Post by High Priestess on Nov 14, 2015 16:14:16 GMT
THis article discusses trends in Airbnb rentals in Korea:
english.chosun.com/site/data/html_dir/2015/11/14/2015111400582.html
Airbnb is conquering Korea, but resistance remains to the flagship of what is being touted as the "sharing economy."
Since it got started in Korea nearly three years ago Airbnb has listed 11,000 lodging spaces, a 2.3-fold jump from last year.
More and more younger people are discovering a simple and convenient way of making money by letting their home through the site, in full or in part, year-round or while they are away on holiday or business.
Many hosts list between three and 10 spaces on Airbnb, which suggests that they rent several spaces themselves to offer as lodging places for a substantial profit. In the trendy Hongik University area in northwestern Seoul, about two-thirds of the 122 spaces available are flats owned by such hosts.
At first the business model appealed mostly to retirees, but more and more young people are joining the site as hosts. One 34-year-old office worker who moved from Seoul to Gwangju kept his flat in the capital to make some money on Airbnb.
"I get the bookings online and then call cleaners by phone to tidy up the apartment, so everything is done remotely," he says.
Homes offered on Airbnb must be registered B&Bs or guest houses, but Seoul city says only 30 percent are registered properly. And even registered homes can only be let to foreigners, but often Koreans take advantage of the service too.
Of the 6,700 spaces listed in Seoul, 45.4 percent are for the entire home rather than just a room or part of the house. This has led to calls for tougher enforcement of tax laws as well as demands from hosts to make things easier for them and catch up with new digital business models.
There are also concerns that the bigger profits from short-term lets on Airbnb may reduce the number of rental homes available for long-term tenants and push up prices.
Airbnb has recently promised to come up with ways of better screening owners. "We understand the concerns and criticisms," an Airbnb spokesman said. “We will try to ensure that people with available spaces in their own homes rather than commercial landlords get a better chance."
Korean listings show mostly immaculate flats reminiscent of hotel rooms rather than spare bedrooms in someone's home.
english.chosun.com/site/data/html_dir/2015/11/14/2015111400582.html
Airbnb is conquering Korea, but resistance remains to the flagship of what is being touted as the "sharing economy."
Since it got started in Korea nearly three years ago Airbnb has listed 11,000 lodging spaces, a 2.3-fold jump from last year.
More and more younger people are discovering a simple and convenient way of making money by letting their home through the site, in full or in part, year-round or while they are away on holiday or business.
Many hosts list between three and 10 spaces on Airbnb, which suggests that they rent several spaces themselves to offer as lodging places for a substantial profit. In the trendy Hongik University area in northwestern Seoul, about two-thirds of the 122 spaces available are flats owned by such hosts.
At first the business model appealed mostly to retirees, but more and more young people are joining the site as hosts. One 34-year-old office worker who moved from Seoul to Gwangju kept his flat in the capital to make some money on Airbnb.
"I get the bookings online and then call cleaners by phone to tidy up the apartment, so everything is done remotely," he says.
Homes offered on Airbnb must be registered B&Bs or guest houses, but Seoul city says only 30 percent are registered properly. And even registered homes can only be let to foreigners, but often Koreans take advantage of the service too.
Of the 6,700 spaces listed in Seoul, 45.4 percent are for the entire home rather than just a room or part of the house. This has led to calls for tougher enforcement of tax laws as well as demands from hosts to make things easier for them and catch up with new digital business models.
There are also concerns that the bigger profits from short-term lets on Airbnb may reduce the number of rental homes available for long-term tenants and push up prices.
Airbnb has recently promised to come up with ways of better screening owners. "We understand the concerns and criticisms," an Airbnb spokesman said. “We will try to ensure that people with available spaces in their own homes rather than commercial landlords get a better chance."
Korean listings show mostly immaculate flats reminiscent of hotel rooms rather than spare bedrooms in someone's home.