The Airbnb Apocalypse, as some are calling it, is no longer confined to major cities like New York City; it’s spreading to places like Kansas City as well. But let’s clarify something first: the bust and the apocalypse are two distinct concepts.
Cities are reacting to an oversupply of Airbnb listings, and their response is aimed at restoring balance. Airbnb properties, being homes, can, if forced into long-term rentals or put up for sale, become regular housing units, thus helping level the housing market. Currently, over 1,000 short-term rentals are listed on Airbnb, but nearly half of them may vanish as a three-month grace period under new city regulations expires this week.
Kansas City is taking this issue seriously, cracking down on the short-term rental phenomenon that’s been criticized for regulatory avoidance. With the grace period ending, almost half of the current listings are expected to disappear. Violators could face hefty fines of up to $1,000 per day, signaling a shift in how cities deal with short-term rentals.
Anytime I can use the word “apocalypse” in alliteration, I will do it
Every time
— Amy Nixon (@texasrunnerDFW) September 19, 2023
Of more than 1,000 short-term rentals listed by Airbnb, nearly half may be gone at the end of this week with the expiration of a three-month grace period in new city rules. Here’s what to know about the change. t.co/t0prByB3J3
— The Kansas City Star (@KCStar) September 17, 2023
The bust and the apocalypse are two different concepts 😉
The cities are responding to there being too much *supply* of airbnbs
Airbnbs are homes, so if they’re forced into LTR or for sale, they become normal housing units and balance the market a bit more
— Amy Nixon (@texasrunnerDFW) September 19, 2023
Airbnb is awful now, everything changed…