Initially distraught by the pandemic and government issued limitations on travel, Airbnb is now seeing new patterns of use to meet the growing flexibility Covid-19 has induced. At the beginning of the pandemic, Airbnb laid off 1,900 employees. Revenue was down 50%. This, in addition to its legal battles with many large cities that consider the “hotel” use of homes and apartments to be in conflict with zoning and building code requirements.
Now much of Airbnb’s revenues are coming from monthly bookings. People are testing new places to live. They are no longer flying out of town for a couple of days. This change has caused Airbnb to cater to short-term living arrangements and not hotel length (daily) stays.
This opens the door for other possibilities for the Airbnb platform. Flexibility is the cornerstone for Airbnb and every other business.
Contact GE Grace for expert insight into the New York City office and hotel market and to create your own flexibility plan. Call 646 312 6800 or email Grace@GeGrace.com.