The Rise of Staycations: Will there be anywhere left to rent?
As providers of property inventory in East London, it is difficult to analyse today’s social and economic changes without bringing the global pandemic into the discussion. In the housing rental industry, the effects were a staggering decline in the number of private rental sector properties available for local people. The seemingly overnight rise in AirBNB style short term lets has paved the way to greater returns for many private and commercial landlords, but are these holiday staycation rental transactions and their profitability having a negative impact on local communities and will there be anywhere left to rent?
What is a short term let (STL)?
Short term lets are the types of properties that provide accommodation for tourists or visitors that are looking to stay at a location for an average of 1-4 weeks, but can go for as long as 6 months. The traditional long term lets in the private rented sector are usually for an initial fixed term of six months and are subject to an Assured Shorthold Tenancy Contract or similar.
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