Vacation rentals are sitting empty this summer - here’s why
ฝัง
- เผยแพร่เมื่อ 9 ก.ค. 2023
- Experts say changes in the vacation rental market have created more opportunities for people looking to rent this summer. Fewer people are living in second homes, and owners who bought rental properties when interest rates were low are now really primed to rent them out. Meg Oliver reports.
#news #travel #summer
Each weekday morning, "CBS Mornings” co-hosts Gayle King, Tony Dokoupil and Nate Burleson bring you the latest breaking news, smart conversation and in-depth feature reporting. "CBS Mornings" airs weekdays at 7 a.m. on CBS and stream it at 8 a.m. ET on the CBS News app.
Subscribe to “CBS Mornings” on TH-cam: / cbsmornings
Watch CBS News: cbsn.ws/1PlLpZ7c
Download the CBS News app: cbsn.ws/1Xb1WC8
Follow "CBS Mornings" on Instagram: bit.ly/3A13OqA
Like "CBS Mornings" on Facebook: bit.ly/3tpOx00
Follow "CBS Mornings" on Twitter: bit.ly/38QQp8B
Subscribe to our newsletter: cbsn.ws/1RqHw7T
Try Paramount+ free: bit.ly/2OiW1kZ
For video licensing inquiries, contact: licensing@veritone.com
People don't have place to live, please forgive me if I lack the empathy for someone who can't rent their beach home at maximum price.
I’m sorry but a homeless person is not going to be able to afford that spot on the beach. What’s your point?
@@double_joseph327 My point is:
be grateful that you have a home and another at the beach to rent out and don't waste my time crying that you can't rent it at overblown prices right now. There are many homeless families that have NO place to live, not because of their own fault but due to the fact their rents have been doubled and therefore they have been rendered homeless. That is my point.
Yep. Capitalism run amock
thank you for the people in the back!
“There is enough in the world for everyone’s need, but not enough for everyone’s greed.”
Air bnb host charge those ridiculous cleaning fees and then expect you to clean up. No thank you, I’d rather go to a hotel with unlimited towels, amenities, and free breakfast
Recently paid almost 700 per night for one of these vacation homes. I'm rethinking everything now.
True, the fees were 50% in addition to the listed price
@@hkiajtaqks5253 Are you insane???? You gotta have someone else look for deals for you bud...You are not the person to be booking ANYTHING.
@@Johntheheadache hahaha I know, but it was the long weekend and everything else was booked out.
@@hkiajtaqks5253don’t feel bad, I almost did the same for a 3 bedroom 1 bath. And, when I asked the host for a discount since we were just 1 couple, she basically laughed and said it’s worth every bit of the $750 a night… the place sat empty and didn’t rent.
This story misses why a lot of these places are vacant. AirBnb and others have gotten too damn expensive and especially with all the fees. Looked recently to rent in a popular area- the price was already high and then $200 cleaning fee, $150 Airbnb fee, and we were will above the cost of a hotel room, and the hotel was in a better location and served breakfast each morning. Used to be Airbnb was often a less expensive option, but they got greedy.
The cost for a couple to stay a Weekend in Central Pennsylvania on a GameDay is $900,to $1,200 a night for two nights, double from 7 years ago.
I agree, I stay in hotels now, I get house cleaning every day and I know the bottom line when I book the room.
Exactly. The biggest joke is the cleaning fee...does anybody honestly believe the cleaner gets $150.00 for a couple hours of cleaning??? No, the owner pockets most, if not all of that money also.
Why charge a cleaning fee anyway? No Hotel charges one.
@@JohnDoe-jq1brNo hotel charges it........YET!
@@britlew5933 I found a condom wrapper in an unclean apartment and Airbnb couldn’t help me because I
didn’t report it within their time frame. The apartment was listed as furnished. It was not. Then the host told me I had to leave 1 week into a 3 month stay since he couldn’t pay the rent because Airbnb wasn’t paying him. They weren’t paying him because his account was suspended for other complaints. They weren’t paying him, but they were happy to rent it out again and collect my payment. 🤔
The entire story in 2 seconds: I'm charging too much for my vacation rental so people are renting other ones.
Exactly. You can go to Europe for $9k a week.
Thank you finally someone who sees these crybabies for what they are 😂
$9k a week? Absurd. Even if I had that kind of money I wouldn't do it.
@UpRyzeQueen Maybe for that 1%. And, NJ is not California lol.
