Airbnb hosts revert to long-term rentals as rising costs of living hits bookings
Airbnb hosts revert to long-term rentals as rising costs of living hits bookings
Hosts of short-term accommodation platforms like Airbnb are shifting back to renting out their properties for longer terms as the rising cost of living dampens people's appetite for holidays.
Article is technically about the Gold Coast, but hopefully this will also apply to Brisbane.
A point of correction: the ABC's author said BCC last week announced a 50% increase in rates for short term accommodation. They announced that last year. Last week they announced they're increasing that from 50% to 65%.
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Why do these always get framed as "woe is me" for the poor investors?
"It was an emotional decision" because now she can't make money off it AND use it as a holiday home for her family.
Cry me a bloody river.
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Because people have forgotten real-estate is an investment, and think it's a machine that just prints money for them. When the inevitable reality check comes, they get emotional.
No sympathy, though. It's nice to see some councils are finally changing the rules to put a stop to the Airbnb nonsense, even if others are all 'we can't change the rules, people have made investment decisions based on them'. That's the risk you take when investing! Bigger risk, bigger returns. You want minimal risk, put your money in the bank.
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