Jakarta –
The author of the book ‘Rich Dad Poor Dad’, Robert Kiyosaki provides insight into when is the right time to become rich. In this case, he reminded how important it is to take advantage of opportunities when a market crash occurs, aka the stock market collapse.
According to him, the market crash is the right momentum to take advantage of if you want to become rich. Currently, the market that is facing collapse is the real estate market.
Reporting from Business Insider, Saturday (23/9/2023), Robert Kiyosaki shared his views via his personal X (formerly Twitter) account several weeks ago. This market expert warned of turmoil in the real estate sector and dragging down the name of the home rental service provider, Airbnb.
“AIR B&B will lead the real market crash. If you want a new home, your happy days are near,” wrote Kiyosaki, in his post.
“It’s the same with rental properties. The best time to get rich is during a crash. Good luck,” he continued.
This capital market expert did not explain in detail why Airbnb would cause a market crash. But he says a downturn in the short-term rental market could trigger a real estate crash.
That is the condition that is currently hitting Airbnb. Airbnb recently saw its number of short-term units drop by 70% in New York City, after the new law was passed. The regulations require Airbnb owners to register with the city if they plan to rent out their homes for less than 30 days’ rental.
The post reflects fears of an ‘Airbnbust’, a crisis in which Airbnb owners could be pushed to sell their properties due to low profits in the short-term rental market or due to stricter regulations in big cities. Some observers think a wave of sales by Airbnb owners could trigger a correction in 2008-style home prices.
This condition is also supported by a viral post on X’s social media last June, which claimed that Airbnb rental profits had fallen by more than 40% in large metropolitan cities. However, this was refuted by a study from analytical company AirDNA. In fact, it found the average income per available rental actually only decreased by 3.6% over the past year.
Additionally, the off-platform rental market like Airbnb also appears to be doing relatively well. Redfin data shows rental prices nearly hit an all-time high last month, thanks to stiff competition amid limited supply.
The Airbnb spokesperson also said the same thing. According to him, the new regulations do not burden business actors. “NYC is a different approach to short-term rental regulations. Most US cities already have short-term rental regulations, but none have taken such a burdensome approach. NYC is addressing this topic,” an Airbnb spokesperson told Business Insider.
Apart from that, he added that in 2022 there will not be a single city other than New York City (NYC) that will contribute more than 1.5% of Airbnb’s revenue. In line with record second quarter financial results, Airbnb is now stronger and more profitable than ever.
(shc/fdl)
2023-09-23 13:00:13
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