Are Airbnbs Good for a Neighborhood?
Short-term rental properties are popping up in more neighborhoods across the country as homeowners look to cash in on an extra income stream. But is an Airbnb, Vrbo, HomeAway, or other short-term rental good for a thriving neighborhood?
The STR industry has posted significant growth over the last five years. Airbnb, as of October 2018, reported more than 5 million hosts and $2.7 billion in profit. But property owners recently surveyed by Porch.com, a home remodeling website, are mixed on whether they’d rent out their own home and how well they like the idea of their neighbors doing the same.
Property owners who use short-term rentals themselves on vacations tend to be more in favor of having them in their own neighborhood than those who’ve never used such services, according to Porch.com’s survey of 990 respondents