Due to changing work habits landlords will sink their cash into the short-term rental market for some time, marketing firm Jetstream Hospitality Solutions has predicted.
Four in five (81%) workers plan to continue working remotely after the pandemic at least part of the time, while 45% plan to do so most of the time, a survey from short-term rental booking platform Leavetown.com shows.
Mike Liverton, co-founder and CEO of Jetstream Hospitality Solutions, said: “As we emerge from the pandemic crisis, it’s clear that the trend for remote working is here to stay in some form.
“The result of these accelerated changes is an increased demand for more flexible accommodation from remote workers.
“We are increasingly seeing a pattern of property investors looking to shift their assets into this lucrative short-term rental sector and capitalise on the growing demand from those adopting a hybrid traveller, work-from-anywhere lifestyle.
“The demand doesn’t just come from those working from a beach bar in Dubai – it is also generated by those of us dropping into London for a week to access a company work hub for face-to-face business meetings or others extending their short-term rentals to bolt on leisure / family time after the work is completed.”
The short-term rental industry took off around a decade ago with the growth of Airbnb.
Some mortgages enable owners to rent their properties out using the platform, though there are also specialised holiday let mortgages available for this type of investment.
Liverton brought up a number of tech firms he sees as making a difference in the US, like Mint House, Sonder and Kasa, which he said are leveraging tech to offer short-term accommodation with hotel amenities.
He added: “When tech is combined with high-quality, no-strings-attached accommodation, people can truly experience the benefits of living flexibly and owners / investors can really maximise the potential of their assets.”