Airbnb may have a new competitor on the block: its own hosts.

Edwin Dorsey of newsletter The Bear Cave wrote that amid a deluge of terrible experiences, the Airbnb community has drifted away from independent offerings toward professionally managed vacation rentals.

They’re often highly rated and, most importantly, reliable. They’re also taking over.

• Per AirDNA, just 1% of Airbnb and Vrbo hosts are professional property managers, but account for 23% of all listings and 28% of total revenue.

Dorsey’s hypothesis…

… is that these superhosts are building their own booking platforms and websites, and offering discounts for private reservations.

• Airbnb guests and hosts pay 14% and 3% fees, respectively.
• Dorsey’s report found a two-night Stay Heirloom listing that was ~$125 cheaper than on Airbnb; we found a Fort Lauderdale Stays listing that was about ~$344 less for a four-night stay.

Upon the release of Dorsey’s report — which highlighted several negative Airbnb guest experiences ranging from unpleasant to deadly — shares dipped 5%, per Reuters.

Is there any good news for Airbnb here?

Hosts Sara and Tony Robinson, who manage 22 listings, previously told Business Insider they were ditching Airbnb to have more control over bookings and avoid fees, though they questioned whether a newcomer could fill their calendar without Airbnb or Vrbo.

And that’s what Airbnb does have: a huge platform and a lot of name recognition, which puts hosts in front of guests without requiring them to spend on marketing or outreach.

It also had a pretty solid 2022, with revenue up 40% and active listings up 16% YoY in Q4 2022.

Of course, one of the biggest competitors may remain the old-fashioned hotel, which doesn’t charge a cleaning fee then ask you to mop.