Airbnb (ABNB.O) is shifting its focus to long-term rentals as short-term rentals face increased scrutiny in tourist destinations like Athens and Barcelona.
According to CEO Brian Chesky, who spoke at a travel conference on Wednesday, September 18, long-term rentals are stays exceeding 28 days.
With local governments worldwide imposing restrictions on short-term rentals to boost housing availability for permanent residents, Chesky highlighted that “stays of 30 to 90 days, monthly stays, and seasonal stays represent a significant growth opportunity.”
Greece is imposing restrictions on Airbnb by banning new short-term rentals in three central districts of Athens.
He added that bookings for long-term rentals have increased in recent years, now accounting for 17% to 18% of the company’s activities, compared to 13% to 14% before the pandemic.
The company also aims to introduce new services, such as connecting property owners who don’t have the time to be Airbnb hosts with individuals who want to become hosts but don’t own a property to list on the platform.
Chesky mentioned that the company sees sponsored home listings as a potential billion-dollar revenue stream, drawing inspiration from the business models of Uber (UBER.N) and competitor Booking Holdings (BKNG.O)
