A number of articles and Twitter threads are showing a sudden surge of furnished long-term rental housing advertisements in various cities with tourism appeal around the world. It is inferred that these were AirBNB rental units, suddenly without revenue as travel plans are canceled due to the Corona virus (COVID-19).
Shane Morris tweeted:
« In tourism-heavy cities (I used Nashville, Honolulu, New Orleans, and Savannah) the rental market is exploding, as AirBnB owners are suddenly forced to put their houses on the market. This surge in supply is going to dramatically cut the rates of monthly rentals. »
The Irish newspaper Independent.ie ran a story headlined Rise of 64pc in rental properties across Dublin in midst of coronavirus crisis:
« It is thought that a number of landlords have withdrawn their rentals from short-term listing sites like Airbnb and are offering them into the market instead. The volume of rental stock in Dublin central is up 64pc alone, according to property website Daft.ie. »
« “Most of the country has seen almost no change in properties advertised to rent, compared to a year ago. But the number of smaller properties in central Dublin, where demand for short-term lets is concentrated, has grown by almost two thirds.” »
Rob Cross tweeted a graphic representation of the staggering volume of AirBNB units in Dublin. as well
Another Twitter thread discusses the San Francisco Bay Area:
« 700 new Craigslist ads for furnished rentals in SF, posted this weekend. All in houses/apts, not in short term rentals. Are we seeing the implosion of AirBnB in real-time? »
The “housing shortage” and astronomical rents has been a big political topic in California. A silver lining of COVID-19 is that rental housing markets may stabilize with the exit of AirBNB operators.
[ Corona virus, COVID-19 ]