An impending selloff of unprofitable Airbnbs could lead to a decline in home prices and long-term single family rentals, one expert warns. SanAntonio SATX SanAntonioTX RealEstate realestatemarket Airbnb
the steepest declines in short-term rental revenue are primarily in regional tourist hubs, including Myrtle Beach, S.C.; Asheville, N.C.; andPandemic boom towns such as San Antonio, Austin and Phoenix — or places where housing prices"With Airbnb revenue down 46% in Austin and as well as 44% in nearby San Antonio, clearly not as many people are interested in visiting Central Texas as they were two years ago, and it's showing up in this data," Gerli said in the video.
In one extreme case, a 29-year-old former grocery store manager in Columbus, Ohio, borrowed $1.1 million using DSCR loans to buy four short-term rental properties near Sevierville, Tennessee,"All that debt and those high mortgage payments to buy the vacation rentals wasn't a big deal a year ago because the revenues were still good," Gerli said."However, now in a place like East Tennessee, the revenues have absolutely crashed.
That means median home prices in the Alamo City — now hovering around $324,000 per the San Antonio Board of Realtors' latest market report — could decline. The rent for single-family homes could also come down as some struggling investors opt to convert short-term rentals to long-term leases.
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