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The Predictive #1225
TURO...the vehicle "AirBNB" that was used in the terror attacks
Justin Beasley
January 02, 2025
TURO: The vehicle “AirBNB” involved in the New Years terror attacks
What is Turo?
Turo is a peer-to-peer car-sharing platform that enables individuals to rent out their personal vehicles. Often referred to as the “Airbnb for cars,” it connects car owners with renters through its app.
Recent Growth
By the end of 2023, the platform hosted 360,000 cars and facilitated 3.7 million bookings.
Account and Identity Verification
To use Turo, users must verify their identity through a driver’s license and other checks. Additional background verifications may apply. TORO claims to thoroughly vet both owners and renters.
Financial Performance
Turo reported $880 million in revenue in 2023. Despite high revenue, profits declined to $14.7 million, indicating operational challenges.
Collaboration with Uber
Turo recently partnered with Uber to expand its reach and integrate into ridesharing services. Although Turo registered for an IPO in 2021, it remains privately held.
Incidents and Law Enforcement Collaboration
Two deadly incidents on New Year’s Day 2025 in Las Vegas and New Orleans have prompted Turo to cooperate with authorities to address safety concerns.
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Pending sales increase may not last as mortgage applications drop 22%
Mortgage Demand in Decline
Mortgage applications dropped 21.9% in the two weeks ending December 27, 2024, according to the Mortgage Bankers Association. While applications typically decline during the holidays, the sharper decrease was likely driven by rising mortgage rates, which surpassed 7% following the Federal Reserve’s recent rate changes.
Refinance and Purchase Applications
Refinance applications dropped 36%, while purchase applications decreased 13%.
Rising Mortgage Rates
The average 30-year fixed-rate mortgage approached 7% during this period, contributing to the decline in application volume.
What effect will this have on inventory?
According to HousingWire and Redfin, unsold inventory has been skyrocketing across the country. Developers and contractors in the Smoky Mountains have certainly felt the impact. The current interest rate environment and lack of buyer demand are increasingly likely to cause a noticeable decline in STR prices in the Smoky Mountains.
A year in review for NYC’s ban on overnight AirBNB
Impact of NYC’s Short-Term Rental Regulations
New York City’s Local Law 18, enacted in 2023, significantly reduced illegal short-term rentals, with Airbnb’s listings dropping by 83%. Many hosts were forced to transition to offering stays of 30 days or more, circumventing the new restrictions.
Housing Affordability
Despite the crackdown, the anticipated increase in affordable housing availability did not materialize; rents continued to rise. Hotel owners were the only winner as revenue for them increased 10.1%.
Economic Impact on Outer Boroughs
The regulations adversely affected businesses and tourism in NYC’s outer boroughs, which had previously benefited from short-term rental visitors.
Proposed Legislative Changes
A new bill, No. 1107, has been introduced to ease some restrictions, potentially revitalizing the short-term rental market.
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