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Shane Morris
In tourism-heavy cities (I used Nashville, Honolulu, New Orleans, and Savannah) the rental market is exploding, as AirBnB owners are suddenly forced to put their houses on the market. This surge in supply is going to dramatically cut the rates of monthly rentals.
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Shane Morris Mar 22
Replying to @IamShaneMorris
For years, AirBnB lobbyists and "advocates of the free market" have argued that AirBnB has a negligible impact on the prices of rentals, arguing that they were two totally different commodities. Now we're seeing they were totally full of shit.
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Shane Morris Mar 22
Replying to @IamShaneMorris
"BuT wHeRe WiLl peOplE sTaY wIThoUt aLL tHeSe sHoRT tErm RenTAlS?" Hotels. That's the answer. People will stay in hotels. The coronavirus has put on full display, these houses and condos were ALWAYS reducing rental supply, and making housing less affordable.
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Shane Morris Mar 22
Replying to @IamShaneMorris
It's not just "tourism-heavy" cities seeing a rental surge. It's every city. When you search on Zillow by how long the rentals have been on the market, it's... it's crazy how many are less than 10 days old. Pick a city. Any city. The number of new listings is mind-blowing.
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Shane Morris Mar 22
Replying to @IamShaneMorris
AirBnB created a product that allowed homeowners to squeeze more profits from their properties. No one bothered to ask whether or not taking a large percentage of rentals off the market would hurt the average middle class working American. (Plot twist: Yes. It did.)
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Shane Morris Mar 22
Replying to @IamShaneMorris
Update 1: I took a nap, woke up, and got emails from people wanting to ask me questions about affordable housing. I am not an expert in this field, so I would feel uncomfortable commenting further. I'm just a guy who drank way too much coffee and started poking around on Zillow.
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Shane Morris Mar 22
Replying to @IamShaneMorris
Update 2: If you want to talk to someone who has dedicated her life to affordable housing, look up Dominique Walker of Moms 4 Housing. I would be willing to bet her perspective is much more educated than mine. She's the one you want to interview. Not me. Thanks!
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Shane Morris Mar 23
Replying to @IamShaneMorris
Update 3: A few of you have asked how I know these are new rentals. Use the "filter" tool on the Zillow app. 36 months is the maximum setting, so it shows you all inventory. I have been using the "7 day" filter. Here's Austin, TX, for example. 30% of the rentals are 7 days old.
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Shane Morris Mar 23
Replying to @IamShaneMorris
Update 4: If you want to find all the furnished homes, just type in "furnished" below the "Days on Zillow" filter. In my limited searches, this isn't a perfect system, as many of the rentals I have seen aren't listed as furnished, but are fully furnished in the photos.
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Kevin Erdmann Mar 22
Replying to @IamShaneMorris
Why wouldn’t those cities just approve the construction of more homes?
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Lucy Kemnitzer Mar 22
Developers refuse to build affordable housing, even with incentives. When AirBnB raises rents generally, developers build ever more ridiculously-priced units. We have in California more empty units than homeless people--all of it expensive investment property.
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