Phoenix has become a testing ground for the new normal in short-term rentals, as the market saw Airbnb and Vrbo listings quadruple to 21,000 in 2023, from 5,000 in 2017, according to the short-term rental analytics site AirDNA.
She first sensed a shift in the market two years ago, as she watched investors pay up to $1 million for similar properties. Then, her bookings began to drop. At its peak, her townhouse was bringing in $10,400 a month in 2017. In April 2023, bookings totaled just $2,000. At first, she was apprehensive. Though now, after two years, they have proven to be reliable tenants. One of Gascon's former Airbnbs turned long-term rental featuring a putting green.All four of her short-term rentals are now rented out long-term, having converted the last one in May. It gives her"peace of mind," Gascon said.