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?
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