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Enjoy your Airbnb – don’t forget to do the laundry and take out the trash

But tenants are increasingly fed up with the lists of do’s and don’ts waiting for them inside. Strip the beds, wash the sheets, load and unload the dishwasher, water the plants, mow the lawn, don’t touch the record collection…

And that’s on top of triple-digit cleaning fees.

Backlash against insightful hosts is growing, according to information from The Wall Street Journal. A traveler told the Journal that her $299 a night Airbnb in Sedona, Arizona came up with a $375 cleaning fee, more a list of chores.

It’s pretty much the last thing anyone wants to do on vacation.

Airbnb hosts say there are two reasons for the higher fees and drudgery requirements: Covid-19 increased sanitation requirements and — you guessed it — inflation. The cost of hiring cleaners is on the rise, and so are utility bills. And hosts aren’t just renting out their properties for fun – they’re running a business.

Airbnb allows hosts to set their own rates and encourages them to avoid cleaning fees if possible. The company says just over half of its active listings charge such a fee, which averages less than 10% of the total booking cost.

For some travelers, these extra costs and labor reminded us that once upon a time, before the gig economy, there were these other places you could rent in buildings across the country where cleaning is done. for you. Oh yes, hotels! Memory?

A frustrated traveler told the Journal that the lakeside cabin she rented didn’t have a working dishwasher or vacuum cleaner, so she spent the last day mopping the floor by hand . Then the host gave it a humble three star review for cleanliness.

His next trip will be to a hotel.

“It’s $50 cheaper,” she told the newspaper. “And we have nothing to clean up.”

Granted, some travelers with bad Airbnb experiences flee to hotels, but there doesn’t seem to be an existential threat to the homestay model pioneered by Airbnb.

It’s a bit like choosing between Starbucks or the local independent coffee shop when you’re in a new town. At Starbucks, you know what you’re getting. Will this be the best cup of coffee of your life? Probably not, but at least you can count on it. The local place probably has unexpected charms, quirky artwork on the walls, maybe even premium coffee, but it can also smell weird or play panpipes music or just take too much time to place your order.

Hotels cater to the Starbucks crowd; Airbnb relies on independent cafes that tend to want to feel like they live wherever they go.

LOWER RESULT

Social media outrage over cleaning fees and chores is certainly a PR headache for Airbnb, but it’s far from a crisis. The Airbnb model is now fully integrated into the fabric of the hospitality industry, although it still struggles to grow.

Pent-up demand this year helped the company turn a profit in the second quarter, even as inflation ate away at travelers’ budgets.

Airbnb is also looking at the work-from-anywhere model – its own CEO, Brian Chesky, announced earlier this year that he would live full-time as a digital nomad, bouncing from one Airbnb to another. another every few weeks. This is something that hotels can’t sell in the same way (in my opinion, someone who spent three full weeks in a 100 square foot hotel room earlier this year and nearly lost his mind in the process).

For more on the Airbnb vs. hotel discussion, check out our latest Nightcap show, where host Jon Sarlin and I get into it all. Plus, Jon talks to Redfin Chief Economist Daryl Fairweather about what homebuyers need to know about mortgage rates. And The New York Times’ Jodi Kantor explains how employers can track you while you work from home, which is every bit as scary as it sounds.

NUMBER OF DAYS: 13 million

Amazon’s debut “Thursday Night Football” was a hit, drawing 13 million viewers to watch the Kansas City Chiefs beat the Los Angeles Chargers.

The event “exceeded all of our viewership expectations” and led to “the highest three hours of U.S. Prime sign-ups ever in Amazon history,” said Jay Marine, head of sports. at Prime Video.

Why it matters: For the first time, the NFL, television’s most valuable commodity, is creating a digital-only set of games. CNN Business’ Frank Pallotta has the story.

THE HOUSING MESSAGE

Trying to buy a home anytime in the past two years has been… tricky, to say the least. At the end of 2020, the problem was supply – buyers were on edge and mortgage rates were low, there just weren’t enough homes on the market (signals bidding wars while species).

Now, however, the problem is demand. Buyers are abandoning the market because listing prices remain high and mortgage rates, which have already doubled in the past year, are poised to continue to climb as the Federal Reserve raises interest rates. interest.

Consider this mind-blowing calculation from my colleague Anna Bahney:
  • A year ago, a buyer who had staked 20% on a home at the median price ($359,900 at the time) and financed the rest with a mortgage rate of 2.86% (the average 30-year fixed rate at then) had a monthly payment of $1,192.
  • Today, that same buyer would find that the median price has jumped to $403,800 and the average mortgage rate is over 6%, so their monthly payment would be $1,941. That’s $749 more every month!
This is just one of the myriad ways Fed rate moves affect real people.

LOWER RESULT

Housing mess is worse than a punch. It really is a one-two-three-four punch considering (1) still high house prices, (2) still low inventory thanks to supply chain issues, (3) the rental market also sucks because so many would- Homebuyers are flooding in, driving up prices for people who have no choice but to rent, and (4) the cost of literally everything else in your life increases at the same time. Honestly, there’s probably a fifth, sixth, and seventh punch as well, but we don’t have time for all of that.

So will it be better? Ultimately. Prices are starting to dropYay!), but mortgage rates could continue to rise as long as the Fed continues to raise interest rates. That probably won’t happen until 2024 at the earliest (boo!).

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