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Illustration: Sarah Grillo/Axios

While the travel industry and accommodations are taking a major hit amid the coronavirus pandemic, short-term rentals in U.S. rural (and suburban, to a less extent) areas are seeing an uptick, according to new data from AirDNA.

The big picture: People are fleeing densely populated areas, especially on the coasts, and taking up shelter in isolated rentals in rural and more "destination" type of locales.

By the numbers:

  • Airbnb revenue in rural areas: $1.32 billion in March 2020, up from $1.04 billion in March 2019.
  • Airbnb revenue in urban areas: $631 million in March 2020, down from $706 million in March 2019.

Even on a local level, AirDNA's data shows similar patterns between dense city centers and outer areas.

  • New York: Most of Manhattan and parts of bordering New Jersey are collectively down 66% between March 2019 and March 2020, while Connecticut and the Hamptons are seeing a boom in bookings.
  • Boston: The city of Boston is down 66%, while Nantucket and other vacation areas are seeing a huge off-season uptick.
  • Chicago: Chicago is down 11% while lakeside areas in Illinois and Michigan are getting two or three times the bookings.

Yes, but: There's no evidence this will be enough to help the company cruise through the current crisis, especially if travel doesn't resume sooner rather than later. It's in discussions with potential investors for new capital as it decides what to do with its IPO plans.

Go deeper: Coronavirus hits Airbnb, already facing widening losses

Go deeper

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.

Felix Salmon, author of Capital
Updated 2 hours ago - Economy & Business

Crypto meets the real world

Illustration: Megan Robinson/Axios

The two largest countries in the world seem intent on effectively banning their citizens from participating in crypto, which poses a serious threat to the crypto agenda.

Why it matters: The crypto world is global — but the real world is fragmented into nation-states, each of which claims control of what happens within its borders.

Meadows cooperating with House Jan. 6 select committee

Mark Meadows. Photo: Yuri Gripas/Bloomberg via Getty Images

Former White House Chief of Staff Mark Meadows is cooperating with the House select committee in charge of investigating the Jan. 6 Capitol insurrection, the panel said Tuesday.

Driving the news: Meadows, who failed to appear before the panel earlier this month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.