Whilst we all love saying goodbye to 2020, there were some interesting benefits to property owners who continued to list their property on the short-term rental market.
Although international borders remained closed, there was and still is high demand for quality short-term accommodation.
Over the past year, prime short-term rental properties have become scarce. This is in stark contrast to the mainstream residential market where vacancy rates are high and are still climbing.
Quality short-term listings are increasingly sought by tenants as lease terms are flexible, properties are ready to move into as a turn key solution for a quick start. Utilities are included so there is no need for a tenant to go through the hassle of changing and connecting to facilities such as electricity, water, gas or wi-fi.
Where are these tenants coming from?
With the COVID-19 pandemic and subsequent lockdowns people have had time to reflect on their lifestyles. Demands on the home are expanding, reflecting changes in the way they live and use their space.
As a consequence, more and more people are seeking a sea or tree change and many are looking to try out this lifestyle before they buy.
Other short-term tenants have decided to renovate their own homes in 2020/2021 with short-term rentals top of mind as an easy and flexible accommodation option. Short-term rentals allow renovators to pick up their bags and move right in!
With the lack of quality properties, insurance firms are struggling to find suitable short-term housing for their insured clients at short-notice. To find out what areas are popular and what insurers are looking for, please CONTACT US to find out more about our management and property buying services and Happy 2021!