His cleaner was actually the first to point out the slowdown in bookings - she told Sullivan the same thing was happening with various rentals all over town. But this past fall, that income was slashed in half: Bookings dropped, his homes were empty more often than not, and his monthly revenue sank to $3,000.
For the past few years, his two Airbnb properties around Charlotte, North Carolina, had generated as much as $7,000 a month in revenue, which he and his wife stashed away for retirement. Nick Sullivan was facing a sudden squeeze.
As the industry grows up, cities can no longer afford to take a hands-off approach. Short-term rentals like those listed on Airbnb and Vrbo have never been in higher demand - or in greater supply.
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