FILE – Airbnb’s website is seen on a web browser May 8, 2021 in Washington. Airbnb is looking for more people to turn their homes into short-term rentals. The company said on Wednesday, Nov. 16, 2022, it was rolling out a simpler signup process, with online help from a “superhost.” (AP Photo/Patrick Semansky, File)
(Reuters) – Airbnb Inc said on Wednesday it saw a “disproportionate” 31% increase in listings for single rooms on its platform in the third quarter as more people sought additional income in the face of a cost of living crisis.
The company said property listings grew in all regions, without disclosing specific numbers, and to help drive growth it unveiled an app update on Wednesday to help with the process.
“We’ve seen a lot of people be more interested in accommodation than before to cover their cost of living,” Airbnb chief executive Brian Chesky said as high inflation due to the war in Ukraine puts fragile household budgets under pressure.
About 46% of hosts on Airbnb said they used extra money from property rentals to pay for food and other items, while one in 10 said it helped them avoid eviction or seizurethe company said, citing an investigation.
Some popular tourist destinations, however, have accused the company of worsening housing shortages as landlords increasingly let properties to holidaymakers amid a surge in travel, rather than opting for long-term tenants .
Airbnb co-founder Nathan Blecharczyk, in an interview with Reuters, blamed rising interest rates for creating a shortage of new homes, adding that it has also been difficult for the industry to s adapt to buyers who are increasingly looking for accommodation outside the big cities.
Meanwhile, the company said longer customer stays due to remote working will continue to boost results as travel demand shows no signs of slowing despite economic headwinds.
It is also expanding its “categories” feature, which will allow users to book holidays without indicating a destination.
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