Demand for Airbnb Bookings Up Despite Inflation

Despite inflation and high gas prices demand for Airbnb bookings keep going up.

Airbnb stated that in three months, ending in Jun, they had 103.7 million bookings on its platform. This was a new quarterly high for the company, a 24% increase from the same quarter in 2019 before the business was devastated by the pandemic.

With this extreme increase in bookings Airbnb showed a revenue of $2.1 billion. This is up 58% compared to the prior year. Airbnb has reported a net income of $379 million, which is its most profitable June quarter to date.

The company also benefited from higher average daily rates for its vacation property listings. The $164 average daily rate for a vacation rental was down slightly compared to the first three months of this year but are up 40% when compared to the same quarter in 2019. Airbnb noted that its rates in high population density urban areas, which typically snatch higher daily rates, not only increased compared to early in the year but also in comparison to pre-pandemic levels.

Despite these increases, Airbnb stock went down by 4% in after-hours trading follow the release of these results.