With short trips to European capital cities an increasingly more popular option, a growing number of people are turning to Airbnb for a short-term holiday let.
Millions of people use Airbnb when travelling, which is why so many more homeowners and landlords are listing rooms and properties with the online home rental platform.
A recent report from ARLA Propertymark, in partnership with leading research consultancy Capital Economics, revealing that the number of active listings on Airbnb in the UK rose by 33% to 223,000 in 2018 from 168,000 in 2017.
Unsurprisingly, London has the largest market in the UK, with the number of active listings rising four-fold from 18,000 in 2015 to 77,000 in 2019.
Short-let letting is generally significantly more lucrative than long-term rentals, with new research from sellhousefast.uk revealing that London is currently the second most expensive choice for an Airbnb within a one-mile radius of the central point at £188.00/€222.00 per night.
Monaco has the most expensive option for an Airbnb within a one-mile radius at a whopping £296.00/€349.00 per night.
The rise of short-term lets has affected areas across London and has been blamed for driving up property prices in some parts of the capital, while also opening up some neighbourhoods to more tourists, which has sometimes proved unpopular with existing residents.
The growth in short-term lets is particularly concerning for the traditional private rented sector.
David Cox, ARLA Propertymark chief executive, commented: “As landlords are continuously faced with increased levels of legislation, it’s no surprise they are considering short-term lets as a chance to escape this.
“Unless the sector is made more attractive, landlords will continue to exit the market resulting in less available properties and increased rent costs.”