AirBnb is in trouble in the US for this exact thing. At the end of the day they have to hope they can find enough people who want to pay a much higher short term rate.
Yes same in various cities in Europe where they have banned or restricted Airbnbs as it pushes prices up for residents. In Kuala Lumpur various Condos ban Airbnbs as residents don't want to constant change of people from Airbnbs and sometimes other issues aswell.
AirBnB definitely pushes up rates in whatever town the rentals are in. But, in BGC, units have been vacated by Chinese nationals formally running Pogos leaving. Moreover, a couple of thousand condo units have/are coming online as building nears completion. I am hearing of rental prices decreasing, not increasing.
Thank you for keeping the conversation current. Lamudi is a great place to research and locate rentals. As you’ve cited POGOS, and also the reporting of excess inventory, and hesitation for buyers to invest in insanely priced new condos, there does seem to be more condos below 30k. The great thing with Lamudi is it shows the date listings are updated. I believe data shows you are correct. Best, Joe.
Hi Joe! You're right about the prices going up in BGC. There's always a price to pay to be in an upscale area and the landlords capitalizes on that. People are willing to pay the prices. And I'm not here to put blame on any group of renters. Supply & demand.
We did a family Airbnb in Orlando during Christmas 2022, cost was $5K for one week. Was not impressed and told the wife next time we will just stay in one of the resort hotels. Better experience for the grandkids and easy access to the parks.
Airbnb is really slow right now in Cebu; It’s much better to get a long term tenant. This business model only works in BGC because it’s a flop in cebu right now
Only few condo buildings allow airbnb and upscale properties prohibit subleases. Airbnb is a security risk for other residents in the building. Proceed with caution.
Personally, I would avoid moving into a building that permits AirBnbs !! Many cities in the world have started to ban them! (In the Philippines, stay away from condo buildings built by Megaworld).
If you want to rent your Airbnb in BGC, you better have upgrades, nice furniture, mattresses and large smart TV's. I seen many Airbnb's in BGC with cheap finishes and furniture that most folks from the West would not rent. I could never understand an investor paying 400K plus for a BGC condo and then placing cheap furniture, mattresses and fixtures in it and trying to rent on Airbnb. If I am paying $5000 a month for a 2 bedroom Airbnb in BGC, I want quality mattresses and furniture.
One thing I noticed: I started looking at Cebu Business Park Condo prices back in May... Prices were gradually sliding down. The POGOs being outlawed is one of the reasons I was given. Then when I arrived in October the Three & Six Month Contracts had EVAPORATED. The reason I was given for that was the "High Season". Then the Cheaper One Year Condos started to be snatched up by people who only wanted them for Six Months, but were willing to pay the Lease Penalty up front. So, I ended up paying 35k instead of the 25K I expected... But it's a Older place, larger Condos. More retirees. Some units only occupied during the High Season. Yes, AB&B has many fairly new listings in the Newer Buildings right up against the Mall... But I'm happy in the Oldest Condo Building in Business Park.
@@fearless6947 Either walk away from the Deposit or pay for the Full Year... The Realtor didn't specify. Considering most Landlords want Post Dated Checks for Future Rent, it could go either way.
Don't worry Joe with all this free money from ABNB money the Developers will be flooding the market with new builds. 20 story residential condos meet 40 stories.
AirBnb is in trouble in the US for this exact thing. At the end of the day they have to hope they can find enough people who want to pay a much higher short term rate.
Good info. Thank you for contributing to the conversation.
Yes same in various cities in Europe where they have banned or restricted Airbnbs as it pushes prices up for residents. In Kuala Lumpur various Condos ban Airbnbs as residents don't want to constant change of people from Airbnbs and sometimes other issues aswell.
I never considered that angle. Very informative. Thanks Joey!
Thank you!
AirBnB definitely pushes up rates in whatever town the rentals are in. But, in BGC, units have been vacated by Chinese nationals formally running Pogos leaving. Moreover, a couple of thousand condo units have/are coming online as building nears completion. I am hearing of rental prices decreasing, not increasing.
