same period.
EPA erases limits on planet-warming pollution from power plants
Under Monday’s plan, power plants would still have some limits on how much mercury, arsenic and other contaminants they can emit.
Phoenix announces new on-demand transit service, more frequent RAPID buses
Both new services will launch in October, and are part of Phoenix's Project Effective Access Solutions for Easing Congestion.
FREE Course: Walkable City 1: Why Walkability?
After describing his path towards focusing on walkability as the essence of good planning, Jeff Speck marches through his five principal reasons for making more walkable places.
Reinventing Malls: Planning Alchemy—Turning Gray Fields Into Gold
The course focuses on the opportunities and imperatives that shape reinvention of mall sites.
Eagle County Government
Harvard University Graduate School of Design
Nashville Planning Department
The Architects Foundation
University of Cincinnati Online
The Pocatello Development Authority
The Urban Renewal Agency of the City of Pocatello
Journal of the American Planning Association