According to AirDNA, new bookings on Airbnb are down 85%, and cancellations 90%. Revenue in March was down 25% on last year, wiping out $1 billion in bookings.
Many cities may use the coronavirus pandemic to their advantage and take control of short-term rental and its effect on the local housing market.
According to another analytics firm GlobalData, Airbnb could lose a “significant portion” of its professional host community as they move into longer-term rentals.
The company was due to float this year, and was recently valued at between $50bn and $70bn; it is now worth less than $30bn.
AirDNA data shows that 600,000 out of the 1.1 million Airbnb listings in the US are hosts that have at least two other listings. In London this March, there were more than 87,000 Airbnb listings of which 43,112 were listed by hosts with at least one other listing, 2,919 with between three and five listings, 645 with ten or more listings.