4 ms·

Airbnb Revenue Collapse Sparks Housing Market Crash Fears

raincom 3y ago
Good to see Airbnb revenue collapse: bad hosts, last minute switch, hidden charges, late charges for damages, scams, etc.
- mhss 3y ago
  FWIW I have had nothing but great experiences in over 10 countries in Europe and North America. Except once in France with a “bad” host complaining about not leaving the apartment “clean” despite a hefty cleaning fee and leaving it in a reasonable state IMHO. Traveling to visit family in Mexico for several weeks is way better now thanks to AirBnB.
  - FollowingTheDao 3y ago
    > Traveling to visit family in Mexico for several weeks is way better now thanks to AirBnB. Better for YOU.
    - mhss 3y ago
      Pretty clearly talking here about my experience with AirBnB. I’d argue better for anyone traveling with family and staying more than a few days. Hotels won’t provide the same value. If you want to argue the angle of housing becoming mor expensive as a result, that’s a separate story and not what I was responding to.
      - FollowingTheDao 3y ago
        It’s pretty funny that you could only relate to people who are similar to you, and not to the people who are being exploited by Airbnb, and the people that are having their lives ruined by Airbnb. Like low income renters.
        pchangr 3y ago
        As much as I simpathize with you, his comments are a follow up to a comment complaining from the guest’s perspective. There are spaces to discuss Abnb problems from locals perspective but they would be on a different thread.
more_corn 3y ago
Excellent news!
FollowingTheDao 3y ago
I am hoping these Airbnb’s come on the market as long-term rentals and help bring down rental prices.
- tmnvix 3y ago
  Agreed. I think it is absurd that during an accommodation crisis we ignore the fact that a growing number of residences have essentially been removed from the housing stock and turned into short term rentals. As I've said before, for any government serious about addressing the accommodation crisis, the first step should be to determine what proportion of residences are not currently being used as a primary residence. The next step would be to determine what those other residences are being used for (land banking, second homes, short term rentals, holiday homes, etc) and to then design policy based on this data.
nine_zeros 3y ago
How is this not good news?
paulpauper 3y ago
"Airbnb Revenue Collapse" The stock is unchanged since its ipo 3 years ago, and the company is worth $80 billion. Just more alarmist language. Reminds me of similar doom and gloom with Uber stock, which has now surged after being stagnant for many years too. "Revenues are down nearly 50% in cities like Phoenix and Austin," Gerli wrote. He added that the collapse in revenue for Airbnb might force homebuyers who had put their homes on its marketplace to sell their properties—and trigger a housing bust in some cities comparable to that of 2008. thankfully more than 2 cities exist.
- FollowingTheDao 3y ago
  I don’t think you fully grasp the implications of this. It’s not only about Airbnb, it’s also about the housing market. And the housing market is probably more important than Airbnb. And if Airbnb is that the same price as it’s IPO, I wouldn’t say that’s a good thing either. Yes, more than two cities exist, but there is such thing as an economic contagion that can spill over into other markets.
  - paulpauper 3y ago
    And if Airbnb is that the same price as it’s IPO, I wouldn’t say that’s a good thing either. it is not unheard of for stocks to stay flat for a long time after going public...a lot better than going to $0 like those SPAC disasters. Yes, more than two cities exist, but there is such thing as an economic contagion that can spill over into other markets. or it's also likely at any given time that some cities are doing well and others are doing poorly
- EA-3167 3y ago
  It's Newsweek, they're the worst at this point. It was fine until 2010, but it fell apart and the branding was eventually bought by "IBT Media" aka The Moonies. https://en.wikipedia.org/wiki/IBT_Media https://en.wikipedia.org/wiki/IBT_Media Now it's under its own company, sort of... (from wikipedia) > In 2018, IBT Media split into two companies, Newsweek Publishing and IBT Media. The split was accomplished one day before the District Attorney of Manhattan indicted Etienne Uzac, the co-owner of IBT Media, on fraud charges. To be blunt, Newsweek shouldn't be an acceptable source for HN.
mjfl 3y ago
I guess it makes sense. Why would you participate in a price bidding war (causing the crash) unless you really needed the cash to pay the mortgage or something?
- FollowingTheDao 3y ago
  If people are not getting rentals for the Airbnb, hence the revenue collapse, that means they don’t have the cash to pay the mortgage. So the house will have to go to the market, and that will depress housing prices, and that will scare people, who will sell their houses, further decreasing prices.
  - mjfl 3y ago
    yes. I guess I assumed that the revenue collapse was due to a price bidding war, and not less people using Airbnb?
uejfiweun 3y ago
Thank the lord. I'm praying for this.
bkellmayer 3y ago
The data sourced from alltherooms.com is significantly different from data sourced from Airdna.co. I'm curious how data can so different... Thoughts?

