How Airbnb influences the cost of housing, and what to do about it

Фото: Depositphotos

Did you know that rental companies such as Airbnb and HomeAwaydirectly affect the local housing market. A homeowner can earn more by renting out on a popular website than renting property to a local resident.

According to Miami Herald, as of June 4 in Miami-Dade County there were 9 608 active offers airbnbof which 81% of houses are rented entirely. Studies in San Francisco and New York have concluded that airbnb houses are entirely detrimental to the affordability of housing, especially when several of these homes belong to the same owner.

Miami is still one of the least accessible places to live in the country, and online rental companies only make this problem worse. Approximately 35% of tenants in Miami already spend more than half of their household income on housing.

Popularity airbnb, the largest real estate rental company, provides profitable opportunities for business investors, land owners and property owners who work for commercial purposes, buying several properties for rent to tourists. In June, 62% offers airbnb in Miami belonged to these commercial operators.

In several cities, strategic methods have been implemented to combat the effects of rental housing on platforms like Airbnb and HomeAway. For example, New Orleans decided on a commission of $ 1 per rental night and invested income into the Affordable Housing Fund.

Company airbnb supported this fee. Such deductions from all rents will be an excellent option for Miami-Dade County, which can invest profits in the Affordable Housing Fund.

At least $ 1 per night from 9 608 active offers to airbnb in June, will give approximately $ 1,7 million in profits over the 6 months. This income will help reduce the impact on housing affordability and will become a new and stable source of income in Miami-Dade County, which is not tied to the federal or state budget. In addition, it does not impose an additional burden on the residents of the district.

Tourism brings many advantages to the local economy, but Miami-Dade County should strive to be a place where the people who work here could also afford to live here.

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