By David Malcolm / Voice of San Diego / November 20, 2024
Short-term (vacation) rentals (STRs) are an innovation. Since VRBO and Airbnb came on the scene, this is a new sub-sector of the lodging industry, just as Uber and Lyft were a new sub-sector for the transportation industry.
But, at least for STRs, there is a downside.
Unintended consequences often accompany innovation, mostly during early adoption. STRs rely on existing homes and apartments. The more there are, the less housing there is for residential. As a result, rental prices can soar, sometimes pushing residents out of an area.
By David Malcolm / Voice of San Diego / November 20, 2024
Short-term (vacation) rentals (STRs) are an innovation. Since VRBO and Airbnb came on the scene, this is a new sub-sector of the lodging industry, just as Uber and Lyft were a new sub-sector for the transportation industry.
But, at least for STRs, there is a downside.
Unintended consequences often accompany innovation, mostly during early adoption. STRs rely on existing homes and apartments. The more there are, the less housing there is for residential. As a result, rental prices can soar, sometimes pushing residents out of an area.