Can Airbnb Break or Fix the U.S. Housing Market? A Deep Dive with Taylor Marr
In this episode, Jamie Lane sits down with Taylor Marr, Senior Housing Economist at Airbnb. With eight years of experience at Redfin under his belt, Taylor brings a unique perspective on housing economics and the dynamics that govern long-term markets. Not to mention, he's an avid digital nomad who has called 15 cities home.
Taylor dives into some underrated aspects of the housing market that might surprise you. For instance, even though people are moving away from big cities like LA and New York, demand for housing there is actually going up, not down. This is primarily because of zoning rules and other regulations that have historically slowed down market growth in major cities. But that's changing, with over a million new apartment complexes now under construction.
Jamie and Taylor then explore the current housing affordability challenges amid rising inflation and high interest rates. Taylor notes that the landscape has shifted significantly over the past four years, and he anticipates further slowdowns in the housing market as both labor and GDP growth lose momentum. Contrary to widespread speculation about a looming housing collapse, Taylor suggests that people's commitment to retaining their low-interest-rate homes will stabilize the market. Currently, only 4 million existing homes are in active transactions, a remarkably low number, underlining that homeowners are keen to preserve their advantageous rates. Taylor adds that the market seems to be in a state of watchful waiting, keeping an eye on various potential triggers such as inflation, interest rates, geopolitical conflicts, and the upcoming elections.
Finally, the duo turns their attention to the future of the mid-term rental market. Taylor sees potential for growth in this segment, fueled by increased work flexibility, the rise of remote work, and emerging regulations that limit short-term rentals but permit mid-term options.
Don't miss out on this informative episode!
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