Yeah, I do and I won't!
$9k a week are usually houses that can house multiple families that split it. Same thing for OBX.
And it’s not even beachfront, that’s crazy
Absolutely absurd to pay that much for NJ. At 9k a week, my ocean water better be see-through. I’m talking crystal clear. Lol
I’m supposed to feel sad for a guy who owns a vacation home he can’t rent. 🤷♀️
I can’t feel sorry for these landlords. They jacked up their rates so high and just expected everyone to pay them. Perhaps if they weren’t trying to take advantage of vacationers, they’d have more bookings.
So agree !!!!
Greed has consequences
This is how capitalism works. You try to sell at the highest price the market will bear.
@GizmoMaltese Well how is that working out for them?
@@GizmoMalteseno that's Dysfunctional capitalism.
I just went to Puerto Rico for 6 days with my girlfriend. Flights, Airbnb by the beach, food, entertainment, Ubers, we spent about 2k TOTAL. If these landlords are looking for empathy....Keep looking buddy...9k a week for Jersey???? Please...What are you smoking....
9K a week???? are these people nuts??!!
So let me get this straight. These homeowners brought up houses when interest rates were low or nonexistent. But now they’re scrambling to rent it their houses that they could never afford If the interest rate got higher, and them now relying on the renters to subsidize their living lifestyle is just asinine to me.
I understand that it may seem unfair to you but in order to make these investments, people have had to work hard, save money and pay to buy those properties. It is not small mom and pop landlord's responsibility to build more housing and make it affordable to everyone else. I'm not a landlord, but I do believe people should be allowed to make these investments. That said, the real issue are the big investment funds doing the same. They have a lot more money (international investors, 401k investors, etc.) to buy up all the property, and now a lot of that property sits empty while home buyers struggle and are forced to pay insane prices.
They may have mentioned that, but interviewed people who’ve been renting out for two decades. Homes were A LOT more affordable two decades ago. For example, in 2003, we bought our very first house, over 1800 sqft new construction, for $120k. I was 19 and making $7/hr while also going to college, with my husband making about $30k a year. We ended up selling it in 2011 for $155k. While a second home wasn’t doable, someone further on into the career could easily afford a second home like this to rent out to people. Nowadays, even without inflation, that’s impossible because most towns won’t even allow such a small home to be built anymore. And residents don’t want anything being built near them that costs less than what they paid for. Basically there are no starter homes available any more, and if they were able to build, large corporations would just buy them all out to rent, not these mom and pop landlords who only own one or two properties. And they may actually own them by now. Overhead doesn’t just mean utilities. There are taxes that have to be paid annually, and there are no write offs since it’s not their main homestead.
@roma...Exactly! First you pay too much for a house and outbid other locals that would have lived in it and then we are supposed to feel sorry for you that that didn't work out...
Better yet, taking long term housing off the market. Converting what other wise would be long term housing into illegal hotels.
These people's house has been paid off for years I'm sure because they've been getting thousands and thousands every summer so I guarantee you this house is long paid off.
You can book a suite at a 4-5 star hotel/resort for less than $9,000 weekly while enjoying the hotel amenities.
You can rent in a château in France for $150 a night and flights are $1200 return. Why would you spend 9k on the Jersey shore???
Exactly
5 bedrooms
Eh, some of these properties have their own private pool.
@@mango0686hotels include free meals and don’t charge you a “cleaning fee” like these homeowners.
$9,000 a week! Greed!
No pity for the rich folks who have an asset sitting empty.
@coolguydoingcoolthings7464 you're so cool 😂
@@CoolGuySayingCoolThings yea, ok bro
And now you have to go around telling everyone on the internet you’re important and succcesful….because you are still a loser with no friends, just with more money now
@coolguydoingcoolthings7464 depends, if your older you had far more opportunities while life was much more affordable. I make almost 100k and live very frugal yet I don't even come close to buying a home in my city due to insane overvalued homes are.
Don't hate I worked hard to. Started with a small loan of $1,000,000 from my dad.
No it has to do with the fact that its cheaper and more convenient to stay in a hotel.
Why can't the mainstream media report that nobody has any money? People are barely hanging on.
Inflation ate away all the savings. People don't want to go deep into debt to take a beach vacation. Go camping instead
Economy growing, unemployment falling, inflation decreasing. You guys cry a lot, the US is better off than most of the world.
