Are short-stay rentals the new revolution in the property investment market?
It is becoming more apparent that they are having a negative impact on the availability of rental property in certain locations. Byron Bay is one such example where the market is limited and short term stays are a high priority given the holiday haven status of the coastal town. This can push long term renters out of the market due to a lack of supply of rental properties, which in turn causes rising prices. It is only a matter of time before cities or states introduce regulations around AirBnB as has happened overseas in highly desirable locations such as San Francisco, New York and Paris.
As Airbnb’s brand awareness is increasing by the minute, more investors are considering if their property could have demand for short term stays.
Before you decide if this approach is for you, read the article by our education and Property Planning partner, Peter the ‘Property Professor’ Koulizos, on what properties are best suited for short-stay arrangements.