The company’s shares have dropped nearly 40% since February.
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The internet buzz around Airbnb reached a fever pitch this week — and not for outstanding hospitality.
Disgruntled customers and users of the peer-to-peer hosting platform took to Twitter this week to share their grievances with the app’s price hikes, hidden fees and less-than-stellar accommodation conditions.
Airbnb got too much dip on they chip. They’re about to fall off. No one is gonna continue to pay $500 to stay in an apartment for two days when they can pay $300 for a hotel stay that has a pool, room service, free breakfast & cleaning everyday. Like get real lol
dude airbnb is so bad now pic.twitter.com/9R8BGosRir
— first-mate prance (@bocxtop) May 18, 2021
Airbnb will tell you it’s 150 a night and you when you go to checkout for 2 nights it’s $1,987
— 50 Shades of Greg (@greg_ramirez21) May 17, 2021
Is it me or is Airbnb no longer a realistic alternative to a hotel?!? These prices are ludicrous!!! And with all the extra fees lawd!!! 250 a night really hot like dang near 500 a night… what I miss
— cameron jordan (@camjordan94) May 19, 2021
I’m glad y’all dragging @Airbnb because the hosts rules are outrageous and they try to squeeze every dollar out of you by any means it’s pointless
— LA (@Lj_Foster) May 18, 2021
Here’s my Airbnb receipt from spending ONE NIGHT in Denver (in a small townhouse)
Price listed: $150
Actual cost: $350+ pic.twitter.com/Alb6H1U0vS
— Dani Donovan ADHD Comics (@danidonovan) May 18, 2021
Airbnb has to stop. pic.twitter.com/fETP9RNs0e
— tiger of wall street(kadeem) (@xclusive7784) May 18, 2021
“These prices are ludicrous!” One user wrote.
Another attached a receipt from a stay that showed an extra $180 cleaning fee, $150 service fee and $104 in taxes that resulted in additional fees that were equal to nearly one full night in the rental.
Related: Airbnb Renter Finds ‘Haunted’ Abandoned Shopping Mall Beneath Her Unit
“Most hosts pay a service fee of 3%, but Airbnb Plus hosts, hosts with listings in Italy, and hosts who use Super Strict cancellation policies may pay more,” the company’s policy states. “This fee is calculated from the booking subtotal (the nightly rate plus cleaning fee and additional guest fee, if applicable, but excluding Airbnb fees and taxes) and is automatically deducted from the host payout.”
Still, customers are not having it with the exorbitant prices.
“The hosts rules are outrageous and they try to squeeze every dollar out of you by any means it’s pointless,” one Twitter user said.
Related: Avoid These 3 Overvalued Gig Economy Stocks
The company’s shares have dropped nearly 40% since February, trading at around $138 as of late Wednesday afternoon.
Airbnb shareholders were able to sell shares for the first time since the company’s December 2020 IPO debut on Monday, which saw the company drop 6% in one day.
In a world where social media rules and “cancel culture” remains a harsh reality, a bad reputation on the internet can quickly result in a tangible loss of profit or valuation.
Airbnb CEO Brian Chesky, however, is confident that with vaccinations becoming widespread and many people returning to traveling, that the company will not only rebound, but prosper.
“We are going to see a recovery of urban travel and a recovery of cross border,” he said. “This has been our bread and butter before the pandemic, and I think those are significant tailwinds for us.”
Related: Hilton, Marriott, Airbnb and more companies to invest $2.5 billion in tourism in Mexico