Airbnb is taking a very bold step by issuing a multi billion dollar IPO during a global economic slowdown – something that was unthinkable a few years ago.
Analysis of online listings on common online platforms shows even modest reductions in Airbnb listings increased supply of longer-term rentals. The result was lower local rents.
Accommodation providers are reporting huge increases in the numbers of people coming to them for help. They’d love to be able to use newly vacant rental housing, but it’s not a lasting solution.
Platforms like Airbnb have been blamed for reducing the rental housing supply and pushing up rents. But investors seeking more security might now want to offer their properties to long-term renters.
About 4% of Australian housing stock has been or is listed on Airbnb. The number of listings continues to grow, with a shift towards more professional managers of listed properties.
In 2016, a Victorian court decided an Airbnb arrangement was a lease. ‘Guests’ could be protected by tenancy law, including against eviction. And in this case the host was evicted for subletting.
The future of tourism depends on ensuring visitors do not wear out their welcome. Giving locals more of a say in tourism can help ensure they share in the benefits and minimise the costs.
Uber’s IPO will value the company at more than $80 billion, yet the data it collects on its users may be worth even more – and creates the potential for dangerous manipulation.
The sharing economy is often romanticised as a shift away from the evils of capitalism to a more communal and socially conscious way of life. But is this simply clever marketing?
It’s now clear that a single American company, Airbnb, has upended local housing markets, pushed rental prices skyward and could be contributing to poverty, especially in cities popular with tourists.
Companies like Google, Apple, Facebook, Amazon, Airbnb and Tesla are redefining key aspects of daily life such as work, mobility and leisure, using our cities as laboratories for their innovations.
Short-term letting via digital platforms benefits some in the market at the expense of others. Closer regulation might be needed in Melbourne and Sydney, where a permissive approach prevails.