ASAP CEO James Foice has contributed to a ‘Wired’ article about the sudden glut of ex-Airbnb listings now being offered as longer-term rentals, flooding the market after the platform unilaterally allowed guests to cancel thousands of bookings without penalty, without hosts having any control.
Describing it as ‘the Airbnb Apocalypse’, the article discusses hosts facing huge losses, and scrambling to find long-term tenants for cut-price furnished apartments in the centre of cities globally. In the UK, these include London, which saw a 45% year-on-year rise in new rental listings on Rightmove for the week beginning March 16, Bath, which saw a rise of 78% for that week over the same time last year, Edinburgh 62% and Brighton 55%.
The article then says that the collapse of the short-term rental market is having a profound impact on legitimate providers of serviced accommodation used by business travellers, and quotes James Foice, ASAP chief executive, saying that with the collapse of global business travel, a huge proportion of demand for serviced apartments has dried up. But on an optimistic note, this will reduce the number of rogue operators after a quick profit.