Short-term rental platform Airbnb is providing much needed to hosts around the world.
Due to the COVID-19 pandemic, also known as the coronavirus, it has devastated the travel industry and in turn devastated hosts income. Between cancelled events and flights, the short-term rental industry is reporting unprecedented financial losses to hosts.
Although travelers have been accommodate with full refunds when canceling, some refunds being retroactive, Airbnb CEO Brian Chesky admits to not being the best “partner” by not communicating the companies revised force majeure policy.
Airbnb is committing $250 million to hosts, by providing them with 25% of the lost reservation revenue from cancellations. They have also created a $10 million Superhost Relief Funds, which will provide grants in the amount of $5,000, to Superhosts, to continue operations.
The refunds and grant applications are expected to be provided in April.