Airbnb listings in Los Angeles County rose 42 percent from May 2015 to January of this year. The uptick was sharpest in Hollywood, Venice and Downtown, the Los Angeles Times reports.
Hollywood saw 409 more listings in that time period, while Venice saw an additional 346 and Downtown saw an extra 267 posts.
According to CBRE, Airbnb’s increased presence may prevent hotel rates from skyrocketing in markets like Santa Monica and Marina del Rey, where Airbnb has one room listed for every two hotel rooms. In those two areas, hotel rates only increased 5.6 percent in 2015 over the previous year.
By contrast, in L.A. County neighborhoods that have less Airbnb listings, hotel rate hikes were steeper. In the area around the Los Angeles International Airport, hotel room rates rose almost 13 percent. [LAT] – Hannah Miet