That part😢
Nope. International travel is up an astounding 200% compared to 2022. International hotel bookings have jumped 300%, and the increase in airfare demand has driven ticket prices for international trips up more than 30%. Peoples interest has shifted away from domestic rentals now that the pandemic is over, although overall the short-term rentals market is still actually up over 2022.
Because that would make Bidenomics look bad.
Paris, Barcelona and Amsterdam limit vacation rentals partly to ensure residents have access to housing.
Bravos
We should be doing the same.
This video seems to be about vacation spots like the Jersey shore where there aren't many long-term residents.
I’m glad Hawaii did this was really getting stupid with all the AirBnB rentals.
The problem is that America prefers capitalism over Americans!
$9000 a week?????? I think I see the problem!!!!!
They priced themselves out of the market.
As there is currently an affordable housing shortage, these vacation home owners will get zero sympathy. In fact, people will be rooting for their failure. Truth hurts.
Everything has gotten way too expensive…
At 9k/week, it’s going to stay empty.
And this is why we have a long term housing crisis. A glut of new vacation rentals that could have been year round leases.
The existence of vacation homes in vacation hotspots like the Jersey shore and Martha's Vinyard is not why we have a long-term housing crisis. Vacation homes are much less common in places that people tend to live and work year round.
@@cbrucrew88I read articles from Cape Cod every day. Constant stories and reader comments from people saying that vacation house ownership is driving people off the Cape because there is no affordable housing for year round residents. The real estate listings show the most humble cottages going for half a million dollars.
45 years ago my parents seriously considered buying a small vacation cottage in Hyannis. They ultimately did not, but I think it was because at that time people did not buy a vacation property figuring they could rent it out when they weren’t there. Now people go in knowing they have to rent to pay mortgage, and some also expecting to make a profit on top of that.
@@cbrucrew88 Actually, It's estimated that there are nearly 10 million second homes in the U.S. which often lay empty for most of the year. In Maine, over 19% of properties are second homes, that's over 140k buildings that are laying empty most of the year while residents who work and actually live in Maine, have no place to live. NY is in need of at least 376,000 new homes to meet the demand of residents, 376,000!! LA needs 340,000 new homes to meet the demand, San Fransisco needs 162,000 new homes, and Boston 152,000, Texas comes in at the bottom of the list with 57,000 new homes needed to meet the demand.
Not many live & thrive in vacay spots…these places are only full during in season, afterwards some are ghost towns…with just locals …many businesses shuttered
From who exactly? Beach side home will always cost more . People can own and rent what they want . They’re not taking anything away from anyone .
Just staying home looks pretty good to me... and much cheaper!
Same for me. I was thinking about San Diego but all AirBNB and hotel costs were nuts, and the city is way more full of homeless than the last time I was there. I'll just save my money and pay off more of my mortgage.
@@y_yy_2844 Sounds like a good plan! My husband and I paid off our mortgage 10 years ago. It's a great feeling!
😂😂😂😂😂😂😂FACTS
$9000 a week for crappy the New Jersey coast...LOL.. I think that same price buys you two weeks in Europe anywhere..,,,, you can keep it..."vacant"...Have fun...
I could be in Jamaica for that price. Some of the best beaches in the world there and way more fun. Lots of flights from Newark and New York.
I camp but I also go in motels/hotels. But I would never pay $9,000 a week to stay near the ocean. I have many spots and not even near those prices. Let me check a spot right now..... $132-$219 a night to my most favorite spot in the world and right on the ocean and best place to stay ever.
$9k a week! Good let them sit empty
We stayed all over Spain for that. Who pays that for Jersey?
Last year we rented a house in Apalachicola Fl. It was around $1600 for the week. We split the cost with another family member. The same house now cost $2500 for the week. Not worth it!
At first I was interested. Then I sat there and watched the summer beach house owner pity party and felt an overwhelming sense of "oh f*ck you."
Agreed, welcome to the travel rental market, save your pennies for the lean years or sell to a family that will actually live in the house year round.
Good! Houses are for residents to have a place to live not to be hotels for tourists. Hopefully it stays this way and these houses sell to the families who need them.
Imagine saying that to cities that need tourism, stupid
@@guilhermetavares4705 Tourist cities have hotels for that reason
@@guilhermetavares4705It's stupid to think that there are no hotels in these cities you are referring to.
@guilhermetavares4705 Nobody ever became homeless for not going on a vacation.
Millions are now homeless due to excessive vacation rentals.
