Here's What You Need To Know Today
- 💸The PPP Flexibility Act was passed last week, with positive implications for small business owners. This chart does a great job of boiling down the implications for business owners who took out a PPP loan.
- ✅Airbnb Released New Cleaning Commitment Program and Quiz. Yesterday, Airbnb launched The Airbnb Hosting Cleaning Commitment Quiz, which can be found on your host dashboard and takes about 10 minutes to complete. Once you pass the quiz, you will receive a special designation on your listings.
- 🎓New Course Released. I've completed my premium online course designed for Vacation Rental Managers and their accountants. It's a culmination of my 1000's of consulting for VRMs on automating their accounting system. You can find out more here or respond to this email with any questions.
- 🌞Surge in Summer STR Demand. According to Airbnb's CEO Brian Chesky, the number of nights booked at US listings between May 17th and June 3rd was greater than the same weeks from the previous year, and similar increases in domestic holidays are being seen in other countries including Germany, Portugal, South Korea, and New Zealand. Due to the increase in demand, Airbnb hasn’t ruled out an IPO this year, CEO Chesky says.
- 📊New Data on Medium-Term Rental Market Demand. New Data from Zillow shows a 23 percent increase in listings for six months or less between March 1 and May 21, according to CNBC. Those listings usually fall in March. Listings for furnished rentals were also up 42.8 percent in that time. Zillow economist Joshua Clark said both spikes were because of the coronavirus pandemic.
- 👩🏻💻"Work from home is becoming work from ANY home" says Brian Chesky. Airbnb is betting on the huge increase in remote workers to help rental demand recover from the Coronavirus Crisis. Airbnb has also reported that they have not seen a mass exodus of hosts, and even says it has more listings now — more than 7 million — than it did on January 1.
- 📝Airdna's Future Pacing Revenue Report. At this same point (late May) of 2019, there was just slightly more revenue on the books for the final 4 months of the year. This suggests that despite lockdowns and travel restrictions, guests are actively making reservations for the end-of-year holiday season. This is the link to the full report.
Other Noteworthy News
- 💰VRM Fundraising News. Vacasa, one of the largest vacation rental managers in the U.S with 30,000 properties, secured $108 million from Silver Lake Partners. In 2020 Silver Lake has participated in funding rounds for Expedia, Airbnb, and now Vacasa, leading to speculation of a future merger between the major players.
- ☠️ Another Coronavirus casualty. Stay Alfred, a tech-driven Vacation Rental Management who has raised $60+ Million is permanently closing due to Coronavirus.
- 😔Airbnb Plus Program has been gutted. Falling short, of its ambitious vision, the product and support team for Airbnb Plus were mostly laid off this year.
- 🤔New European Travel Subsidies. In Europe, some governments are subsidizing travel to get people back on the road and revive flailing tourism industries. The U.S. might follow suit.
Have a great week,
James von der Lieth