Advertisement

Want To Airbnb In CEO Brian Chesky's Property? You Can Because He Listed His Property On Platform

  • Airbnb, Inc (NASDAQ: ABNB) CEO Brian Chesky continued to increase room supply on the travel platform, with the average price per night soaring more than 40% above pre-pandemic levels, the Financial Times reported.

  • He laid out countermeasures, including a move to pay existing hosts to help new ones get set up on the platform as longer-term plans to reduce cleaning fees.

  • Among the new hosts joining the platform is Chesky, whose San Francisco home is now among those listed.

  • The average daily cost of a stay on Airbnb was $156 in July-to-September, up 5% versus 2021 and over 40% compared with 2019.

  • “If you’re looking for a city on a certain day, kind of last minute, that’s not nearly what we’d want,” Chesky said. “So I’m not satisfied; I’d like it to become more affordable.”

  • Chesky said the rise in rental rates continued to be driven by supply constraints in popular locations and a dramatic spike in the cost of cleaning fees added to customers’ bills.

  • He considered launching a marketplace that would allow local cleaning providers to compete against each other more directly to reduce rates.

  • Supply on the site has shown signs of picking up, with active listings up 15% over last year. Airbnb launched several service updates this week to increase the number of available rooms and properties.

  • Airbnb said it would also verify the identities of all Airbnb customers by spring 2023. Chesky said Airbnb had no plans to freeze hiring or change its recruitment plans.

  • The company raised the insurance cover to $3 million and now includes hosts’ parked cars, or boats, at the property.

  • Price Action: ABNB shares traded lower by 1.5% at $105.39 on the last check Wednesday.

See more from Benzinga

ADVERTISEMENT

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.