It is no secret that Airbnb has seen staggering growth since its founding. These days, there are over five million Airbnb hosts renting out properties all over the world. Meanwhile, in 2023, over 448 million
. This was almost double the number of bookings of five years ago. But why do travelers choose Airbnb over other popular accommodation providers, like hotels? Some motivations are lower costs, convenient locations, more authentic local experiences, and use of household amenities. This preference among consumers resulted in
reaching nearly 10 billion U.S. dollars in 2023.
Is Airbnb the most popular online travel company in the world?
In January 2023, Airbnb.com was the third
most visited travel and tourism website worldwide behind some of its biggest competitors Booking.com and Tripadvisor. Meanwhile, when looking at the
most downloaded travel apps worldwide in 2022, Airbnb came in fourth place with 52 million downloads. Comparatively, Google Maps took the top spot with over double the number of downloads. Despite not having the most visited website nor the most downloaded app, Airbnb’s growth does not show signs of slowing down. The company went public in December 2020, making it one of the top initial public offerings (IPOs) that year. Just three years later, in 2023,
Airbnb’s global market capitalization was valued at over 73 billion U.S. dollars.
Has Airbnb’s success come at a cost?
Airbnb’s success has not come without controversy. The ease with which
Airbnb hosts are able to list their properties on the platform has caused a rush to buy up properties in tourist hotspots. In some cases, displacing local residents. Cities such as New York have implemented laws requiring Airbnb’s short-term rental hosts to register with the city while adhering to specific conditions such as living in the rental property and not hosting more than two guests at once. Effectively putting a stop to those buying and renting properties for short-term rentals alone. In 2024, almost 90 percent of
Airbnb properties in New York were long-term rentals.
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