We told readers in late July, “Why AirBnB Owners Are About To Be Forced Property Sellers.” Then, one month later, in late August, we wrote “The AirBnB Bubble Popping Will Pop The Housing Bubble,” followed by “AirBnB Bubble Bursts: Investor Home Purchases Crash 45% In Biggest Drop Since 2008.”
Airbnb owners who snapped up homes in the last several years during the era of ‘free’ money are facing a downturn in the short-term rental market that started in the second half of 2022, with some Airbnb operators in cities facing 50% revenue declines, according to a recent note published by Reventure Consulting CEO Nick Gerli.
“I believe these losses will cause a wave of distressed selling from Airbnb operators in 2023 and 2024,” Gerli said.
Airbnb’s CEO recently warned of a “booking slowdown,” while airlines and retailers have warned of a consumer spending downturn. JPMorgan, Goldman, Bank of America, Barclays, and Citi have added more gloom as consumer credit card spending crashed in September.