Airbnb Gets Disrupted. Hosts, "Super-Hosts" Try to Survive. Apts in prime locations suddenly.......

[marmar]

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 world’s most popular tourist destinations locked down, and many flights canceled, making international tourism all but impossible, the world’s biggest disruptor of global tourism, Airbnb, faces a starkly different market reality. As of mid-April, new bookings on the company’s 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 wasn’t 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 group’s 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 The San Francisco-based company also rescinded a contract it has with a call center in Barcelona, resulting in the immediate loss of a further 1,000 subcontracted jobs.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/

[msongs]

1. oh dear greedy speculators trashing neighborhoods are sad. boo hoo