By Michelle Corsetti
At the beginning of the Covid-19 Pandemic, Airbnb occupancy rates dipped significantly as people opted to cancel their travel plans. Also, many counties put into place restrictions stopping Airbnb rentals from operating. Some counties restricted all but first responders and essential workers from renting Airbnb locations.
However, as of May 28th, there has been a 17.1% increase in occupancy rates. Overall, Airbnb is still down for the year but is hopeful as some restrictions are lifted. The good news is that places with smaller populations are gradually picking up the pace. People are venturing out to get rid of the lockdown blues.
According to Pittsburgh Action News, most rentals have been within 50 miles of home. Since traveling abroad has been halted to a standstill, people are having mini-vacations close to home.
While some people are optimistic about the increase in bookings and sales, others are opting for a more drastic change. CNN reported that some Airbnb hosts are giving up on their short-term rental properties and are proceeding to sell.
These hosts report that because of loss of sales and income, they are planning on selling not just their properties, but their furnishings as well.
Other hosts are changing from short-term term rentals to long-term rentals to compensate for the loss.
Only time will tell what the real impact of COVID-19 has on Airbnb and other short term rental platforms. As of now, while slow, things are looking on the upswing.
Holly Lynn is still very busy in business as a short-term rental expert and host. If you need your property rented– short-term or long-term, she can do for you what she does best–make you money!
For more information or booking, contact Holly at [email protected] or 415-317-6071.