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Stock impact report

The big winner of the Airbnboom: luxury rentals [Yahoo! Finance]

Airbnb, Inc. - Class A (ABNB) 
Company Research Source: Yahoo! Finance
It was meant to be an investment project for him and his daughter to work on together. But as more people moved away from bustling and expensive urban centers and landed in the Midwest , their hopes were quickly shattered. The Fort Wayne housing market boomed. High demand for homes , coupled with the city's low housing stock, has kept costs relatively high — a Redfin analysis of housing data found home prices were up 9.2% in October compared with last year. The hot housing market has translated into higher property taxes, which is throwing off the short-term-rental business model. "The houses we purchased to turn into Airbnbs have been assessed so much higher than what we put into them that we almost can't afford to keep them," Kelly said. "The return on equity wouldn't be as high." Owners of short-term rentals across the country have faced a similar reality, sharing stories of declining revenues over the past few years as the market was flooded with new rentals AirDNA , an analyt Show less Read more
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