{"id":10840,"date":"2024-02-18T20:21:37","date_gmt":"2024-02-18T20:21:37","guid":{"rendered":"https:\/\/imsfund.com\/?p=10840"},"modified":"2024-02-18T20:21:37","modified_gmt":"2024-02-18T20:21:37","slug":"did-the-short-term-rental-industry-ever-collapse","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2024\/02\/18\/did-the-short-term-rental-industry-ever-collapse\/","title":{"rendered":"Did the Short-Term Rental Industry Ever Collapse?"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button x-on:click=\"open = !open\" class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<p class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/p>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">At the beginning of 2023, we reported on the advent of\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/airbnbust-why-it-may-be-time-to-rethink-short-term-rentals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">#Airbnbust<\/span><\/a><span data-preserver-spaces=\"true\">, a term coined by <a href=\"https:\/\/twitter.com\/texasrunnerDFW\/status\/1581667746429177856\" target=\"_blank\" rel=\"nofollow noreferrer noopener\">Amy Nixon<\/a> and amplified by vacation property operators on social media to describe falling revenues per host due to a rapid increase in the supply of rental homes. Last July, we also dug into conflicting data that sparked a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/is-the-airbnb-collapse-actually-happening\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">viral debate<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on whether the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/guides\/the-ultimate-guide-to-short-term-rental-properties\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">short-term rental<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0market was crashing or reverting to normal.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Did the trending term correspond to an industry-wide shift in vacation rental performance that would put most rental property owners out of business? Or did it merely reflect the sentiment of eager, inexperienced hosts who fully expected the rapid growth in demand and average daily rates (ADRs) to keep pace without any impact to the supply side?<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">From the beginning, here at BiggerPockets, we\u2019ve been skeptical of cries that the sky is falling on short-term rentals as a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/which-real-estate-investing-strategy-is-best-for-your-goals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">real estate investment strategy<\/span><\/a><span data-preserver-spaces=\"true\">. But we\u2019ve also been aware that an oversupply of available units has created a very real threat to the revenue streams of many Airbnb hosts in certain areas of the country. We\u2019ve also been keeping an eye on the impact of a\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/crackdown-on-short-term-rentals-get-tougher\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">wave of short-term rental regulations<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and the behavior of travelers during an uncertain economy, either of which could tip the scales in an investor\u2019s decision to buy a new vacation rental property.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">More than one year after the panicked warnings of short-term rental hosts flooded social media,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.airdna.co\/blog\/airdna-market-review-us-december-2023\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">AirDNA data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0shows that, despite an uptick in demand and bookings, revenue per available room (RevPAR) was down year over year in December 2023 due to an increase in the supply of vacation units. There was even a slight overcorrection early in 2023 when occupancy levels sunk below 2019 levels, but the trend stabilized by September. And indicators of slowing supply growth could even lead to rising occupancy rates in 2024.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The data points to the fact that, despite the business-shattering impacts of restrictive regulations in cities like New York, the short-term rental industry appears poised for an overall upward crawl. Here\u2019s a closer look.<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Occupancy Rates Are Stabilizing at 2019 Levels<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Occupancy rates reached\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.airdna.co\/blog\/airbnb-hosting-tips-for-occupancy-in-2023\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">above 60%<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0in 2021 as demand for hotel alternatives surged in the pandemic environment, but 2019 occupancy rates offer a better standard for a stable short-term rental market without a sudden spike in demand. By the end of 2023, occupancy rates mirrored 2019 conditions.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The correction was due to an imbalance between supply and demand. In 2023, demand for vacation rentals grew 6.5%, slower than in previous years, while the available nights supply rose 12.6%. That includes growth in available listings of 11.5%, in addition to existing hosts offering their properties for more nights. This increase in supply without strong demand growth led occupancy rates to decline by 5.4% when compared to 2022.