Black twitter is celebrating the demise of a brand that was once a hit amongst millennial and Gen-Z consumers, Airbnb. After price gouges and exorbitant fees, Black twitter has had enough of the vacation rental company, whose revenue collapse is on the horizon according to Newsweek.
On June 27, Nick Gerli, CEO of real estate and finance data app Reventure, tweeted “The Airbnb collapse is real,” complete with a graphic showing nearly 50% drops in profits for prominent cities such as Phoenix, Arizona and Austin, Texas.
The Airbnb collapse is real.
Revenues are down nearly 50% in cities like Phoenix and Austin.
Watch out for a wave of forced selling from Airbnb owners later this year in the areas hit hardest by the revenue collapse. pic.twitter.com/xjGkj7bFC5
— Nick Gerli (@nickgerli1) June 27, 2023
After news broke of Airbnb’s declining revenue, twitter users took to the social media platform to share their thoughts of good riddance on the matter. One user, @Chrissy__Dee, did not mince words in her take on Airbnb’s abysmal situation.
The Airbnb industry murdered itself unprovoked. Because the model is still very useful but owners were trying to milk unreasonable profits from something that was supposed to be inexpensive by design.
— Chrissy (@Chrissy__Dee) June 28, 2023
Saying the once booming brand “murdered itself,” the commenter continued on her critique by blaming the owners who “were trying to milk unreasonable profits” from a company whose original mission and purpose was to be a cheaper alternative to hotels.
Other tweeters chimed in supporting the original post, which since its release Wednesday morning has garnered hundreds of quotes and retweets, with another user noting how Airbnb contributed to rising homelessness populations in certain cities, causing for legislation to pass in order to restrict the amount of properties that could be used as short-term rentals within the service.
And then add that they became a HUGE contribution to homelessness. So much so cities like Atlanta had to pass laws limiting landlords 2 & 3 properties. Like they price gouged and greedily bought up affordable housing so bad state’s literally had to step in and say ENOUGH. https://t.co/QBcnvZLK35
— Vicki Vallencourt 🥀 (@HotHoneyHalo) June 28, 2023
Another noted how the higher costs did not match the advantages of booking an Airbnb, as increased cleaning fees and case-by-case rules of no parties or additional guests made frequent customers hesitant to continue using the company, or boycott its usage altogether.
The raising of the prices wasn't the issue for me. I think the raising of the prices while putting Hella restrictions on the place is my issue. Why charge 400 a night and I can't play music, have anybody over, don't use the pool…what? https://t.co/hdQ3XokBs1
— Teeth Sweat (@notslicka_333) June 28, 2023
Airbnb’s downward trajectory could signal a potential housing market crash, as shrinking profits could lead to the mass selling of homes, an issue that contributed to the 2008 housing crash.
However, the controversial business has received so much substantial flack from customers over the years that it is evident Black twitter does not care how it impacts the overall economy, so long as Airbnb suffers for its wrong moves.
RELATED CONTENT: Illegal Airbnb Has Amassed Almost $1 Million In Fines