NASHVILLE, Tenn. (WTVF) — Some home buyers have their eyes set on the short-term rental market. It comes after a recent report showing Airbnb revenues are down 39% in Nashville, which could force hosts tell sell their homes.
"So my thoughts when I saw that were 'where are they getting this information?' We always have to try to disseminate when we get information on the internet," said Relocation Director of RE/MAX Advantage, Jeff Checko.
Despite the bleak picture painted by the report, Checko said that's not what he's seeing. Instead, he points to another report showing a much different decline of only 2.7%.
Checko said, "so we've seen a lot more inventory, but when you look at the numbers most property managers are talking about being down maybe just a couple of points."
Nashville Airbnb host Travers Xanthos believes the true number is likely somewhere in the middle. "We're coming off of all-time highs of last year," he said. "So even if it's 10%, 15% that's not so bad when we might have been up 20% last year."
He called the post-pandemic Airbnb boom an 'artificial high', but said he's not worried about a possible collapse any time soon - or having to sell any of his 35 properties.
"It's starting to come down a little bit and I have to keep reminding myself, like, to compare back to 2019 numbers because those are what we should be expecting at this time," said Xanthos.
Still, hosts have to remain competitive in the face of rising inventory.
"Will there come a point where there's so much Airbnb options for people that on an individual basis everybody starts to suffer? I think that's a realistic possibility," said Checko. "Are we seeing that in reality in the numbers right now? No."
Until then, hosts are banking on Nashville's growing tourism industry to keep the market alive.
