New data from Airbnb shows that many South Africans are turning to renting out parts of their homes for one common reason.
Amid the rising cost of living in South Africa, many are turning to becoming Airbnb hosts to boost their income – earning just over R26,000 per annum of additional income.
This is unsurprising when you consider food inflation has hit its highest point in 14 years, while fuel and electricity costs are expected to increase and remain elevated for the foreseeable future., Inflation in South Africa climbed even higher in March, moving counter to market expectations that pricing would ease for the month, while food and non-alcoholic beverages inflation also continued to accelerate.
The snapshot data for 25 April 2023 shows an under-recovery for petrol, indicating a price increase of up to 52 cents per litre.an 18.65% increase in electricity prices for 2023 and a 12.74% hike for next year.“Airbnb was born during an economic crisis to help people afford their homes, and 15 years later, more families across South Africa are doing the same,” said Regional Lead for Middle East Africa at Airbnb, Velma Corcoran.
The study also showed that the rising cost of living is pushing guests to seek more affordable family travel on Airbnb.
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