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In December, the average occupancy rate was 49.9%, according to AirDNA data, about 0.6% lower than in 2019. It doesn\u2019t appear, however, that hosts have slashed their listing rates in response to increased competition from new listings. Average daily rates fell 1.3% over the course of the year, but that was due to lower average daily rates on new listings rather than price cuts. Still, the decline in RevPAR was a significant 8.1% year over year as of December.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Airbnb\u2019s financial\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/news.airbnb.com\/airbnb-q4-2023-and-full-year-financial-results\/\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0shows a similar story. While a small percentage of hosts reduced or dropped their cleaning fees in response to Airbnb\u2019s price transparency initiatives in 2023, global ADR was flat year over year in the fourth quarter. The company reports an 18% increase in active listings in the fourth quarter of 2023 compared to the year prior. Though Airbnb experienced strong growth in 2023, the company\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.investing.com\/news\/stock-market-news\/airbnb-rolls-out-positive-guidance-after-q4-revenue-beats-estimates-3302708\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">expects<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0revenue growth to decelerate somewhat in 2024.\u00a0<\/span><\/p>\n<div class=\"justify-center \" x-data=\"{ IabAdad_block_: popAd(['r720x90'], '1') }\" :class=\"IabAdad_block_.linkURL ? 'flex pt-8' : 'hidden'\">\n<a x-show=\"https:\/\/www.biggerpockets.com\/blog\/IabAdad_block_.linkURL\" x-on:click=\"adClicked('https:\/\/www.biggerpockets.com\/blog\/airbnbust-one-year-later', IabAdad_block_.sponsor, IabAdad_block_.title, IabAdad_block_.id, 'blockAdClicked', 'blockAd', 'postContent')\" target=\"_blank\" x-init=\"&#10;      analytics.track('blockAdLoaded', {&#10;        referrer: 'https:\/\/www.biggerpockets.com\/blog\/airbnbust-one-year-later',&#10;        sponsor: IabAdad_block_.sponsor,&#10;        ad_title: IabAdad_block_.title,&#10;        ad_page_location: 'postContent'&#10;      })&#10;    \" x-intersect:enter.once=\"adViewed('https:\/\/www.biggerpockets.com\/blog\/airbnbust-one-year-later', IabAdad_block_.sponsor, IabAdad_block_.title, IabAdad_block_.id, 'blockAdViewed', 'blockAd', 'postContent')\" rel=\"noopener\"><\/p>\n<div class=\" hidden sm:block\">\n<img class=\"m-0\" :src=\"https:\/\/www.biggerpockets.com\/blog\/IabAdad_block_.r720x90\" :alt=\"IabAdad_block_.r720x90Alt\"\/>\n<\/div>\n<div class=\"block sm:hidden\">\n<img class=\"m-0\" :src=\"https:\/\/www.biggerpockets.com\/blog\/IabAdad_block_.r320x50\" :alt=\"IabAdad_block_.r320x50Alt\"\/>\n<\/div>\n<p><\/a>\n<\/div>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Indicators of Slowing Supply Growth Leave Hope for Future Occupancy Growth<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Though December showed a small overall increase in new listings when compared to 2022, new listings accounted for a smaller share of available listings than in the previous December. The trend indicates that supply growth may be slowing.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">AirDNA\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.airdna.co\/outlook-report-2024\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">expects<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0the gap between supply and demand growth to shrink in 2024, allowing occupancy rates to remain steady and ADRs to increase slightly. This is consistent with\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.reuters.com\/markets\/us\/second-home-sales-slide-pandemic-era-vacation-hot-spots-2023-10-30\/\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that show second-home transactions, which peaked during the pandemic-era low interest rate environment, have dropped by almost three quarters since August 2023.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">There\u2019s even been a slowdown in tourist hotspots where demand remains strong. As of August, second homes made up 16% of the housing market, a smaller share than the 22% peak in January 2022. Though second-home buyers tend to be less affected by high mortgage rates, lack of inventory continues to present a challenge to would-be rental property owners.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It\u2019s also quite possible that the sentiment around short-term rentals as an investment strategy is changing. Even cash buyers may be working with decreased\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/rental-property-cash-flow-analysis\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cash flow<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0projections due to the fall in RevPAR and higher costs. Once touted as one of the hottest investment opportunities, short-term rentals are getting a bad reputation as hosts in many markets struggle to cover their costs. That change could have a delayed impact on supply growth.\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Regulatory and Economic Shifts Have Changed Which Markets Are Most Popular<\/span><\/h2>\n<p><a class=\"editor-rtfLink\" href=\"https:\/\/www.airdna.co\/blog\/airdna-market-review-us-december-2023\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">Data from 2023 shows<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that travelers increasingly favor small and midsize cities boasting desirable local attractions rather than visiting urban cores. While this may represent a shift in travel preferences, the impact of regulatory oversight has also been significant.