AirBnb and the Pandemic

When Covid-19 restrictions took vacationers off the street, it was no shock that the short-term rental trade suffered. A brand new research of 20 main Airbnb markets performed by LendingTree confirmed that in 19 the variety of short-term rental listings dropped precipitously between May 2020 and March 2021.

Among the 20 markets examined, solely Broward County, Fla., noticed a rise in the variety of listings (they rose 2 %). In each different market, they fell by at the least 10 %. Jersey City, N.J., noticed the steepest decline, with Airbnb listings falling 61 %. This week’s chart, which shows information from Inside Airbnb, as analyzed by LendingTree, reveals simply how drastic the reductions have 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 change into commonplace, and some unscrupulous landlords have been turning total buildings into unlawful Airbnb resorts. New laws lengthened minimal keep necessities in some municipalities, together with Jersey City and New York.

Airbnb hosts are additionally free to set their very own minimal keep necessities, and the pandemic abruptly gave them extra causes to take action, together with decreasing the chance of an infection and decreasing post-checkout cleanups. In Jersey City, the common required minimal keep jumped 195 % from May 2020 to March 2021, as much as 20.eight days. But New York City had the largest share enhance throughout that point, up 237 %, to 20.6 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. While hosts misplaced rental earnings amid the pandemic, many noticed a rise in the worth of their property, as there have been worth will increase in 19 of the 20 markets.

These are the 10 cities the place the drop in Airbnb listings and the enhance in size of keep have been the best amongst the 20 main markets studied.

Airbnb in the Pandemic

There have been fewer listings throughout the pandemic, however friends stayed for much longer.

Greatest Loss of Listings

METROPOLITAN

AREA

MAY

2020

MARCH

2021

CHANGE

1,865

5,644

2,398

33,740

three,515

9,715

2,561

6,114

three,435

three,793

731

three,267

1,449

23,256

2,533

7,326

1,945

four,716

2,633

2,924

–61%

–42%

–40%

–31%

–28%

–25%

–24%

–23%

–23%

–23%

Jersey City, N.J.

Seattle

Oakland, Calif.

New York

Minneapolis–

San Diego

Boston

Chicago

Denver

Portland, Ore.

St. Paul

Greatest Change In

Average Minimum Days of Stay

METROPOLITAN

AREA

MAY

2020

MARCH

2021

CHANGE

6.1

7.zero

11.1

9.2

5.zero

5.three

four.2

5.three

27.eight

three.7

20.6

20.eight

17.zero

13.7

6.eight

7.1

5.6

7.zero

32.7

four.three

New York

Jersey City, N.J.

Los Angeles

Denver

Washington, D.C

Oakland, Calif.

Chicago

State of Hawaii

Boston

Minneapolis–

237%

195%

53%

48%

36%

32%

32%

31%

17%

15%

St. Paul

Greatest Change In

Average Minimum Days of Stay

Greatest Loss of Listings

METROPOLITAN

AREA

MAY

2020

MARCH

2021

METROPOLITAN

AREA

MAY

2020

MARCH

2021

CHANGE

CHANGE

1,865

5,644

2,398

33,740

three,515

9,715

2,561

6,114

three,435

three,793

731

three,267

1,449

23,256

2,533

7,326

1,945

four,716

2,633

2,924

–61%

–42%

–40%

–31%

–28%

–25%

–24%

–23%

–23%

–23%

Jersey City, N.J.

Seattle

Oakland, Calif.

New York

Minneapolis–

San Diego

Boston

Chicago

Denver

Portland, Ore.

6.1

7.zero

11.1

9.2

5.zero

5.three

four.2

5.three

27.eight

three.7

20.6

20.eight

17.zero

13.7

6.eight

7.1

5.6

7.zero

32.7

four.three

New York

Jersey City, N.J.

Los Angeles

Denver

Washington, D.C

Oakland, Calif.

Chicago

State of Hawaii

Boston

Minneapolis–

237%

195%

53%

48%

36%

32%

32%

31%

17%

15%

St. Paul

St. Paul

Source: LendingTree

By The New York Times

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