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Hotel: Show up, sleep, watch TV, shower, use toilet, pay bill, leave. 99% that's it. AirBNB: All those, plus clean up, worry about neighbors, half the time it
by JJMcJ 3y ago
Hotel: Show up, sleep, watch TV, shower, use toilet, pay bill, leave. 99% that's it.
AirBNB: All those, plus clean up, worry about neighbors, half the time it's more expensive than a hotel, with a better chance of spy cameras.
- acdha 3y agoThere are situations where it makes a lot of sense - for example, we just visited family where it made sense for my sister and I to share AirBnB houses since there were 3 young children and having a kitchen and separate play space was important. The problem is a lot of people got into real estate speculation thinking it’d be free money and they didn’t spend enough time thinking about what they were giving you over a hotel room.
- JJMcJ 3y ago> real estate speculation I suspect many wanted an arm's length almost passive investment, and so they are putting the maintenance burden on to their guests. Expecting cleanup for a three month summer rental tenant is one thing. Expecting that for a three day guest is another.
- acdha 3y agoAlso, I’d bet there were some very optimistic assumptions about overhead – retirees often make terrible landlords because they’re trying to hit targets for monthly profit and don’t have enough liquidity absorb cost increases. I suspect a lot of AirBnB hosts were in a similar boat where something like rates for cleaners going up really eats into the margin they are counting on.
- JJMcJ 3y agoThe landlord who complains that rents aren't enough to make the mortgage, for example. In an area like Silicon Valley, someone who buys a small property new and tries to rent it most definitely will not make the mortgage from rent, especially a single family house.