Rent is falling across the country...Do you believe unemployment skyrocketing to somewhere between 20-40 million people across the Country preceding the rent price crash is coincidence? Do you have an alternative hypothesis why rent across the Country is dropping? If its not a drop in demand...that would suggest the entire Country increased its housing supply at the same time.
Perhaps a good percentage of millennials moved back in with parents? Perhaps because lots of people are buying instead of continuing to rent because interest rates are so low? Massive amounts of people dying seems like quite the claim indeed.
No, removing rental properties from the market to do short term rentals lowers the supply of rental properties, so AirBnB actually has the effect of raising rental prices. Nevertheless, my understanding is AirBnB and the short term rental market are not exactly doing well during the Pandemic, have you been AirBnBing during Covid?
AirBnB properties have been performing terribly during the pandemic and many of those properties are no longer viable as short-term rentals and are now flooding the traditional rental market at discounted prices or the owners are scrambling to sell them before they default on their loans.
I see, AirBnB properties are being converted into traditional rental units increasing supply.
If true, then this may suggest there is very good reason to have regulations on short terms rentals, like AirBnB, which have increased rent around the country to the detriment of affordable housing.
The AirBnB meltdown is how I just got 90% more space for 20% less rent in Amsterdam. The house I just rented didn't actually used to be an AirBnB itself, but it went on the market at the same time there was a huge amount of competition from properties that used to rent out on AirBnB.
My neighbor's home has been a full-time airbnb for four years, since the lockdowns started they moved back into it and have been living there since they couldn't rent it out. I had never even met them before covid.
I'm certain covid has decimated airbnb income for many, and it must be part of what's driving down rent prices as these units come back on the long-term rental market.
I think that’s the OP’s point, Airbnb pushed the rents up and now during the pandemic and sometime afterwards Airbnb is dead in the water so landlords are all seeking to rent longterm instead. Of course, that is one of the factors, other factors being remote work and unemployment.
I think a lot of airbnb is now technically sub-zero-income property. Glad to hear there is one less airbnb property out there, and congrats on the cheaper rent.
I'll put my other comment here as despite putting anything contentious, the mod here immediately locks my comments on housing related issues:
Correct. So rents fall yet we were told on hacker news over and over that zoning was the problem. That doesn't help, but airbnb was a huge, huge problem.
The rent prices were way too damn high for a long time (which is the #1 reason I refuse to live in a big tech city).