The ostracism of Airbnb in New York has exploded home exchanges in the American metropolis.
According to a report by tourism website skift, HomeExchange, a leader in this sector, saw a 53.6% jump in the number of exchanges completed in New York since the famous Law 18 came into force. “HomeExchange members are not required to register under Local Law 18,” said the company’s CEO Emmanuel Arnaud, adding: “Since home exchange does not displace local residents and is not speculative in nature, so far we have been able to differentiate ourselves from the law’s regulations in New York and beyond.” Mr. Arnaud said that 92% of the member properties exchanged are primary residences. Therefore, he said, the HomeExchange limits the number of apartments that remain empty.
Big growth in house swaps in the USA
According to reports on US financial websites, the home exchange sector is growing by leaps and bounds.
As reported by executives of four home exchange companies, all achieved double- or triple-digit growth in 2023, compared to the previous year, based on the numbers of member home exchanges conducted on their platforms.
Kindred, with invitation-only members, founded in 2022, has access to 30,000 homes across the U.S.
In 2023 it had growth of 800 percent over 2022.
Kindred’s model is similar to that of pioneers such as HomeExchange and ThirdHome, as users earn “credits” for hosting other members in their homes.
These credits can then be redeemed for accommodation elsewhere.
The twist from Kindred is that it doesn’t charge an annual membership fee – it earns money primarily from service fees.
HomeExchange, founded in 1992, saw a 53% increase in exchanges in 2023.
It has more than 170,000 members in 140 countries.
In 2022, it added a premium level to its standard annual membership fee of US$220.
For US$1,000, the HomeExchange Collection opens the door to 5,000 luxury homes worth an average of $2.5 million.
Included are urban penthouses, castles and retreats in desert areas.
This move challenges ThirdHome’s competitive advantage as a platform exclusively for luxury homeowners.
Its 17,500 vacation homes and yachts in a hundred countries are worth, each, at least US$500,000.
Membership costs US$295 US, with service charges for each swop ranging from US$495 to US$1,395 per week.
Membership on this platform increased in 2023 by 41% and home swaps by 16%, compared to 2022.
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