Millions of homeless people result in crimes THAT AFFECT YOU!
Who's stupid, again?
The families that "need" them wouldn't be able to afford them. Have you any idea what beachfront or beach proximity goes for???
The vacation rental market priced themselves out. I typically rent a condo the month of Jan in Florida. For the past 3 years it was $5,500 near the gulf. This year, the units in the same building are now $9k to $12k. Pfft. No way I'm paying that.
I'd have just gone overseas, it's cheaper!!
@@travelnomad2128 Greece has 2000 islands, and many of them you can rent a home for an entire month for nothing. Cheap housing, cheap (great food) food, amazing beaches.
This clowns have destroyed the housing market. Everybody should be against this.
It's not the STR beach houses that destroyed the housing market. It's the ABNB in residential areas of cities like Dallas, Phoenix, Kansas City, Pittsburgh, etc
They have no reason to be STR's in those cities.
MSM is promoting this garbage
@@safeandeffectivelol It's both. These people take the ridiculous 9K they charge and BUY those residential houses with it. So they can become bull time BNB investors and just sit on property.
I don't understand his "trying to get the most". It sounds like a risky investment. I like long-term rentals. Like a snail but I can finish.
@@DRHOLEEFOOK Yeah my buddies dad selling a beach house.. he paid 340K for it in 2018 and now some investors wants it for $850,000... these investors don't even care about the price they are blinded by rental $$$$$ but something has gotta give. Middle class people cant be renting beach houses for $10,000 a week.
It used to be that VRBO, AirBnB, other rentals were less expensive for longer stays than a hotel. My experience looking for a two bedroom rental for a week to two weeks this year has been that once you add in cleaning fees, booking fees, and all the other 'fees', you pay less to stay in a hotel and don't have to do excessive amounts of cleaning to avoid being hit with a 'fine' for missing stripping one pillow of a pillow case or putting the sheets you've stripped on the bed instead of the floor in one room. For about 12 years+ I've stayed at a handful of different VRBO properties and was a repeat at one where the rules were that we had to vacuum, sweep & mop, run the dishwasher, unload it & put all the dishes away, strip the beds (put the quilts/stripped pillows on the bed, the linens on floor in front of the bed they came from , put all the towels in one bathroom, etc. before check out. They didn't have a 'cleaning fee' at the start and so we didn't mind doing all of that work for a nice place. Then about 5 years ago they added a cleaning fee of $150 but still had the same self cleaning requirements AND FINES for not doing any of the chores. And they had of course increased the price per night. I can understand adding fines if people are not really doing the cleaning OR adding the fees AND reducing the chores, but not leaving them the same, adding a fee and adding fines.
Yeah they are a rip off now. Double the price of a hotel these days with all the Fees
And you don’t have to bring the trash can to the curb or load up the dishwasher at a hotel.
Airbnb is a terrible way to vacation! I am in one now in Milan Italy and my hosts cancelled on me 1 week before our trip and I had to scramble to find another Airbnb with higher prices than what I got!!! I think they cancelled last minute with me to get a higher rate and this left me furious!!!!!!!!!!
Not to mention that often times I have found the place to be dirty with cheap, ragged towels and sheets, and furniture that looks like it used to be in a college frat house! Give me a hotel any day!
@@melhenline8438 I just stayed in an Airbnb in Milan Italy full of bugs!!! The next one we are staying in Venice the washing machine does not work and the beds are spring beds and we are on the third floor with no elevators!!!! I hate airbnbs
O I'm so sad all these people with second an 3rd beach homes can't rent them 🙄
9K a week??? is this Michael Jordan house? For that amount you get a 5 star hotel and you still have change in your pocket
I wonder what the cleaning fees are for this 5-bedroom? Plus the renter gets a checklist of EVERYTHING they're expected to do at checkout. I'll take a hotel room every time now!
Exactly. Hotels are less and don’t include a “cleaning fee” and include a free breakfast.
They aren't booked because they're priced too high. I know someone with a 5b/5b cabin and they're always booked because they price competitively. They once told me they aren't competing with other cabins, they're competing with hotels and you have to price it so the price per room is a good value. Most people want to have privacy, a kitchen, not having to share a bathroom, etc. They make a modest profit -- not a fortune -- and it supplements their retirement income. They also saved for many years before buying so they have no mortgage. The problem is people getting into the market now and looking at the highest priced rental and thinking, "I can get that!" and not looking at what actually stays booked and what the price of that place is. My friends contact at VRBO also says a lot of rentals were bought up by companies and groups -- not individuals.
