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Airbnb CEO wants hosts to charge less for short-term rentals

Stellar Snippets

Airbnb CEO Brian Chesky asked hosts on his platform to lower their prices "to be more competitive vis-à-vis hotels."

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Chesky now wants to focus on the issue of affordability, showing customers total prices per listing and fake listings.

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Before, the property would be listed at a competitive price, but the host would charge high cleaning fees which would be hidden until checkout.

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The prices listed on the platform will now include rent and all other additional fees that the host wants to charge.

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2022 was Airbnb's first profitable year. Yet, hosts complained of booking slowdowns, stiff competition, and falling revenue.

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In 2020, it lost 80% of its business due to the pandemic, but it also had one of the most successful IPOs when it opened.

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The fears of the "Airbnbust" came after a sudden record surge in revenues in 2021 which led more people to list their homes as well.

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Chesky hopes that with over 50 updates in May 2023 and five more in November, they will be able to "perfect" their core service.

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