Short-Term Rental Investors
Have you ever had the feeling that you can’t catch a break? American homebuyers are definitely starting to feel that way.
Short-Term Rental Investors – Have you ever had the feeling that you can’t catch a break? American homebuyers are definitely starting to feel that way. In addition to rapidly rising interest rates and a lack of affordable inventory, a new potential obstacle makes it harder for them to buy a home — short-term rental investors.
Property in cities like New York, San Francisco and Los Angeles was already notoriously unaffordable. The average home price in Los Angeles is over $1 million. About 25 years ago, $1 million would have bought you a nice house in Malibu in a city where you’d be rubbing elbows with the stars. Now, it buys you a fixer-upper in an emerging neighborhood — if you are lucky.
That’s created a mass exodus, and when people leave these cities, they are flocking towards sunbelt states like Florida and locales on the Gulf Coast. The problem is that the sunbelt was already a popular vacation destination. As more affluent buyers visit these areas, the demand for short-term rental housing goes up. After all, their families and friends need a place to stay when they visit, right?
The Airbnb Effect
Short-Term Rental Investors
When Airbnb Inc. launched as a home-sharing app for vacation travelers who wanted an option more comfortable than hotels, it seemed like a godsend. Suddenly, travelers could rent out an entire house for a week, a weekend or even a month for a price comparable to what they’d pay to be cooped up in a hotel room with none of the comforts of home.
In a classic case of imitation being the sincerest form of flattery, Airbnb’s business model was copied by a number of other companies. It went from the pioneer in house-sharing and short-term rentals to just one operator in a sea of competition. Here’s a partial list of the other nationally recognized short-term vacation rental providers:
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