This article from AirDNA discusses the recent two major jolts to global short-term rental markets — one obvious (COVID-19 and the associated cancellations), and one not so obvious.
The latter it describes as an industry-wide identity crisis, meaning the name “short-term” rentals no longer fits the sharing economy model.
Its data shows that March 2020 saw a plummet in bookings, but a spike in the number of days in each; stays with a check-in date during April saw cancellation rates above 80%. There are fewer for stays starting in the summer.
Airbnb is projecting 2020 revenue to be down 54% compared to 2019. However, the majority of hosts are keeping their listings live.
The report concludes that Airbnb is now becoming a very suitable option for travellers seeking medium and long-term stays, with stays from the week of February 17th increasing on average globally from 3.3 days to 7.7 days, and discusses how the model may continue going forward with new positioning.