It should be illegal to sell homes to investment companies, corp groups, overseas ppl!! Houses should be sold to citizens/residents only!!
@t: Today‘s high residential properties are caused by sellers who don’t want to move because of higher interest rates. Taking out investment companies will not affect this supply shortage. OTOH, After commercial RE prices go down, residential RE will be next, as investment companies continue to lose money during a recession. Home prices will decline and housing will become cheaper.
Who can afford those rates?? Ridiculous.
She said it’s a 5 bedroom. If families (siblings) use the number of bedrooms they need it’s $260 per night per room. Roughly the price for a hotel room but be under one roof.
@@Whitify must be nice to think that is affordable for a vacation.
@@Whitifythat's expensive for most people.
@@Whitify Now we just have to figure out where the kids are going to the money to pay for their room..
Tech, consulting and finance workers, all of whom are dealing with industry wide layoffs. These rental owners don't seem to understand where their bread is buttered.
Their prices are sickening
$9000 a week? Give me a break.
People are spending part of their vacations at the airport or in endless lines at the national parks. Who has money like that to throw away on a stranger's house when most of their vacation is going to be spent outside anyway?
This value is absurd, the beaches in NJ are not even that beautiful. Better to travel to places with good beaches like the Caribbean or Brazil.
I'd rather go on a cruise to the Caribbean where I can swim on the beach. US beaches are too cold even in summer.
@@travelnomad2128Yes, and visit the coral reef and swim in the nylon pool in Tobago.
A 5 bedroom home for $9,000 a week !! ??
With that type of money couldn’t you just rent five hotel rooms?
Ok, so prices and cleaning fees go through the roof. Profits are high. More properties enter the market to cash in on the gold rush. Customers get priced out or bargain shop back to hotels. The market softens. Supply and demand. Economics 101.
Except that now corporations and institutions are buying up the houses instead of small time investors. They can keep these off the market If there's a downturn, they don't care if the market crashes - then they'll carpet bag.
People are going international now. Why pay 9K for New Jersey when I can go to Colombia.
Exactly..Who pays 9k a week for Jersey? Go see the world's most beautiful beaches and explore other cultures for less than half.
LOL, I paid like 1500 for the flight, airbnb, food, transportation and some souvenirs in Argentina. The boarding for my pets back in the states was more than the airbnb down there.
So during covid, a pandemic, the owners raised prices. His greed is now catching up
I hope these properties foreclose so families can buy the house at a reasonable price and call it home.
@the1common1man Do you know how much the property tax on an ocean block home in Seagirt, NJ? Family friend told me 15 years ago he paid 65k in property tax on his home in Seagirt. What family can afford that???
I go to Aruba for a month at a all inclusive and it's cheaper than the Jersey shore for $9,000.00 a week
The people who cant get mortgages are paying for the people who can, our society is backwards. Most times it amazes me greatly how I moved from an average lifestyle to earning over $63k per month, Utter shock is the word. I have understood a lot in the past few years that there are lots of opportunities in the financial market. The only thing is to know where to invest…
I keep wondering how people earn money in financial markets, i tried trading bitcoin on my own made a huge loss and now I'm scared of investing more
@@nyreggie That won't bother you if you trade with a professional like *Sarah Alma Martinez* my consultant. I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. I basically follow her trade pattern and haven’t regretted doing so..
@@BeverlyTalley You allow people to trade for you? that's interesting, I would love to learn, hope it’s safe ?
@debbie765 This is the Fourth time I'm seeing someone talking about Sarah Alma as there are lot of testimonies about her, do you know her ? if yes , did you invest with her?
@@nyreggie It's 100% safe and legal, She’s an expert trader on stocks and bitcoin. I basically do nothing but collect profits, she was able to get me in early on most of these stocks and I exited just at the right time, her analysis was really on point.
European tourism is wild this summer. Dublin is loaded with tourists at this time. They’re flying overseas with their vacation dollars.
That's true
Ill drive and sleep in my RV thanks. And Keep my 9K.
We usually Renta beach house for two weeks at the end of August, beginning of September. It's actually cheaper to go to Europe, so that's what we're doing. Rent inflation for beach houses is ridiculous.
Exactly. As a Brit living in the USA, I travel back home twice a year, this year, the price of a round trip was less than $500 and I rented a little cottage in Wales for the week for less than $400, BARGAIN!