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">New York City provides the best example of how restrictive short-term rental laws can impact a major city and surrounding areas. In September, the city strengthened enforcement measures for a rule that required hosts to be present in units available for a rental period of less than 30 days. Hosts are now required to register with the city, which has dramatically reduced the supply of vacation units in the area. Housing activist group Inside Airbnb\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.theguardian.com\/us-news\/2023\/oct\/23\/new-york-airbnb-crackdown-rules-housing\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">reported<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0an 85% drop in available rentals between August and October, most likely due to the effect of Local Law 18.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">AirDNA clocked a stunning 46.1% decrease in demand in New York City, the greatest decline of the top 50 markets. Airbnb\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/news.airbnb.com\/four-months-later-an-update-on-new-york-citys-short-term-rental-rules\/\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that the new rules have so far had no meaningful impact on the housing supply in the city and have not led to decreased rents, as supporters had hoped. Meanwhile, hotel rates in the already pricey travel destination have increased, and an underground market for illegal short-term rentals has emerged.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The legislation may have put NYC, short-term rental operators, out of business, but Jersey City\/Newark hosts reaped the rewards of their proximity to New York, realizing a 53.7% increase in demand. Demand growth in the area far outpaced other top markets. These market shifts indicate the sensitivity of short-term rental viability to restrictive regulatory efforts.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But Jersey City\/Newark isn\u2019t the only market that holds promise for potential investors. AirDNA\u2019s roundup of the\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.airdna.co\/best-places-to-invest-in-vacation-rentals\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">best places to invest in 2024<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0shows strong revenue potential in smaller, off-the-beaten-path markets like Columbus, Georgia; Ellsworth, Maine; and Logan, Ohio, all of which boast typical home values below the national median. And occupancy rates are as high as 77% in areas like Anaheim, California, where Disneyland regularly brings tourists in droves.\u00a0\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">Economic Recovery May Impact Short-Term Rental Revenue in a Combination of Ways<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Many firms are forecasting flat housing prices or slight declines on a nationwide level in 2024. Meanwhile, Morningstar\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.morningstar.com\/markets\/when-will-fed-start-cutting-interest-rates\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">expects<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0the 30-year fixed\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/what-is-a-mortgage\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">mortgage<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0rate to settle down to 4.75% in 2025. Federal Reserve officials are\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.bankrate.com\/banking\/federal-reserve\/when-will-fed-cut-rates\/#two\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">predicting<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0a median of three rate cuts this year, and it now appears likely the central bank will achieve the soft landing it\u2019s been working so hard toward.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The subsequent improvement in\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/on-the-market-145\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">housing affordability<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0could bring new investors to the short-term rental industry, but it could also offer existing operators the chance to leave. From this vantage point, it\u2019s hard to predict the net impact of more housing transactions on short-term rental revenue.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Strong wage growth, low unemployment, and cooling inflation may also lead to increased consumption in 2024, particularly among moderate-income Americans. But wealthy Americans have been\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/finance.yahoo.com\/news\/wealthy-six-figure-earners-kept-140000323.html\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">curbing their spending<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0since the summer, a trend that may persist in 2024.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In addition, a\u00a0<\/span><em><span data-preserver-spaces=\"true\">Forbes\u00a0<\/span><\/em><a class=\"editor-rtfLink\" href=\"https:\/\/www.forbes.com\/advisor\/credit-cards\/travel-rewards\/survey-travel-plans-2024\/\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">survey<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0found that while 39% of Americans plan to spend more on travel in 2024, that share is reduced when compared to 2023 survey results. And almost half report they\u2019ll adjust their budgets based on inflation.