Ever Increasing Growth - Profit Driven Focus
Don't believe us when we say Boise is at imminent risk of being invaded by the short-term rental investor market? Read below for what some market analysis are saying to promote the potential Airbnb IPO stock option coming as soon as this year.
Analysis say that the private rental market is relatively untapped in the $90-$120 billion range and growing twice as fast as the traditional lodging (i.e. hotel) market. Don't get this wrong Boise, "untapped" includes potentially your neighbors house next door.
Over $5.4 billion in venture capital has been raised with the main goal of returning money to wealthy investors and predominantly well off day traders through continued revenue growth. News flash, you cant grow the short-term rental market without converting residential homes into short-term rentals.
Here's a start: https://www.bbc.com/news/business-45083954
Real World Community Impacts
Here is how a typical conversion goes:
Concerned Neighbor: "Did you know that short-term rentals are resulting in negative impacts to the quality of life of residents, availability of long-term rentals for working residents, and increasing the cost of buying a home?" Other person: "Well, no.....I haven't heard that before, and I actually like short-term rentals. I haven't heard many negatives about them."
Here are ways short-term rentals impact residents quality of life:
‘Out-of-control’ dominance of short-term rentals are depriving working residents of homes.
Airbnb’s current revenues comes largely from outside the U.S. with 43% of gross bookings from Europe, and just 22% from North America. Want to see where the U.S. might be once it catches up with Europe? In some parts of Great Britain for example, 1 in 4 properties are now short-term rentals depriving communities of much-needed homes. Read more here: https://www.theguardian.com/technology/2020/feb/20/revealed-the-areas-in-the-uk-with-one-airbnb-for-every-four-homes
Neighbors renting out RV's or "camping spots" for short-term rental is TRUE! To say this doesn't impact the quality of life of surrounding neighbors is FALSE. While it lasts, here's a real nice one in Portland, search "Glamping in the city in Portland Oregon Airbnb" and don't miss the picture captioned "View from bed/couch looking across the street at our neighbors colorful Victorian homes."!
City regulations that are too little too late cause increased violations later and increased costs (paid by residents) to enforce. For example, in 2018 an audit found that 80 percent of Airbnb-style rentals in Portland, OR operated illegally and the data on these wasn't sufficient enough for even the City to enforce existing regulations. Read more here: https://www.oregonlive.com/portland/2018/08/80_percent_of_portland_airbnb-.html
In rural areas and cities alike, the story is the same, young adults can’t afford to settle down in the areas they grew up in.
For more examples, take a look at these news articles provided in our "Links" tab or do your own search for short-term rental impacts in Portland, Bend, Seattle, Spokane, Reno, San Francisco, Palm Springs, New Orleans, Jersey City, U.K., etc.
Examples of Criminal Activity
A 2017 survey researched more than 1,000 incidents found on 3rd-party review sites, news stations, and from experienced travel bloggers. What they found was unsettling and included everything from murders, rapes and kidnappings associated with short-term rentals to sketchy hosts using secret cameras to spy on their guests. We'll speak for ourselves, but before researching this, we were not aware of this. Question: How many more unreported incidences are there out there? Due to Airbnb now directing guest complaints to their "inhouse" complaint line, communities are losing their ability to track resident complaints via public records requests. Read more about the 2017 survey here:
Want to see what happens when short-term rental investors put greed over customer service? CBC’s Marketplace investigated Airbnb, titled “When Airbnb goes wrong: Cancellations and covert listings”. Watch it on YouTube here: https://youtu.be/I9_iZ2nH3lw?t=174