Airbnb and short-term rental property owners have felt the first-hand effects of Americans putting travel on hold due to Covid-19. In order to gain insight into how Covid-19 has affected short-term rentals, IPX 1031 recently surveyed both part-time and full-time Airbnb hosts as well as guests who have used the platform. 47% of hosts don’t feel safe renting to guests while 70% of guests are fearful to stay at an Airbnb right now. 64% of guests either have canceled or plan to cancel an Airbnb booking since the pandemic started. Airbnb hosts expect a 44% decrease in revenue this summer (June-August). Hosts have dropped their daily rates as much as $90 on average. 45% of hosts won’t be able to sustain operating costs if the pandemic lasts another 6 months (16% have already missed or delayed a mortgage payment on one or more of their properties). On average, hosts have lost $4,036 since Covid-19 began to spread in the US.
Covid-19 Impact on Short-Term Rentals
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