![]() ![]() He manages 24 properties in Nashville, Tennessee, most of which are on arbitrage agreements.Īfter seeing his bookings for March and April get canceled, Xanthos quickly came up with a backup plan and began listing his properties on Craigslist and Facebook Marketplace. That shift has already started for Travers Xanthos. It's why many are cutting rates, extending the duration of stays and searching anywhere they can for new bookings. ![]() Besides the cancellations, many hosts are having a tough time finding bookings for short-term stays. The change overrode cancellation policies many hosts had in place for protection, costing many of them thousands of dollars in lost revenue, according to numerous hosts who have spoken with CNBC. "But I can't keep it on Airbnb because that's a guaranteed loss."Īirbnb hosts have been scrambling to find new guests or tenants for their properties since March 14, the day that the private tech company made a policy change to fully refund any guests who canceled their reservations between that day and April 14. "I'm putting someone in my house and crossing my fingers they'll pay because I can't evict them," Ray said. ![]() These hosts are trying to stay afloat on mortgages and arbitrage leases after the demand for short-term rentals has suddenly dried up due to the coronavirus pandemic.Īn arbitrage is when a host rents a property and then rents it out to other people on Airbnb. Ray and many other Airbnb hosts are now listing their properties on competing sites and making them available for longer terms at discounted rates. ![]()
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