Airbnb is one of the most successful short-term rental businesses in the world today. Since its formation in 2008, it has experienced massive growth, starting out with just a few friends renting extra space in their home to an international multibillion-dollar corporation.
Airbnb and other companies like it have completely disrupted the hotel and recreation industry. Despite taking a hit due to the coronavirus pandemic, Airbnb has been one of the first to bounce back and even announced its intention to become a publicly-traded company in 2020. Per its prospectus released November 16:
“In early 2020, as COVID-19 disrupted travel across the world, Airbnb’s business declined significantly,” the company wrote. “But within two months, our business model started to rebound even with limited international travel, demonstrating its resilience. People wanted to get out of their homes and yearned to travel, but they did not want to go far or to be in crowded hotel lobbies. Domestic travel quickly rebounded on Airbnb around the world as millions of guests took trips closer to home. Stays of longer than a few days started increasing as work-from-home became work-from-any-home on Airbnb. We believe that the lines between travel and living are blurring, and the global pandemic has accelerated the ability to live anywhere. Our platform has proven adaptable to serve these new ways of traveling.”
The platform is simultaneously paving new ways for people to make extra money relatively easily—much like many of the other tech companies creating opportunities within the “gig economy,” such as Uber, Postmates, Upwork, and more.
Below are several interesting tidbits about Airbnb that you might not have known before.
Keep reading the article here:
Subscribe to the BiggerPockets Channel for the best real estate investing education online!
Become a member of the BiggerPockets community of real estate investors – https://www.biggerpockets.com