Thank you for keeping the conversation current. Lamudi is a great place to research and locate rentals. As you’ve cited POGOS, and also the reporting of excess inventory, and hesitation for buyers to invest in insanely priced new condos, there does seem to be more condos below 30k. The great thing with Lamudi is it shows the date listings are updated. I believe data shows you are correct. Best, Joe.
New subscriber joe fantastic information you where recommended by Scott T
Thank you very much! Glad you’re here. Scotty is a good dude!
@Joeysgonerogue 💯
Hi Joe! You're right about the prices going up in BGC. There's always a price to pay to be in an upscale area and the landlords capitalizes on that. People are willing to pay the prices. And I'm not here to put blame on any group of renters. Supply & demand.
Supply and demand indeed!
We did a family Airbnb in Orlando during Christmas 2022, cost was $5K for one week. Was not impressed and told the wife next time we will just stay in one of the resort hotels. Better experience for the grandkids and easy access to the parks.
I think that is becoming more common. Thank you for the contribution, Joe
Good to know!
Thank you Adrian!
Airbnb is really slow right now in Cebu;
It’s much better to get a long term tenant.
This business model only works in BGC because it’s a flop in cebu right now
Thank you for adding good information here. Best, Joe
I was in Cebu city in 2022 and traffic and air quality was bad due to the growth. Cebu city was much better 20 years ago.
Wow, great info Joe, very good to know, thanks for sharing
Thank you Paul.
Only few condo buildings allow airbnb and upscale properties prohibit subleases. Airbnb is a security risk for other residents in the building. Proceed with caution.
Excellent points! Thank you!
@@Joeysgonerogue in my condominium in Cebu lease contract has to be 6month minimum so nothing like airbnb is allowed
Wish they were upfront about if they allow ABB and enforce it. ABB should be outlawed imo
I agree. There are a lot of people who jumped on the property wagon in hopes of making a fortune. Many are now bankrupt.
What is ABB?
@@animebinge5867 I think, AIrBNB
Personally, I would avoid moving into a building that permits AirBnbs !! Many cities in the world have started to ban them! (In the Philippines, stay away from condo buildings built by Megaworld).
Good advice. Although I have friends who work for Megaworld, I would also not choose them again.
@Joeysgonerogue the ability to Airbnb it is a major selling point for Megaworld condos 😕
If you want to rent your Airbnb in BGC, you better have upgrades, nice furniture, mattresses and large smart TV's. I seen many Airbnb's in BGC with cheap finishes and furniture that most folks from the West would not rent. I could never understand an investor paying 400K plus for a BGC condo and then placing cheap furniture, mattresses and fixtures in it and trying to rent on Airbnb. If I am paying $5000 a month for a 2 bedroom Airbnb in BGC, I want quality mattresses and furniture.
Agreed!
most high end condominium dont allow airbnb
Great point!
We are staying in Uptown Suites tower 2 in BGC next month. Also, seen Airbnb allover BGC and Rockwell in up scale high-rise buildings.
This is very informative! Now go here in Bacoor! Hehehe
Bacoor rocks!
One thing I noticed: I started looking at Cebu Business Park Condo prices back in May... Prices were gradually sliding down. The POGOs being outlawed is one of the reasons I was given. Then when I arrived in October the Three & Six Month Contracts had EVAPORATED. The reason I was given for that was the "High Season". Then the Cheaper One Year Condos started to be snatched up by people who only wanted them for Six Months, but were willing to pay the Lease Penalty up front. So, I ended up paying 35k instead of the 25K I expected... But it's a Older place, larger Condos. More retirees. Some units only occupied during the High Season. Yes, AB&B has many fairly new listings in the Newer Buildings right up against the Mall... But I'm happy in the Oldest Condo Building in Business Park.
how does the lease penalty work? You mean you lose the deposit and walk away free?
Good strategy
@@fearless6947 Either walk away from the Deposit or pay for the Full Year... The Realtor didn't specify. Considering most Landlords want Post Dated Checks for Future Rent, it could go either way.
Don't worry Joe with all this free money from ABNB money the Developers will be flooding the market with new builds. 20 story residential condos meet 40 stories.
It’s insane to think there’s a market for so much, but smarter people than me must think it’s worth the risk! Best, Joe
Airbnb sucks.
I second that motion!
Airbnb arbitrage
Excellent point! Perfectly on point!