Our neat categories for living, working, or playing spaces are being disrupted. We track the dynamics that shape these changes in a weekly newsletter. Sign up here for timely industry news. You will also find a selection from the past week’s newsletter below.
Death of the ‘Master Lease Model’
Short term rental companies using the master lease model have suffered in the pandemic, leading to swaths of apartments returning to the standard multi-family market. Master leases by nature haven’t been able to share in that positive news (recovery of STRs), since they depend on multi-family buildings in cities, which still have months to go before tourists begin returning in large numbers.
Vrbo Pulls Out of Toronto
Vrbo has announced that it’s quitting Toronto for good. “After years of ongoing discussions, Expedia Group is saddened that the regulatory environment in Toronto has caused us to withdraw from the short-term vacation-rental market.” Airbnb is the only licensed platform to operate short-term rentals in Toronto.
Landing Gets Another $100M to Expand Flexible Living Across 75 Cities
The flexible living membership company raised $100M in new funding: a $45M Series B and a $55M debt facility. “The growing need for more nimble living solutions is clear and Landing’s unique offering fills a massive opportunity in the market.”
Airbnb Cancels All Reservations In Metro D.C. During Inauguration Week
Airbnb cites various officials’ requests that people do not travel to the area during this time. It will also block new bookings in the area during that period. Airbnb says it will refund guests whose reservations were canceled and reimburse hosts for the money they would have earned from the canceled reservations.
Atlanta Gets New Regulations on Short Term Rentals
Rules are being set for everyone who owns a short term rental property. There are two pieces of legislation that sets occupancy levels for any short term rental and the owners must register for an annual certificate.