Good to see Airbnb revenue collapse: bad hosts, last minute switch, hidden charges, late charges for damages, scams, etc.

mhss 3y ago
FWIW I have had nothing but great experiences in over 10 countries in Europe and North America. Except once in France with a “bad” host complaining about not leaving the apartment “clean” despite a hefty cleaning fee and leaving it in a reasonable state IMHO. Traveling to visit family in Mexico for several weeks is way better now thanks to AirBnB.
- FollowingTheDao 3y ago
  > Traveling to visit family in Mexico for several weeks is way better now thanks to AirBnB. Better for YOU.
  - mhss 3y ago
    Pretty clearly talking here about my experience with AirBnB. I’d argue better for anyone traveling with family and staying more than a few days. Hotels won’t provide the same value. If you want to argue the angle of housing becoming mor expensive as a result, that’s a separate story and not what I was responding to.
    - FollowingTheDao 3y ago
      It’s pretty funny that you could only relate to people who are similar to you, and not to the people who are being exploited by Airbnb, and the people that are having their lives ruined by Airbnb. Like low income renters.
      - pchangr 3y ago
        As much as I simpathize with you, his comments are a follow up to a comment complaining from the guest’s perspective. There are spaces to discuss Abnb problems from locals perspective but they would be on a different thread.

more_corn 3y ago

Excellent news!

FollowingTheDao 3y ago

I am hoping these Airbnb’s come on the market as long-term rentals and help bring down rental prices.

tmnvix 3y ago
Agreed. I think it is absurd that during an accommodation crisis we ignore the fact that a growing number of residences have essentially been removed from the housing stock and turned into short term rentals. As I've said before, for any government serious about addressing the accommodation crisis, the first step should be to determine what proportion of residences are not currently being used as a primary residence. The next step would be to determine what those other residences are being used for (land banking, second homes, short term rentals, holiday homes, etc) and to then design policy based on this data.

nine_zeros 3y ago

How is this not good news?

paulpauper 3y ago

"Airbnb Revenue Collapse" The stock is unchanged since its ipo 3 years ago, and the company is worth $80 billion. Just more alarmist language. Reminds me of similar doom and gloom with Uber stock, which has now surged after being stagnant for many years too. "Revenues are down nearly 50% in cities like Phoenix and Austin," Gerli wrote. He added that the collapse in revenue for Airbnb might force homebuyers who had put their homes on its marketplace to sell their properties—and trigger a housing bust in some cities comparable to that of 2008. thankfully more than 2 cities exist.

FollowingTheDao 3y ago
I don’t think you fully grasp the implications of this. It’s not only about Airbnb, it’s also about the housing market. And the housing market is probably more important than Airbnb. And if Airbnb is that the same price as it’s IPO, I wouldn’t say that’s a good thing either. Yes, more than two cities exist, but there is such thing as an economic contagion that can spill over into other markets.
- paulpauper 3y ago
  And if Airbnb is that the same price as it’s IPO, I wouldn’t say that’s a good thing either. it is not unheard of for stocks to stay flat for a long time after going public...a lot better than going to $0 like those SPAC disasters. Yes, more than two cities exist, but there is such thing as an economic contagion that can spill over into other markets. or it's also likely at any given time that some cities are doing well and others are doing poorly
EA-3167 3y ago
It's Newsweek, they're the worst at this point. It was fine until 2010, but it fell apart and the branding was eventually bought by "IBT Media" aka The Moonies. https://en.wikipedia.org/wiki/IBT_Media https://en.wikipedia.org/wiki/IBT_Media Now it's under its own company, sort of... (from wikipedia) > In 2018, IBT Media split into two companies, Newsweek Publishing and IBT Media. The split was accomplished one day before the District Attorney of Manhattan indicted Etienne Uzac, the co-owner of IBT Media, on fraud charges. To be blunt, Newsweek shouldn't be an acceptable source for HN.

mjfl 3y ago

I guess it makes sense. Why would you participate in a price bidding war (causing the crash) unless you really needed the cash to pay the mortgage or something?

FollowingTheDao 3y ago
If people are not getting rentals for the Airbnb, hence the revenue collapse, that means they don’t have the cash to pay the mortgage. So the house will have to go to the market, and that will depress housing prices, and that will scare people, who will sell their houses, further decreasing prices.
- mjfl 3y ago
  yes. I guess I assumed that the revenue collapse was due to a price bidding war, and not less people using Airbnb?

uejfiweun 3y ago

Thank the lord. I'm praying for this.

bkellmayer 3y ago

The data sourced from alltherooms.com is significantly different from data sourced from Airdna.co. I'm curious how data can so different... Thoughts?