"Mix the huge Airbnb supply with revenues down -50% and you get a cocktail for massive forced selling," he tweeted. In the case of Phoenix, Gerli wrote, the number of short-term rentals, estimated at 18,000, is "more than double the number of for sale listings," estimated at 8,000. Creates huge home price downside if struggling Airbnb owners elect to sell." "Data from AllTheRooms shows 1 million Airbnb/VRBO rentals" in the U.S.," wrote Gerli. housing market too, because of " just how many Airbnbs there are," compared to homes listed for sales. Gerli tweeted on Tuesday that the issue was "scary" for the U.S. All data was calculated as a three-month average revenue per listing for May 2023, compared to May 2022. Other cities, according to AllTheRooms, that have seen significant drops this year compared to 2022 are Sevierville, Tennessee, where revenues have dropped by 47.6 percent San Antonio, Texas, with a 43.8 percent decline in revenue Nashville, Tennessee, with a 39 percent drop Denver, Colorado, with a 38.6 percent drop New Orleans, Louisiana, with 37 percent drop and Seattle, Washington, with a 35.2 percent drop. Watch out for a wave of forced selling from Airbnb owners later this year in the areas hit hardest by the revenue collapse.
Revenues are down nearly 50% in cities like Phoenix and Austin.
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