Insider Finance - Business - Welcome to the ‘Airbnbust’

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May 27, 2023

Hello, Insiders. Ever find yourself sitting on your couch, mindlessly scrolling through real-estate apps — and suddenly feel inspired to change your entire life? Well, Insider's Jordan Pandy has the story of one woman whose scrolling on Trulia led to a 1,000-mile move to a place she's never lived.

With that story in mind, we’re honing in on real estate in today’s edition. We’re taking a look at the short-term rental bust, exploring what it’s like to live on a cruise ship, and bringing you some fascinating renovations. Let’s get started.

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THE BIG STORY

‘Airbnbust’

Arif Qazi / Insider

The Wild West days of online vacation rentals are over.

Early in the pandemic, encouraged by soaring demand and record-low mortgage rates, investors jumped into the short-term vacation rental market — buying up homes in attractive locations and marketing them to the rising wave of vacationers and remote workers.

This frenzy means that short-term rentals like those listed on Airbnb, Vrbo, and other platforms have never been in greater supply.

Even as more people seek out vacation options, the surge in the number of homes listed has left some short-term-rental hosts facing empty booking calendars, stiff competition for guests, and tumbling earnings. These problems are sparking whispers of an apocalyptic crash and fears of an irreversible slide in the business — which many have coined the “Airbnbust.”

It’s unlikely short-term vacation rentals are going to disappear, but the changing winds for many owners point to a market that’s finally growing up.

READ THE FULL STORY HERE

REAL-ESTATE READS

Home-value crash, cruise life, & more

Getty Images

10 cities where home buyers have a chance of scoring an affordable home. Realtor.com has ranked the top places where homebuyers can still get a good deal, from Toledo, Ohio, to Louisville, Kentucky. Check them out.
“We sold our belongings and bought a $2.5 million cabin on a luxury cruise ship.” Angela Nuran and Paul Cosentino are set to circumnavigate the earth once every three years. Find out more.
A pilot bought a catering truck for $3,300 and turned it into a tiny home. Mark Pankey spent seven months turning the decommissioned Southwest Airlines truck into a tiny house. See inside.
Four tips to lock in the lowest rate and beat the bank when buying property. A 35-year-old real-estate investor who bought 58 homes in 2022 shares his top tips. Find them here.
How a couple turned a $6,500 wreck into a dream home. Kyle Dubay and Bo Shepherd picked over old basketball courts and science labs to transform the Detroit home. Take a look.
Four cities that will suffer a 2008-size crash in home values. Goldman Sachs shared why home prices would continue to fall this year in places like Austin and San Diego. Read more.
The nine US cities with the most billionaires. Here’s where you’ll find some of America’s richest residents, including Boston and the San Francisco Bay Area. Get the full list.
Airbnb's 14 most wish-listed new homes. The list includes properties across the world, from a dreamy South African villa to a romantic glass house in the mountains of Vermont. Find them all here.

TAKE A LOOK

3D-printed tiny home

University of Maine

Maine is home to one of the US's newest 3D-printed homes. See inside the 600-square-foot tiny home made of recyclable materials.

WATCH THIS

Singapore’s expensive homes

These are the most expensive homes in Singapore. They're called Good Class Bungalows. They even inspired homes in the movie "Crazy Rich Asians" — and prices are soaring as the island’s ultrarich are fighting to get their hands on one.

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This edition was compiled by compiled by Lisa Ryan, Nathan Rennolds, and Hallam Bullock, and edited by J.R. Stacey and Bob Bryan. Get in touch: insidertoday@insider.com.

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