Rental companies are now scrambling to get their online properties up and running as the market is starting to cool down.
As of Friday, rental companies reported a record $11.6 billion in revenue in September, up 24% from the same month a year ago.
That surge came after Airbnb, the online platform that lets travelers rent rooms and homes online, said it earned $2.3 billion in net income in September.
But with the economy slowing down, some companies are cutting back on their online business, or even taking their own online services offline, to focus on their real estate offerings.
For example, in September 2015, Google and Apple announced they were shutting down their own platforms for the purpose of expanding their own offerings.
And even with those shut-offs, Airbnb reported $9.5 billion in online revenue in the month.
That means the $11 billion in revenues for the month comes from only about 6% of its total revenue.
But while those numbers are impressive, they are only part of the story.
Airbnb is just one of a few online services that is thriving in the wake of the shutdowns.
The list includes Google Home, a virtual assistant, that offers personalized home and office services.
The likes of Airbnb and Homejoy are doing well with people who are looking for a way to keep their personal and home space private without the hassle of renting out their space.
Other online services are thriving because they are not as reliant on hotels, which have been a key revenue stream for the online travel industry.
For instance, TripAdvisor, a leading travel advice website, reported net revenue of $5.7 billion for September.
That was $1.4 billion lower than the same period last year, which is what the company called “a positive sign for the travel industry.”
That revenue is up from $3.2 billion in September 2014.
And TripAdvisors also reported a huge jump in the number of visitors to the site in September compared to the same months in 2015.
According to TripAdmins, the site saw 2.9 million more people visit the site each day in September than it did in September 2016.
TripAdversity also saw a significant jump in bookings for travel-related services like bookings to restaurants, bars, and museums.
But even with these positive numbers, Tripadvisor is not the only online service to be struggling in September because of the shut-downs.
In fact, the biggest online travel services like Expedia, Expedia Plus, and Orbitz all reported revenue drops in September and October, according to a report from PricewaterhouseCoopers.
The downturn in online travel is being felt across the board.
For one, Airbnb is experiencing a downturn.
Airbnb announced last week that it will stop allowing people to book online.
And while it is possible that Airbnb will eventually recover, the company will not be able to continue to make money from people who have canceled their reservations because of Airbnb.
In September, Airbnb posted a $1 billion loss, which it attributed to declining user numbers and its inability to attract new customers.
And the company’s share price fell from $46.70 on Friday to $39.60 Friday.
But for those who are still willing to book, there are other online services to consider.
Travel companies are also struggling as the holidays approach.
The average rate of hotel occupancy in September was down 11% from September 2015.
And in the United States, the average rate decreased 4% from August.
So it is likely that the holiday season will be the one that will see the biggest drops in hotel occupancy and overall economic activity.
But the biggest blow for online travel comes in terms of the number and types of vacation rentals available.
Travel providers like Airbnb are not in a position to provide the luxury of a traditional vacation package with amenities like spa treatments, sauna baths, or other amenities.
That is a huge hit to online travel as well as the entire vacation rental industry.
So if you want to rent out a hotel room or condo, you have to look elsewhere.
And while there are many other online travel options that are available to you, you will have to pay more for them if you plan to stay at a hotel.
For the average rental of $9,000 in the US, you can expect to pay $4,400 to $7,000 more per month.
That is a major price hike for many people.