So maybe this is a new story for a startup? After all, in many countries, renting out accommodation on Airbnb is difficult and prohibited. But a new neighbor for six months sounds much more reliable.
Part of the reason Bansko became such a nomad hub is the high availability of monthly rentals, with agencies set up to deliver that. A town filled with apartments that normally sat empty for 9 months is now buzzing all year with remote workers.
Perhaps because in many cities so many entire units were taken off the market as very short term (« AirBnB »-style) rentals, thus pushing out existing tenants. And local long term tenants still form the basis of rental in most cities with a significant rental market. So yes, if the housing market is tight, economics would suggest either have the security of a longer term tenant or push up the price and maximise the shorter term gain. And this is why some residents in some places have repeatedly expressed concerns about large numbers of units becoming very short term rentals.
But the evidence is that short term is not performing that well if empty 9 months while it could be used form medium term off season. Some areas are even better in those months (I am thinking at Southern Italy for example). And 90/120 days in a place transform you in a part-time resident with better impact on your experience (and savings) and local community. And nobody really wants to work in the holiday season from a holiday home. 🤓
So maybe this is a new story for a startup? After all, in many countries, renting out accommodation on Airbnb is difficult and prohibited. But a new neighbor for six months sounds much more reliable.
It's exactly what we have been working on for a few years with ITS ITALY and our friends at Nomag have been essential.
And what are the results?
we will be opening the first ones this year. Currently working in Puglia, Sicilia and Marche
Part of the reason Bansko became such a nomad hub is the high availability of monthly rentals, with agencies set up to deliver that. A town filled with apartments that normally sat empty for 9 months is now buzzing all year with remote workers.
Perhaps because in many cities so many entire units were taken off the market as very short term (« AirBnB »-style) rentals, thus pushing out existing tenants. And local long term tenants still form the basis of rental in most cities with a significant rental market. So yes, if the housing market is tight, economics would suggest either have the security of a longer term tenant or push up the price and maximise the shorter term gain. And this is why some residents in some places have repeatedly expressed concerns about large numbers of units becoming very short term rentals.
But the evidence is that short term is not performing that well if empty 9 months while it could be used form medium term off season. Some areas are even better in those months (I am thinking at Southern Italy for example). And 90/120 days in a place transform you in a part-time resident with better impact on your experience (and savings) and local community. And nobody really wants to work in the holiday season from a holiday home. 🤓
You assume that that type of vacancy is common.