VRMA Administrator
Airbnb hopes to grow its listings by persuading more people to rent out their homes. The company announced that it will boost the amount of liability coverage for hosts by up to $3 million, as well as pair new hosts with a "superhost" to lead them through the process of becoming a short-term landlord. Airbnb CEO Brian Chesky says the company also is taking action to provide more transparent prices when consumers browse listings, which he expects will lower tacked-on cleaning fees. According to AirDNA, Airbnb listed almost 1.4 million U.S. rentals in September, a 23 percent year-over-year bump, with nearly two-thirds added since 2020. Although Chesky said Airbnb currently has sufficient hosts, it needs more to deal with the continued expansion of leisure travel, while a recession could prompt more people to convert their homes into Airbnbs. "With a looming recession, we felt like more people than ever are going to want to make extra money," he commented.
Associated Press (11/16/22) David Koenig
