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CHALLENGES AND OPPORTUNITIES <br />Surplus/Leakage by Retail Category <br />Total (Retail + Food & Drink) <br />Food Services & Drinking Places <br />Nonstore Retailers <br />Miscellaneous Retailers <br />General Merchandise <br />Sporting Goods, Hobby... <br />Clothing and Accessories... <br />Gasoline Stations <br />Health & Personal Care <br />Food & Beverage <br />Bldg Materials, Garden Equip... <br />Electronics & Appliance <br />Furniture & Furnishings <br />Motor Vehicle& Parts... <br />• <br />-25 0 <br />----surplus ---- <br />25 50 75 100 <br />leakage <br />• Short-term Rentals: Short-term rentals is a trend appealing to travelers who desire more <br />than a traditional hotel room but do not want the commitment of a long-term contract. <br />Technology and the sharing economy are driving the short-term rental market as capital <br />and hotel companies is iiiv siirig heavily into this concept. In fact, the lines are blurred be- <br />tween hotels and traditional rental communities as new business ventures such as Airbnb, <br />VRBO, HomeAway, Sonder, StayAlfred, Vacada, Minnestay, and others are aggressively ex- <br />panding. <br />According to recent surveys, more than two-thirds of all Airbnb bookings are located in tra- <br />ditional multifamily rental buildings and charging fees about 20% lower than a traditional <br />hotel room. Because of this trend, hotel companies are also creating new formats targeting <br />this while other companies are securing long-term leases in apartment buildings <br />and marketing the units in the short-term stay category. As a result, many cities are consid- <br />ering redrafting zoning ordinances to level the playing field with hotels that are subject to <br />lodging taxes. Some communities are instituting 30-day minimum stays in an effort to reg- <br />ulate short-term rentals. <br />MAXFIELD RESEARCH AND CONSULTING 160 <br />