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    It’s a Richcession, Not a Recession

    Most economic downturns hit lower-income Americans hardest, but current economic uncertainty is hitting the wealthy as well, as data on short-term rentals reflect. A favorite of well-off customers that boomed during the pandemic, renting whole homes in places like beaches and mountains, is shifting in the opposite direction. Revenue per available room for short-term U.S. vacation rentals is forecast to decline in 2023 after years of growth, according to AirDNA. That could pinch homestay platforms like Vrbo, and Airbnb, whose businesses have benefited over the past few years from materially higher prices as well-off consumers sought bigger properties in more private areas.

    Wall Street Journal (02/18/23) Justin Lahart; Spencer Jakab; Jinjoo Lee; et al.

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