It Makes sense. If you got a 3% mortgage locked in you loose a lot of value if you sell. You need to extract that gain, but long term rental prices haven’t caught up to actual housing prices so airbb and VRBO is your only option to extract value. If you rented out long term you would barely break even and you are better off selling and letting the 3% mortgage go.
It's always been shit. I hate AirBnB. I have never once stayed at one that wasn't extremely fucking weird in one way or another, didn't have something wrong with it (the last AirBnB we stayed at had no water two days in) and didn't have some extremely diffident host who answered any query by deflecting blame. My wife is a big fan of actual bed and breakfasts. That whole "you're staying at some rando's house" aspect is super different when the rando answers the door, lets you know what breakfast is, and fills you in on what's going on the next day in case you haven't quite firmed up plans yet. B&Bs are run by retirees who want to supplement their income to live in a cool place. AirBnBs are side-hustles of circumstance and, like all regulatory arbitrages, the arbitrage goes away as soon as regulatory catches up. And, of course, AirBnB has decimated the B&B industry. Old folx who wanted to bake muffins and stock take-out menus have been blown out by money launderers. I prefer a decent hotel with a decent concierge when they're available but in a town of 5000 people that ain't gonna happen. Now? Now you're stuck dealing with an ecosystem that can't function without a call center to intercede between you and the absentee landlord who's too greedy to write a lease.
Boy there's nothing quite like seeing a bunch of AirBnB owners twittering up the copium. This is the first I've learned of AllTheRooms because I really don't care? But I enjoy how its two main competitors are in the thread disputing the data, basically showing that nobody actually has a decent handle on this shit. If one service says Salisbury MD is averaging $900 a night and another is saying $3000, at least one of them is utterly and completely worthless as a service.
From the Airbnbs I've stayed at the last few years it seems the days of a nice Airbnb for cheaper than a hotel are long gone. Though also I've noticed more hotels being run down and dingey than I remember from years ago When we still book Airbnbs it's when having a full kitchen outweighs the bizarre decorating choices and 'somebody's uncle stays here when it's not booked' vibes.
Would be good to see this happen Down Under. The housing crisis in Melbourne is spiralling.
Yeah your real estate market has been irrational for a really, really, really long time. What's the line from War of the Worlds? Disregard the "nineteenth century" and "intelligences greater than man's" and you've got Wall Street and the Australian property market.No one would have believed in the last years of the nineteenth century that this world was being watched keenly and closely by intelligences greater than man's and yet as mortal as his own; that as men busied themselves about their various concerns they were scrutinised and studied, perhaps almost as narrowly as a man with a microscope might scrutinise the transient creatures that swarm and multiply in a drop of water.
I think Vancouver and Auckland might be up there with us, but otherwise, yeah. There was a time when being rich meant having a high-paying job or income, but I'm not sure if that time is ever returning. If you don't have a foot in the property market now, God help you.