After a stressful election week, it’s finally Friday! Start your weekend off right by reading some industry news.
Airbnb has been slapped with a class action lawsuit for missing host payments. A lot of hosts were livid when the company gave full refunds back in March, and it looks like that’s finally catching up to them. The lawsuit alleges three violation claims which include breach of contract, breach of fiduciary duty and violation of California consumer protection laws. This isn’t a good look for a company gearing up for an IPO.😯
Rancho Mirage CA, has moved forward with placing a ban on short-term vacation rentals starting January 1st. Once in effect, this will apply to 121 properties in public neighborhoods. The ban comes as now surprise with City Council member Dana Hobart stating, “We have tried in vain, for roughly a decade, to find a harmonious resolution satisfactory to both sides. Our failure over such a lengthy period to find a mutually acceptable solution abundantly exposes the futility of continuing the effort. It is time to end this dispute.”
If you’ve been thinking about buying vacation rental properties, now is the time! Trusted Business Insights released an updated study on the Vacation Rental Market for 2020-2029. For 2020, the global value of the vacation rental marketplace was valued at $76.08 billion. From 2021 to 2027, there is an expected 2.3% of compound annual growth rate. The study concluded that millennials are responsible for the majority of growth in the industry. According to an Airbnb report, Millennials will account for 75% of all consumers and travelers by 2025. So what are you waiting for? Buy up the vacation rental market and rent them out to yuppies!🤑
On that same note, condo prices drop 9% in San Francisco. There is a historic amount of inventory on the market as 2,532 homes were listed for sale at the end of October. That’s 77% more than the same week a year ago. If you’ve been looking to move to the Bay Area, now is the time!🏠
This week we put out a User Profile where we talked to Jeanne from Groome & Morales and MyPCBCondo.com. From time to time, we showcase OwnerRez users that show exemplary work, so be sure to keep up with our blog for all the weekly updates.😊
Have a great weekend!🌴