Analysis: Enjoy your Airbnb — just don't forget to do the laundry and take out the trash

September 23, 2022 at 00:00

New York (CNN Business) Anyone who's stayed in an Airbnb knows the experience can be a roll of the dice.
Strip the beds, wash the linens, load and unload the dishwasher, water the plants, mow the lawn, don't touch the record collection...And that's on top of triple-digit cleaning fees.
One traveler told the Journal that her $299-a-nightAirbnb in Sedona, Arizona, came with a $375 cleaning fee, plus a list of chores.
Airbnb hosts say there are two reasons for the higher fees and the chore demands: Covid-19 raised sanitation requirements, and — you guessed it — inflation.
Airbnb allows hosts to set their own rates and encourages them to avoid cleaning fees if possible.
To be sure, some travelers with bad Airbnb experiences are fleeing to hotels, but there doesn't appear to be an existential threat to the homestay model Airbnb pioneered.
BOTTOM LINEThe social media outrage about cleaning fees and chores is certainly a PR headache for Airbnb, but it's far from a crisis.
Plus, Jon speaks to Redfin's Chief Economist Daryl Fairweather about what homebuyers need to know about mortgage rates.
In late 2020, the problem was supply — buyers were flush and mortgage rates were low, there just weren't enough houses on the market (cue the all-cash bidding wars).
Today, that same buyer would find the median price has shot up to $403,800, and the average mortgage rate is more than 6%, so their monthly payment would come out to $1,941.
Honestly, there's probably a fifth, sixth and seventh punch in there, too, but we don't have time for all that.
), but mortgage rates may keep going up as long as the Fed keeps raising interest rates.