As more Britons arrange their holidays independently, holiday rental homes are becoming sought after in greater numbers than before. Properties throughout Mediterranean Europe have seen their bookings and enquiries increase significantly over the past three months, as higher room rates and occupancy targets in the hotel industry have pushed traditional lodging out of peoples’ price range.
It’s not the first time the holiday rentals industry has seen such a surge. With the rise in property marketing outlets throughout the last five years, a significant sector of the industry has seen levels of interest increase due to online exposure. Some of the county’s biggest rental agencies have made the switch to digital marketing almost exclusively, citing its ability to find high-value tenants.
And for the industry, things are soon to become even better. Private rentals are likely to grow in the UK as the London Olympics attracts visitors. Tourism experts have used the 2000 Sydney and more recent 2008 Beijing Olympics as a model for the city’s private accommodation market – in both of the most recent cases, the demand for private property rentals soared preceding the games.
It also caused a surge in prices, one that many homeowners are hoping will allow them to monetise their properties during London’s Olympic period. With the Olympic Stadium currently being built in Stratford, a number of homeowners in the area are expecting to see a significant increase in their potential rental earnings alongside a long-term value increase due to the new buildings.
For the hotel industry, it remains a growing annoyance. New York City’s recent decision to outlaw holiday home and apartment rentals has left homeowners somewhat displeased, while Paris’s same legal ruling is likely to compromise the value of inner city homes. For London’s holiday apartment and home owners, it’s important that policy remains supportive of the private rental market.