When Covid-19 restrictions took vacationers off the highway, it was no shock that the short-term rental business suffered. A brand new examine of 20 main Airbnb markets carried out by LendingTree confirmed that in 19 the variety of short-term rental listings dropped precipitously between Might 2020 and March 2021.
Among the many 20 markets examined, solely Broward County, Fla., noticed a rise within the variety of listings (they rose 2 %). In each different market, they fell by at the least 10 %. Jersey Metropolis, N.J., noticed the steepest decline, with Airbnb listings falling 61 %. This week’s chart, which shows knowledge from Inside Airbnb, as analyzed by LendingTree, reveals simply how drastic the reductions had been amongst these 20 markets.
Even earlier than the pandemic, there had been stress on lawmakers to crack down on short-term leases. Complaints from neighbors about disruptive Airbnb friends had develop into commonplace, and a few unscrupulous landlords had been turning complete buildings into unlawful Airbnb lodges. New laws lengthened minimal keep necessities in some municipalities, together with Jersey Metropolis and New York.
Airbnb hosts are additionally free to set their very own minimal keep necessities, and the pandemic all of a sudden gave them extra causes to take action, together with decreasing the potential of an infection and decreasing post-checkout cleanups. In Jersey Metropolis, the typical required minimal keep jumped 195 % from Might 2020 to March 2021, as much as 20.8 days. However New York Metropolis had the largest share enhance throughout that point, up 237 %, to twenty.6 days.
Now many Airbnb hosts are desperate to get again to enterprise as traditional — though there was one thing of a silver lining for these property homeowners: rising residence costs. Whereas hosts misplaced rental earnings amid the pandemic, many noticed a rise within the worth of their property, as there have been value will increase in 19 of the 20 markets.
These are the ten cities the place the drop in Airbnb listings and the rise in size of keep had been the best among the many 20 main markets studied.