Airbnb says individual room listings are jumping amid cost of living crisis

November 16 (Reuters) – Airbnb Inc. (ABNB.O) said on Wednesday it saw a “disproportionate” 31% increase in single room listings on its platform in the third quarter as more people sought extra income in the face of the 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 more interested in accommodation than before to cover their cost of living,” Airbnb chief executive Brian Chesky said amid high inflation due to war in Ukraine. puts pressure on fragile household budgets.

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 foreclosure , the 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 vacations without entering a destination.

Reporting by Abhijith Ganapavaram in Bengaluru and additional reporting by Doyinsola Oladipo in New York; Editing by Shinjini Ganguli

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