Short-term rental is coming of age

The number of individual owners using their property via online short-term rental platforms recorded a significant drop compared to 2019. On the other hand, advertisements by professionals (investors or property management companies) recorded an increase, a sign of the shift sector to a more professional mode of operation.

The pandemic, which has sharply reduced the demand for short-term accommodation, as well as the significant increase in rental prices, around 30-40% on average in the major urban centers of Athens and Thessaloniki since 2018, have pushed back many homeowners into long-term housing. term leases.

Based on data collected on behalf of Kathimerini by short-term rental research firm AirDNA, only one in three listings in Athens are currently for landlords with just one property listed. The share of individual owners is 31%, compared to 42% in 2019. At the national level, the corresponding rate is 40%, compared to 46% in 2019.

The biggest increase is noted in listings by owners of six to 20 properties. The share of this category has now risen to 22% in Athens, from 15% in 2019, and to 15% nationally, from 11%. However, in popular holiday destinations, such as Mykonos for example, the increase is even greater, as the corresponding share is currently 25% of all listings, compared to 17% in 2019.

At the same time, an important development concerns the greater penetration of professional property management companies, especially in Athens. Companies that manage more than 21 properties currently account for 21% of listings, up from 16% in 2019. Some of them, like Dimitris Rizos’ Homm, manage both private properties and third-party properties. Based on AirDNA’s annual survey, presented a few months ago, Homm was then managing a total of 218 properties, being the largest such company in Greece. Other companies, such as Nasos Gavalas’ Mint, exclusively manage third-party properties.

In another analysis, Transparent, a strategic partner of STAMA Greece (Short-Term Accommodation Managers Association), reported in its analysis a few weeks ago that the Athens market recorded the second highest increase, at European level, in terms of the percentage of professionals working there.

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