Author of "Rich Dad Poor Dad," Robert Kiyosaki, expressed concerns about a potential real estate crash triggered by challenges in the short-term rental market. In a recent Twitter post, he predicted turbulence in the real estate sector and highlighted Airbnb's role in the scenario.
Robert Kiyosaki, author of Rich Dad, Poor Dad, has said that a real estate market crash is coming, and it is the best time to get rich,
1/29/2024
Kiyosaki stated, "AIR B&B to lead real market crash. If you want a new home, your happy days are around the corner. Same for rental property. The best time to get rich is in a crash." The cautionary note comes as Airbnb faced a 70% decline in short-term units in New York City due to new regulations mandating registration for rentals under 30 days.
Responding to concerns, an Airbnb spokesperson mentioned that NYC's approach to short-term rental regulations is unique and highlighted the company's overall strength and profitability. Kiyosaki's warning aligns with fears of an "Airbnbust," where property owners might sell due to reduced short-term rental profits or stricter regulations.
While a viral post in June suggested a significant decline in Airbnb rental profits, a study using a broader dataset found a modest 3.6% decrease in average revenue per available rental over the past year. Despite potential challenges in the short-term rental market, the broader rental market, excluding platforms like Airbnb, remains robust, nearing all-time highs.
Known for his bold tweets, Kiyosaki has consistently raised alarms about an impending market crash. He encourages followers to invest in real estate, silver, and bitcoin as hedges against what he perceives as "systemic" inflation.
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