Hotels are better priced, more updated and offer services without those Cleaning and renting fees. I also avoid Hotels with Resort Fees.
9k a week? Lol
Just got back from Ocean City, MD. There was vacancy everywhere. Talked to some locals there and they said business is down.. and that they actually vacationed out of country where it was much cheaper!!
I was just thinking this. I went to Colombia a couple of weeks ago and the plane ticket was just about the same as flying to another part of the US, but once I got to Colombia, everything, lodging, food, and transportation was 1/3 to 1/4 cheaper than in the US. It was cheaper going to Colombia than going to another city in the US.
Spent almost 3 months in Medellin Columbia this winter. Next year Mexico Guatemala Honduras Nicaragua Colombia Ecuador and Brazil. Just can’t afford to vacation in the United States.
@@jamesjohnson1050 yea... one of the servers at a local restaurant in OCMD said that she could spend 3 months in Thailand for the same price as 2 weeks at OCMD. And I'll believe it: our 4-day trip for a family of 5 at OCMD was over $2K and we stayed at a "dive" 2-star hotel.
This is true, I’ve noticed it’s cheaper to fly your whole family to the Caribbean and stay for a week or two then it is to rent a vacation home on shore here in the US
Plenty of youtube videos with exotic vacations. Some NJ towns even charge people to walk on the beach. I went to Puerto RIco where you can snorkel on the beach and actually see the fish.
I have traveled to Europe multiple times for 1-2 weeks and never spent anywhere near $9K. Not even half that. Not even beach vacations to other countries cost that! My last one week beach trip (outside the US) since C0v!d was less than $1K.
@@sigiloXXXCan stay at a resort in the South if France. Did a week rental for $700 in a resort, had a water park, 3 pools, arcade, stage for night entertainers, restaurant, market and was beach front. Not crowded like the Jersey shore. Price gauging in the US is getting out of control.
To the dude in the video: maybe people are waking up to the idea that the NJ shore is a dump.
Good!!! For $9000 l could take a road trip across the U S. and back and STILL have plenty of money left over. Greed is the biggest problem!!!
I just rented a beautiful Masseria in Puglia, Southern Italy. I paid approximately $1500 for 10 days, which I find reasonable. But on the Airbnb site I happened to see homes here in Southern California ( I am in San Diego) that go for $700-$1000 a NIGHT! Are you kidding me!? These home owners got used to getting the big bucks during Covid, and now they’re crying. I really cannot feel sorry for them.
Let me play the smallest violin in existence. A house of scams build on the misery of those less fortunate.
So even tho had years of revenue and overprice listings they did not save any money in case of a slowdown?
I usually use Airbnb every summer we go down to OCMD but this year stayed in Hotel. Paid $400/2 nights, pool, right up the street from beach, actual housekeeper without fees. Then stopped in Rehoboth Beach & decided to stay on a whim was able to get hotel room $180/night right by boardwalk. There were a lot of houses with for rent signs.
Change title to "At $9,000 a week, vacation rentals are sitting empty this summer".
Oh no 😂😂😂 people aren’t paying $9000 a week for a beach rental.
I live 30 mins from the jersey shore and everything is overpriced so i don’t feel bad for him they have been charging a premium for years
This is why it’s actually cheaper to go to an all inclusive and way less hassle and lets be honest way better beaches
Finally some good news
Probably the same reason why I only heard fireworks on the 4th of July until 9:30PM this year and haven't heard a single firework since.
NO MONEY!
I noticed the same in my area. 🤔
we had wildfire smoke the week before so I've had enough smoke .
You're lucky. They started here on Thursday and went all the way through the 5th. My dogs were hating it.
Im a cleaner and I do a few airbnbs. To me it makes no sense the guests has to pay for the cleaning. Most times the host charges more for cleaning than what I do, so they pocket money from that too
the vacation home we rented every year for the past 30 years doubled their prices this year and moved to VBRO. we chose not to rent this year and staying home.
Stop making these people Rich
It's because to fly to those areas, the flights cost $700 per person. Summer airfare is insane right now.
yeah, that's what i've noticed, too. Even when i try to look ahead for holiday flights, they're still expensive right now.
$9k a week? Ludicrous. My home apartment doesn’t cost me that for a year.
and this is why there is a housing crisis
Las Vegas just put massive restrictions on all short term rentals.
