by Suzanne Rowan Kelleher, Forbes.com
When the going got tough during the Covid-19 pandemic, it’s now apparent that many of the tough got renting. For many folks with their backs against a financial wall, renting out all or part of their homes was the difference between staying economically afloat and going bust, according to a new report from Airbnb.
The economic impact has been meaningful on both a macro and micro level. New Airbnb hosts who have joined the platform just since the pandemic began, with only a single listing, have collectively earned more than $1 billion around the world.
In the United States, this translates into $67 million earned by new hosts in California, including $10 million in Los Angeles. New Airbnb hosts in Florida brought in $42 million, including $7 million for the South Florida Gulf Coast. In New York State, new hosts earned $36 million, including $10 million in the Catskills and Hudson Valley. And on and on.
In the U.S., a typical new host earned $3,900 in the pandemic, almost twice the amount Uncle Sam recently made available for eligible Americans through stimulus checks. That sum is undoubtedly significant for the one in four American adults who have had a hard time paying bills, according to a Pew Research Center survey.
Article by Suzanne Rowan Kelleher, Forbes.com, February 18th, 2021. Click here to read the full article on Forbes.com.