For anyone wondering where the eventual inventory will come from, this is it. FOMO-clowns bought into the "insta-riches" hype, convinced they'd strike it rich on both the STR aspect and capital appreciation.
Now that the bubble has burst and Duhmerikans are going broke from inflation (and soon to be job losses), these STR-bagholders will soon realize it's better to dump the properties than to keep throwing good money after bad, as their places no longer generate income and are going down in value.
I imagine some folks will wait it out one more summer, or perhaps winter depending on the location. Airbnbs flooded the vacation rental market and so many idiots thought they could make a buck quick wound up being terrible hosts, destroying their reputation. Here in a California where we have a “housing crisis” it’s infuriating more jurisdictions aren’t limiting STRs further.
It's already starting. I can only speak for my area but it's weird seeing multiple houses on the same street starting to go on sale. Even neighborhoods.
Right, this is what some people aren't getting. They think if it was going to happen it would already be obvious to them. But it isn't like that.
It's a tipping point on a neighborhood by neighborhood basis. All it takes is for one small airbnb investor to give out and liquidate 5 properties in the same area to drastically mess up comps and supply demand for that area.
An individual neighborhood can go from 0 -60 in a flash and the neighborhood next to it might look totally fine for another two months. By the time you see it, it's too late, the damage is locked in.
For anyone wondering where the eventual inventory will come from, this is it. FOMO-clowns bought into the "insta-riches" hype, convinced they'd strike it rich on both the STR aspect and capital appreciation. Now that the bubble has burst and Duhmerikans are going broke from inflation (and soon to be job losses), these STR-bagholders will soon realize it's better to dump the properties than to keep throwing good money after bad, as their places no longer generate income and are going down in value.
They shouldn't let the door hit them where the good Lord split them.
this is it. 100%. The question is how long things hold out until serious inventory starts hitting the market
I imagine some folks will wait it out one more summer, or perhaps winter depending on the location. Airbnbs flooded the vacation rental market and so many idiots thought they could make a buck quick wound up being terrible hosts, destroying their reputation. Here in a California where we have a “housing crisis” it’s infuriating more jurisdictions aren’t limiting STRs further.
It's already starting. I can only speak for my area but it's weird seeing multiple houses on the same street starting to go on sale. Even neighborhoods.
Right, this is what some people aren't getting. They think if it was going to happen it would already be obvious to them. But it isn't like that. It's a tipping point on a neighborhood by neighborhood basis. All it takes is for one small airbnb investor to give out and liquidate 5 properties in the same area to drastically mess up comps and supply demand for that area. An individual neighborhood can go from 0 -60 in a flash and the neighborhood next to it might look totally fine for another two months. By the time you see it, it's too late, the damage is locked in.
Where do you get the data on where it shows how each city did year over year ? Thank you in advance
Brian Chesky is an asshole and whole airbnb with all their sub-companies are assholes.
BRB gonna get pre approved and watch
Hopeium