Good these ppl are the greedy ones
So many obvious questions were not asked or edited out. What did you do with the profits from the last two years? Did you assume the rental market would remain the same for a third year? Have you lowered your prices?
$9k per week? Forget it! Just for a place to sleep and hang out? Money down the drain. Many better uses for that kind of money.
Airbnb has ruined the housing market for regular Americans. Homes are extremely expensive
Yeah this has been our slowest year by far, we didn’t increase prices but the number of Airbnb’s in our area exploded. Luckily our repeat guest are keeping us going.
The problem is arbitrage became a huge a thing recently. Now there is an insane amount of supply. Not enough demand.
If you don’t know what arbitrage is. It’s basically renting a place on a long term lease to Airbnb it. So you have people renting like 10 properties to Airbnb them out. It’s insane.
@@double_joseph327 Yeah that’s definitely part of the problem. I’m right outside of Boone, NC and so many new units are available “in town” that no one needs to stay on the outskirts anymore. We luckily already had a good following but it’s definitely affected our new guest rentals.
I hope you go bankrupted
When I was a kid, a upper/middle class family could easily afford a week at the Jersey Shore. Over the past 20 years, we've found it much cheaper to go to NC or even Disney(!)
Lower the prices.
People are in debt up to their ears, and people aren't traveling anymore. I'm debt free.
Rent is too damn high !
I will be going back to Mexico for the winters(grew up there) but thought that for the summer I would go to some N.C. beaches…Checked Airbnb rates against hotel rates…and the hotel rates + the amenities are sooo much better…Airbnb cleaning fees?.. no thank you!🤦🏻♀️
He has a whopping 2 weeks available for the entire summer. LOL Just a more normal market.
I tried using Airbnb but it doesn’t even show you the final price unless you click Book, it was too difficult to compare prices
They charge way too much! Finally a break for vacationers!!
🙏🙏👍👍🏖🏖
I’m glad to hear this. Vacation rental prices shot up like crazy, there seemed to be no limit to the greed. Time for prices to get back to normal.
Why I stopped using the AirBnB and Verbo, which I’ve used a lot in the past, is that the prices became ridiculously expensive and hotels became the better bargain
The other reason is PEOPLE ARE BROKE.
House hoarding
Lol, "how nerve wracking is that?" - We're all fraught with concern over this man's VRBO.
Let me shed a tear for these people ruining the rental market and neighborhoods.
Hotels always suit me just fine.
$9,000 a week is just too expensive. Lower the prices , Sell or let your buddy use the house . International travel will continue to explode. You can't compete with exotic tropical locations.
Poor baby...ain't that much overhead in the world to charge 9,000 a week and not be on the water but like new car prices people keep paying it.
GREED! Glad they can’t rent for the full summer season! 👏🏾👏🏾
Key words 'were able to raise prices'....people are sick of paying these high prices! Prices are ridiculous!!
awww...their greedy played out
It’s sooo expensive that’s why! It cost over $200 a night to stay at the Jersey shore!
Could it be that many international investment funds have bought houses en masse and are holding them for rent causing an oversupply?
Hopefully this is because people have more sense and have decided to save and not because they have already spent all their savings and cannot take vacations as they have always done. Maybe also because Europe has sold great vacation packages?
Europe, Asia always have better deals with more value, especially with rich history, cultures and exotic food
Keep hoping my friend!!! SMH
International travel is really hot due to a super strong dollar. Vacationing international is actually cheaper than staying in the US. We went to Paris in December and it was about 30% cheaper than going anywhere we usually vacation.
Air BnB used to be cheaper than hotels. That’s was the point. Now they’ve priced themselves out of the market and tacked on RIDICULOUS fees. I pass.
In 1979,you could get an 8 bedroom home in Bradley Beach one block away from the ocean for the entire summer for HALF that 9K.These prices are 5-10 times the rate of inflation.
$9,000 a week is not breaking even …. It is making money no matter how you try to spin it
But they aren’t just covering their “overhead”. That’s hilarious. They are renting at outrageous prices and only have 2 weeks open!? Oh, poor them! This entire section is just too funny. Maybe there’s more backstory but at 20 years in if you don’t have your rental paid off and don’t have the reserve cash then you should absolutely not have a news article for your side hustle. That’s a failed business model at best.
Good news! Just booked a place on the cape for a few weeks from now. Last minute availability is great.
Damn they’re struggling to rent out their extra homes? I say we collectively hold off on renting these types of homes until they’re forced to sell😈