Airbnb: Q3 revenue was best ever, topping $1B

Associated Press

New York – Airbnb says it had its best quarter ever, even as cities across the U.S. have started clamping down on the short-term rental market.

The private San Francisco-based company said Friday its revenue for the third quarter easily topped $1 billion as guest reservations boomed internationally in places like Beijing, Mexico City and Birmingham, England.

Airbnb acts as an online booking agent for homeowners to make extra income by renting rooms, apartments and houses. Its growth has drawn the ire of the hotel industry and communities in the U.S. and abroad, where locals are uneasy with the constant turnaround of guests in their neighborhoods and apartment buildings.

Many cities and states across the U.S. have recently tightened rental guidelines in order to regulate the rapidly growing industry.