Regardless of their approach, most cities can't afford to lose the tourism dollars that flow from short-term rentals. Other places have cracked down and capped the number of permits, pacifying concerned citizens and preserving the profits of existing Airbnb owners. Some cities have allowed vacation-rental listings to multiply virtually unchecked, setting the stage for an oversupply that has come back to bite investors. Rather than a collapse of the industry, the increasingly bifurcated state of the market - a bust for some, a boom for others - is a clear sign that we have hit a turning point in the long-running battle over short-term rentals. The number of nights booked at US short-term rentals reached a record high in 2022, as did total revenue, according to AirDNA, which tracks properties listed on the vacation-rental sites Airbnb and Vrbo. The shift has sparked fears of an irreversible slide in the business and a broader economic slowdown.īut the hand-wringing over the idea of a downturn ignores a conflicting, but undeniable, reality: The short-term-rental business is bigger than ever, and some operators are thriving like never before.
Whispers of an apocalyptic " Airbnbust" have spread online among short-term-rental hosts facing empty booking calendars, stiff competition for guests, and tumbling earnings. "We started panicking and started connecting with other folks who we know have short-term rentals," Sullivan told Insider.
His cleaner was actually the first to point out the slowdown in bookings - she told Sullivan the same thing was happening with various rentals all over town.
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