[xyz-ips snippet=”post-thumb-url”]More people are checking into the idea of AirBnb, and that could be good for your wallet.
Since it debuted in 2008, AirBnb has exploded. The idea of renting your home to people visiting your city appealed to both owners and anyone looking for a place to crash.
According to Ladders.com, when AirBnb started the number of properties up for grabs was fifty-one. Five years later that number grew to more than fifty thousand, now it’s over half a million. Some cities are starting to tighten restrictions on the company, in some cases prohibiting them altogether. But in the early days anyone could list their home on the site.
So how do hotels and similar establishments keep up? By dropping prices. According to the ladders study, every time AirBnb’s supply doubles in size hotel revenue drops two percent. In order to keep up hotels are lowering room prices or offering special promotions to keep people checking in.
The bottom line? Hotels are facing cutthroat competition, but that is great news for saavy travelers searching for the best price.
About Brian
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
Popular Reports, Articles & Videos
Latest CBS Radio Reports
Top Articles
Top Videos
Brian's diverse experience and unique perspectives combine with his pleasant and personal manner to engage audiences on many levels. From his days as an Air Force squadron commander to his long career as a business journalist, commentator and public speaker, Brian's approach to speaking and presentation is thought-provoking, inspirational and creative.
"The Technology Tornado: Media & Communications in the Modern Era"
See highlights from Brian's recent Ernst & Young "Continuing Education Conference" speech and hear directly from conference attendees.
Phoenix Convention Center
August 28th, 2019
Additional speech samples / videos are available upon request. Contact Brian to learn more.
