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Monday 10 May, 2021
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US housing regulator FHFA considers
short-term rental lending measures
US: The main US housing regulator is calling for input on how to safeguard against potential lending risks associated with residential buildings which have a high proportion of short-term rental units.
READ MORE.
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EDITOR'S COMMENT
10•05•21 Welcome to the latest ShortTermRentalz newsletter.
• The debate over the effects of short-term rentals on the housing market is a complicated and divisive one, with passions often running high on both sides.
But one facet of the issue which hasn't been widely discussed until now is the potential lending risk associated with residential buildings filled with short-term rental units.
Now the US housing regulator, the FHFA, is calling for input as it prepares to address the issue. The regulator, helmed by 2019 Trump appointee Dr Mark Calabria, is particularly concerned that the mortage and insurance products offered by Fannie Mae and Freddie Mac, the two federally-backed US home mortgage companies, are not designed to manage the range of risks at a single project.
“Many sellers do not have the expertise to complete the underwriting required to manage risks that are commonly addressed through commercial insurance underwriting and appraisal practices,” it said.
Interested parties are being given until July 5 to submit input and we can expect a tightening of regulation on condo, co-op and planned unit developments used mainly for vacation rentals.
• Airbnb's Q1 results, due on May 13, are keenly anticipated by a diverse group of stakeholders. Investors are concerned about how its share price will be affected, but the wider travel industry is looking at Airbnb as a barometer of the sector's rebound, as pandemic restrictions are lifted in many countries.
With 80 per cent of its revenue coming from the US and EMEA, where there is a broadly positive picture as vaccination rollouts gather momentum, I am expecting Airbnb's numbers to be a shot in the arm for travel, if you'll excuse the pun.
• Finally, relive all of the highs from the 2021 Shortyz Awards by viewing our two-minute highlights video HERE or the full recording of the big night HERE.
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