Airbnb Gets Disrupted. Hosts, "Super-Hosts" Try to Survive. Apts in prime locations suddenly.......
Airbnb Gets Disrupted. Hosts, Super-Hosts Try to Survive. Apartments in Prime Locations Suddenly Flood Rental Market
by Nick Corbishley May 12, 2020
Big driver behind soaring rents the Airbnb effect that removed countless properties from global cities long-term rental markets reverses.
By Nick Corbishley, for
WOLF STREET:
With many of the worlds most popular tourist destinations locked down, and many flights canceled, making international tourism all but impossible, the worlds biggest disruptor of global tourism, Airbnb, faces a starkly different market reality. As of mid-April, new bookings on the companys portal had plunged 85% year over year while cancellation rates were around 90%, according to AirDNA, an online rental analytics firm.
Airbnb has warned that its 2020 revenue could come in 50% lower than its 2019 total. This is a company that wasnt even able to turn a profit when the Good Times were raging.
To try to keep investors on board, management has unleashed a brutal restructuring of the groups global operations. Last week, it laid off 1,900 workers, around 25% of its global workforce. The San Francisco-based company also rescinded a contract it has with a call center in Barcelona, resulting in the immediate loss of a further 1,000 subcontracted jobs. .......(more)
https://wolfstreet.com/2020/05/12/airbnb-gets-disrupted-hosts-super-hosts-scramble-to-survive-apartments-in-prime-locations-suddenly-flood-long-term-rental-market/