Low supply of rentals in LA are starting to pay dividends for homeowners who are leveraging Airbnb for extra cash. Hosts in LA made a combined $262M in 2016, making it the top Airbnb city in California.
As a prime destination for dreamers looking to open up shop and tourists looking to experience LA the way locals do, it makes perfect sense Angelinos are able to cash in on the Airbnb phenomena. In a previous post, we discussed a fundamental reality in the greater LA area for both rentals and residential listings -- low supply and high demand.
The economics can't be denied and we're seeing it play out in the the Airbnb circuit. In fact, the LA times reports that Californians sharing their homes through the Airbnb platform grew 51% in 2016 compared to 2015. That's over 76,000 hosts in CA in 2016 compared to about 50,000 in 2015.
With about 1M guests annually, LA is the top city in California, followed by San Francisco (444,000 guests) and San Diego (357,300 guests) rounding out the top 3.
What does this mean for homeowners? What are the implications for those looking to sell? Feel free to reach out and we can talk strategy. Otherwise, you can also try out our free market service to get a lay of the land in your neighborhood.
