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Are Short-Term Rentals KILLING SANDPOINT’S Housing Market

Impact on the real estate market

by BEN GEANETTA, REALTOR®, TEAM LEAD

Ah, the memories of our childhood! As we grow older and reminisce with our own kids, it's hard not to notice how dramatically things have changed. My family and I would go out every Friday night for pizza, and after dinner we would head over to Blockbuster. We would choose one to two movies and pray that the last renter rewound the movie. My kids still don’t understand the pain of waiting—what seemed like forever—for a movie to rewind. Another concept my kids just can’t fathom, there was a time when you couldn’t pause live TV. Instead, you had to wait for a commercial to make a mad dash to the bathroom.

But you’re not here to read about the changes to the entertainment business but rather the evolution of where you stay when you’re traveling; the rise of short-term rentals through platforms like Airbnb and VRBO and how it has changed the lodging accommodations when traveling and the effects on the real estate market.

In this article we are going to lightly cover the history of short-term rentals and discuss a few reasons on the negative impact they bring.

The Birth of Airbnb and Its Revolutionary Impact

Back in 2008, an ingenious idea emerged that forever altered the way we explore the world: Airbnb. Initially created to provide affordable lodging during a sold-out conference, Airbnb's founders revolutionized the travel industry. They developed a platform connecting travelers with unique, locally hosted accommodations, transforming humble beginnings into a global phenomenon. Nowadays, Airbnb offers personalized lodging options that go beyond cookie-cutter hotels, providing guests with authentic and unforgettable experiences. Even renting an RV is possible under the same platform!

A New Avenue for Homeowners and Investors

The emergence of short-term rentals opened up a world of opportunities for homeowners and investors. Suddenly, property owners had a chance to maximize their investments by sharing their spaces with travelers from around the globe. Rather than leaving your property vacant while you're away or during periods of low use, you can now transform it into a desirable accommodation that attracts visitors seeking a unique and immersive stay.

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