Airbnb announced that its Greater Chattanooga host community earned a combined $6 million in supplemental income while welcoming approximately 62,000 guest arrivals to the region in 2017.
That is up from $2.5 million and 24,600 guests the prior year.
Chattanooga is the 4th most popular home sharing market in Tennessee, behind only Nashville as well as (narrowly) Memphis and Sevierville.
Nearly all of the cities in the Chattanooga region achieved over 100 percent year-over-year growth in guest arrivals.
The group said, "Statewide data indicates that Airbnb and its host community appear to be complementing -- rather than competing with -- the Tennessee hotel industry. A late 2017 report from Marcus & Millichap concludes that Tennessee hotels outside of Nashville are demonstrating strong revenue growth. This suggests that Airbnb is opening up the region to a new slice of prospective tourists by catering to travelers less able to afford hotels, those who desire to stay in neighborhoods or cities that lack hotels, and families who prefer to be together under one roof.
"In 2017, Chattanooga took steps to officially recognize and legalize short-term rentals within much of the city. Airbnb is also hopeful to secure a tax agreement with Hamilton County and any other local governments within the region, similar to the recent agreement with Memphis. These tax agreements allow Airbnb to collect and remit local taxes on behalf of its hosts, typically resulting in new revenue for the respective local government. Airbnb has been engaged in productive conversations with Hamilton County officials along these lines and looks forward to hopefully beginning to collect these taxes in 2018."
Below is an overview of each city:
|
City
|
Total 2017 Guest Arrivals
|
Total 2017 Host Income
|
|
Chattanooga
|
53,000
|
$5,200,000
|
|
Lookout Mountain
|
4,400
|
$389,000
|
|
Cleveland
|
1,600
|
$123,000
|
|
Ooltewah
|
1,600
|
$148,000
|
|
Signal Mountain
|
1,300
|
$133,000
|
Founded in 2008, Airbnb’s mission is "to create a world where people can belong when they travel by being connected to local cultures and having unique travel experiences. Its community marketplace provides access to millions of unique accommodations from apartments and villas to castles and treehouses in more than 65,000 cities and 191 countries."