Airbnb has made it nearly impossible to find a place to live in this city

Excerpt from this article:

When Nicholas Herring’s landlord informed him that he was being evicted so that his apartment could be converted into a full-time Airbnb rental, he was distressed but unsurprised. This is the way of things in Reykjavik now. Herring’s story is not uncommon.

…In many cities, the popularity of short-term vacation rentals like Airbnb, VRBO, and HomeAway has put extra pressure on already stressed housing markets. In Iceland in particular, conditions have conspired to create the perfect Airbnb storm: An unprecedented uptick in tourism combined with a slowdown in the construction of new housing and hotels following the 2008 financial crisis. The surge in tourism helped get Iceland’s economy back on track, with Airbnb making up for the hotel room shortage. But now, while vacation rentals are plentiful, finding a full-time apartment in Iceland’s only major city is next to impossible.

…Last year, Robyn Phaedra Mitchell was told she needed to move out of her apartment so that her landlord’s sick relative could move in. But two days after she moved out, she found her old place listed on Airbnb.

 

 

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