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">AirDNA\u2019s\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.airdna.co\/outlook-report-2024\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">2024 outlook<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0points to higher demand in most markets this year, except for NYC and Maui. But while Americans are starting to feel more optimistic about the economy, most still believe conditions are worsening rather than improving, according to a recent\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/news.gallup.com\/poll\/609221\/economic-mood-improves-inflation-vexing-americans.aspx\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">Gallup poll<\/span><\/a><span data-preserver-spaces=\"true\">. Gallup\u2019s Economic Confidence Index now sits at the highest it\u2019s been in two years. That said, the effects of lingering economic uncertainty could prevent the growth in demand AirDNA is forecasting.\u00a0<\/span><\/p>\n<h2 class=\"wp-block-heading\"><span data-preserver-spaces=\"true\">The Bottom Line<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">It\u2019s always been true that the success of a short-term rental business is highly location- and property-dependent. But the occupancy rate decline of 2023, coupled with record-high\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.realtor.com\/advice\/home-improvement\/home-maintenance-costs-are-higher-than-ever-here-are-ways-to-save\/\" target=\"_blank\" rel=\"nofollow noopener\"><span data-preserver-spaces=\"true\">maintenance costs<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and increased cleaning fees amid a dip in ADRs, has left vacation rental investors with less wiggle room. High borrowing costs and low inventory may also continue to challenge new investors in 2024, even as mortgage rates head lower.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But if all that leads to slower supply growth and economic optimism improves enough to boost demand, RevPAR could stabilize or even increase. There\u2019s no evidence of an industry-wide catastrophe, and there\u2019s no need to dismiss the short-term rental strategy entirely, as the #Airbnbust movement suggests. Instead, there\u2019s hope that outcomes could improve.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But, investors should be\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/how-to-analyze-a-market-for-short-term-rentals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cautious about where they invest<\/span><\/a><span data-preserver-spaces=\"true\">. Be sure to investigate potential legal issues and evaluate the competition within each market.<\/span><\/p>\n<div id=\"visibility-group-block_64dd561cede13\" class=\"visibility-group  hidden\">\n<div id=\"hero-block_62df1a82bfc88\" class=\"first:mt-0 hero-block py-4    has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n<div class=\"gap-10 lg:gap-20 flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 lg:w-1\/2 \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Find an Agent in Minutes<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:18px\">Match with an investor-friendly agent who can help you find, analyze, and close your next deal.<\/p>\n<p><\/main>\n<\/div>\n<div class=\"lg:w-1\/2 first:mt-0 relative h-full lg:flex lg:items-center\">\n<img decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  rounded-md hidden lg:block\" src=\"https:\/\/bpimg.biggerpockets.com\/https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/Agent-Finder-Block-2.png\" alt=\"find an investment-friendly real estate agent\" title=\"#Airbnbust One Year Later: Did the Short-Term Rental Industry Ever Collapse? 2\"\/>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group__inner-container\">\n<div class=\"wp-block-group__inner-container\">\n<div id=\"visibility-group-block_64dd31c79f00f\" class=\"visibility-group  \">\n<div id=\"hero-block_64dd2875dba9d\" class=\"first:mt-0 hero-block py-4    has-background has-slate-100-background-color has-text-color has-theme-slate-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-theme-slate-color has-text-color\" style=\"font-size:16px;font-style:normal;font-weight:400\">Ready to succeed in real estate investing? Create a free BiggerPockets account to learn about investment strategies; ask questions and get answers from our community of +2 million members; connect with investor-friendly agents; and so much more. <\/p>\n<p><\/main>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/airbnbust-one-year-later\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article At the beginning of 2023, we reported on the advent of\u00a0#Airbnbust, a term coined by Amy Nixon and amplified by vacation property operators on social media to describe falling revenues per host due to a rapid increase in the supply of rental homes. Last July, we also dug into conflicting data that [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":10841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2024\/02\/airbnb-collapse-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-10840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=10840"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10840\/revisions"}],"predecessor-version":[{"id":10842,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/10840\/revisions\/10842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/10841"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=10840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=10840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=10840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}