With one of the lowest vacancy rates in the nation, and rents having risen by 30% over the past decade, Washington D.C is facing one of the most severe housing crises of any metropolitan area across the country. Airbnb is now contributing to this crisis. Commercial operators are using Airbnb to convert a growing number of homes and apartments into short-term tourist rentals, depriving families of much-needed housing.
A new report, "Selling The District Short," analyzes Airbnb’s impact on the residential housing market in Washington, D.C.
- 67% of Listings Are Illegal - Of the 5,295 Airbnb listings, 67% are likely illegal entire-home/apartment listings. These units remove housing from the rental market.
- 37% of Listings Are From Commercial Operators - Nearly 2,000 listings, or 37%, are commercial listings rented out by operators with multiple listings.
- Majority Of Airbnb’s Profits Are From Commercial & Illegal Listings – 52% of Airbnb’s total annual revenue was generated by commercial hosts, and 82% of revenue came from likely illegal entire-home listings.
- 10% Vacant Housing Converted Into Illegal Commercial Listings in top twenty Airbnb neighborhoods - In nineteen of Airbnb’s twenty most poplar neighborhoods, commercial listings account for at least 10% of vacant housing stock. In eight of these neighborhoods, Airbnb’s illegal commercial listings account for an average of 15% of the vacant housing stock.