Examining the State of Airbnb
Photo courtesy of Airbnb
Short-term rental service Airbnb has come a long way to put a scare in the hotel industry.
To better understand the current state of the home-sharing website, LearnAirbnb has partnered with pricing and market analytics provider Everbooked to examine hosts' attitudes and performance.
On Monday, the duo released the first annual 2016 Home Sharing Market Report.
The report shows that the majority of Airbnb hosts are one-unit owners looking for supplemental income. Eight in 10 hosts own just one property, while 92 percent own two or fewer.
Nearly six in 10 hosts (59.2 percent) cite earning supplemental income as their primary motivation for hosting, while fewer than two in 10 (17 percent) joined with the intention of building wealth.
READ MORE: Airbnb vs. Hotel: Which is Right For You?
Rentals are the main source of income for a little more than 15 percent of hosts.
While LearnAirbnb and Everbooked's study found that more than 75 hosts in the U.S. are earning more than $1 million per year, the median income for hosts nationwide is approximately $3,600. The median income per listing is $3,300.
Of those hosts with one listing, 76 percent own the property, compared to just 21.9 percent who rent it.
While nearly two in 10 prospective hosts (18.5 percent) worry about things being stolen from their listing, fewer than two percent of current hosts share that same fear.
Interestingly, nearly one-third (29 percent) of Airbnb hosts have never been a guest inside an Airbnb unit.
However as Airbnb expands and begins to emerge as a threat to the hotel industry, perceived or otherwise, hosts are becoming increasingly concerned about industry lobbyists, with nearly two-thirds of hosts (63.6 percent) citing them and city councils as the company's biggest challenge at the moment.
Nonetheless the average annual occupancy rate for an Airbnb property is far less than hotels at 17.1 percent.
The independent report analyzed data and insight from 200 U.S. markets as well as more than 1,300 past, current and future Airbnb hosts from more than 80 countries.
Click here to view the complete 119-page report.
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