Last month, the company posted a record number of nights booked in the first quarter, marking its first profitable start to the year, but shares plummeted. Shares of Airbnb have climbed nearly 50% this year, more than offsetting losses in 2022. % is more.ĪAA has said the 4th of July trip is also expected to break records for the number of people traveling - more than 50 million. home prices rose in April amid a lack of listings as buyers adjusted to higher mortgage rates.ĭespite signs of weakness in some Airbnb markets, US consumers don’t seem to be discouraged from vacationing this summer as spending shifts from goods to experiences.Ī survey by Allianz Partners released last month predicted total holiday spending this summer would exceed $200 billion, up 10% from 2022, 39% from 2021 levels and 111% from 2019. Marketwatch has contacted Airbnb for comment.ĭata released Tuesday showed U.S. While they may be the first to sell later this year, more experienced owners who paid less for homes with cheaper mortgages may be better able to weather any storm. And there’s little room for error,” He added. Most troubling may be for “newbie” Airbnb owners who financed through mortgages in the past two years and “got at a higher price. With the former’s revenue down about 50%, it creates a “cocktail for massive forced sales”, he said. He said owners may not even know what he’s pending is an “Airbnb crash,” noting that there are 18,000 short-term rentals in Phoenix, but only 8,000 properties for sale. He argued that states such as Montana, Texas and Tennessee have fewer people working and vacationing from home. “If struggling Airbnb owners decide to sell, it will result in a massive drop in home prices,” he added. In a Twitter thread, Gerrill drew a line between Airbnb and the housing market, using AllTheRooms data to show how there are nearly 1 million vacation rentals by Airbnb/Owner listings, while the US housing market only has 570,000 for sale. At the low end of the scale, Panama City and Orlando, both in Florida, saw revenue per available listing drop by about 35%. Shopping mall in the foothills of Great Smokey National Park.Ī similar decline in revenue was seen in Phoenix, Arizona, while Myrtle Beach, South Carolina saw a 45.1% decline over the year, according to available listings. The largest decline – 47.6% – was recorded for listings in Sevierville, Tennessee, which is the hometown of country music legend Dolly Parton and one. The data highlighted the change in that revenue, calculated on a three-month average basis, between May 20.
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