Hawaii Governor Josh Green has asked for 3,000 condos and homes operating as short-term rentals to be converted into long-term housing for those displaced by this summer’s wildfire in Lahaina.
06.12.2023 - 04:21 / skift.com / Glenn Fogel / Srividya Kalyanaraman
Good morning, readers. I was off the clock when this broke Monday night, but among the latest short-term rental alliances to sue a big city is one in Dallas.
The Dallas Short-Term Rental Alliance filed a lawsuit against the city, alleging that recently enacted regulations prohibiting short-term rentals in single-family neighborhoods violate constitutional and property rights. The lawsuit, filed on Monday, also alleges discrimination against short-term rental owners and operators.
Approved by the Dallas City Council in June, these new rules are set to be enforced starting in December. The group seeks a court order to prevent the city from implementing these regulations.
We have seen the different ways these things can go: Like in Austin where a court ruled in favor of homeowners, or in New York where Airbnb’s lawsuit was dismissed.
If rentals continued to be banned in single-family neighborhoods, that would change the makeup of rental supply but also skew ownership towards investors and developers building in zoned areas.
Hotel prices might see a temporary surge and then again, but they might eventually level off.
At the Skift Global Forum last week, Booking Holdings CEO Glenn Fogel, commenting on the New York City clampdown, said:
“Maybe there are other ways instead of a blanket [bans], maybe there are better zoning that could do it, working out better for everybody. But every municipality that has a large influx of tourism, tourists, they’ve got to work these issues out because there are competing interests here,” he said. “And sometimes people say, ‘well, how about just price? Why don’t we just put in a really big tourist tax on it?’ But then only people who have more money could then visit. And maybe that’s not fair either. So I’m glad I’m not a politician, but I do believe we have a responsibility to participate and try and make sure this is what is the optimal solution for all the stakeholders.”
If New York City is anything to go by, one interesting possibility is many of those rentals will still continue to operate on the black market.
Key Data, has entered into an exclusive partnership with the Australian Short Term Rental Accommodation Association (ASTRA). Under this collaboration, Key Data will furnish ASTRA with essential industry and market data for educational purposes and to inform government bodies, media outlets, STRA industry stakeholders, and ASTRA members about vital insights and trends. With this, all ASTRA members will gain access to Key Data’s business intelligence and benchmarking tools at a preferred member rate.
Columbia, South Carolina’s efforts to regulate the short-term rental market have yielded fewer permits than anticipated, with just over 200 property owners
Hawaii Governor Josh Green has asked for 3,000 condos and homes operating as short-term rentals to be converted into long-term housing for those displaced by this summer’s wildfire in Lahaina.
Taylor Swift’s Eras Tour made headlines even before it began — by overwhelming booking platform Ticketmaster and drawing attention even from the U.S. Senate.
This is not a story of “Airbnbust,” but instead we’re talking about a correction of the “Airbnboom” that has taken place since the highs of the pandemic.
Happy Thanksgiving, folks! I know you’d rather carve a turkey than open your inbox, so we will keep this brief.
You read it here first: We’re halfway into the year, and the short-term rental industry has been buoyed by summer travel picking up, despite prevailing economic uncertainty.
New This Morning: Following extensive discussions within the community spanning almost four years regarding short-term rental homes, the Dallas City Council implemented zoning limitations to prohibit their presence in single-family neighborhoods last week. However, as a middle ground, short-term rentals will still be permitted in commercial areas and multi-family neighborhoods.
If you’ve seen a tweetstorm about the alleged “Airbnb collapse” and are wondering if the data seems too dramatic – you’re not alone, or even wrong.
Taylor Jones, a Florida real estate investor, tells us the key to making money from an Airbnb you invested in is the purchase price for the property — and how much revenue you can extract from the property.
Christian Lee joined Mint House as CEO in March, and 100 days into the role and a year after the company’s $35 million fundraise, Lee has his work cut out for him. But the former WeWork CFO isn’t a stranger to a volatile industry.
While reporting on the short-term rental saturation story last week, I got into some data-digging to find out which markets saw the largest increase in available listings. I was specifically interested in available bookable listings, rather than listings or occupancy, because the former is a factor in market saturation, which impacts home prices.
The ‘Airbnbust’ debacle, which saw one short-term rental data vendor showing plunging host revenue way deeper than its peers, went viral. However, it does call for some introspection and interrogation (on my part) to understand the data I get from different vendors that often is a bedrock for any story.
The City of Myrtle Beach, South Carolina earlier this week gave its initial approval to a multi-family housing development plan. The proposal entails the annexation and rezoning of approximately 18 acres of land. Presently, the site is designated for commercial projects, but the proposed zoning change would permit a mix of commercial and residential development — this would include construction of more than 380 housing units, with a portion of them anticipated to be utilized for short-term rentals.