In the wake of the pandemic, the private rental sector has experienced a serious shake up. However, following a series of Government lockdowns, restrictions on movement and persisting hesitancy from tenants, confidence has already begun to return to the market and looks set to continue to do so as we enter 2022.
In recent years, the way we live, work and travel has transformed, with figures from the GSAIR Report 2020- 21 showing that serviced apartment supply growth (+ 6.5%) has now outpaced that of hotels (+ 2.5%). With this, short term rentals have quickly become the new norm for landlords looking to maximise the potential of their properties and this trend is likely to last as tourist arrivals to Europe are forecasted to rise by 57% by 2030.
Offering an attractive proposition, short term rentals can provide a great return on investment for landlords, helping them to achieve larger profits versus traditional, longer term rentals, by utilising hosting platforms such as Airbnb and Booking.com. In 2018 alone, Airbnb served 100 million guests at five million properties in 81,000 cities across 191 countries worldwide – providing just one opportunity for landlords to promote their properties to an international market.
Short term rentals also offer greater flexibility by removing the need for Assured Shorthold Tenancy (AST) agreements, allowing properties to be used by owners themselves as a holiday or second home, as well as being let out to guests.
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