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January 13, 2025

What are the reasons driving growth in the short term rental market?

What are the reasons driving growth in the short term rental market?

Conclusions:
1. Traveller Preferences; Travelers prefer the privacy, space and convenience short-term rentals offer,
2. Technology; Booking and management platforms have made it easier to book apartment when on the move,
3. Affordability; Short Term Rentals (STR) offer better price flexibility for travellers and the continued growth for Low Cost Carries (LCC) remove travel costs barriers.

Background:
The Short Term Rental Market 2015 – 2024:
The short-term rental market both Globally and in the UK has grown significantly since 2015, with the number of UK listings increasing five-fold:

The number of Airbnb listings in the London has grown by about 500% from 2015 to 2024

Reasons For Growth:
1. The short-term rental market has grown due to a number of factors, including:
• Traveller preferences: Travelers prefer the privacy and the space short-term rentals offer,
• Uniqueness, travellers seek the unique experiences they offer,
• Affordability: Short-term rentals offer great affordability,
• Flexibility: Short-term rentals are popular for remote workers who need flexibility,
• Events: Short-term rentals are a popular choice for events like weddings, festivals, and corporate retreats,
• Financial incentives: Short-term rentals can offer higher rental income than long-term rentals,
• Technology: Booking and management platforms have made it easier to manage properties remotely,
• Tourism: Short-term rentals contribute to tourism and support local economies.

2. Why Do Families Prefer Short Term Rental Properties:
Families often prefer short-term rental properties because they offer more space, home-like amenities like kitchens and laundry facilities, They provide for a more comfortable and flexible stay.

This is especially beneficial when traveling with young children. Meals for youngsters are essential. Short Term Rental provide convenient options for those needing to cook meals or manage personal routines.

A lovely benefit from this is that it provides better value for money, reduces the travel costs especially for longer stays.

Key reasons why families choose short-term rentals:
• More space: Families can spread out in a larger property with multiple bedrooms and living areas, unlike a typical hotel room.
• Kitchen access: Cooking meals at home is easier and more cost-effective, especially for families with dietary needs.
• Laundry facilities: Being able to wash clothes during a stay is a major convenience, particularly for extended trips.
• Home-like feel: A short-term rental can provide a more familiar environment with personal touches, which can be comforting for children.
• Flexibility: Families can choose a property that suits their specific needs and location preferences.
• Cost-effective: Depending on the family size, a short-term rental can be cheaper than booking multiple hotel rooms.

3. Great Britain: 3 Interesting Facts:

Fact 01; The Numbers: In February 2024, there were around 451,000 short-term rental properties available in Great Britain,

Fact 02; The Growth: In the UK, in 2024, the number of short-term rental properties increased by 31% since 2019.

Fact 03; The Benefit: In 2023, travel on Airbnb contributed £5.7 billion to the UK economy and supported over 75,000 jobs.

Gorgeous Apartments – January 2025

Category: Blog, Holiday Ideas
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