Short-term rentals are coming of age
The number of individual owners who utilize their property through online short-term rental platforms has recorded a significant decrease compared to 2019. In contrast, listings from professionals (investors or property management companies) have registered an increase, a sign of the industry’s shift to a more professional way of operating.
The pandemic, which sharply reduced demand for short-term accommodation, as well as the significant increase in rental rates, around 30-40% on average in the large urban centers of Athens and Thessaloniki since 2018, have turned many landlords back to long-term leases.
Based on data collected on behalf of Kathimerini by short-term rental research company AirDNA, only one out of three listings in Athens currently concerns owners with a single property listed. The share of individual owners stands at 31%, down from 42% in 2019. Nationwide, the corresponding rate stands at 40%, from 46% in 2019.
The biggest increase is noted in listings by owners of between six and 20 properties. The share of this category has today increased to 22% in Athens, from 15% in 2019, and to 15% nationwide, 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 real estate management companies, especially in Athens. Companies that manage more than 21 properties currently make up 21% of listings, compared to 16% in 2019. Some of them, such as Dimitris Rizos’ Homm, manage both privately owned properties as well as properties of third-party owners. Based on AirDNA’s annual survey, presented a few months ago, Homm then was managing a total of 218 properties, being the largest company of its kind 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 has recorded the second largest increase, on the European level, in terms of percentage of professionals working in it.
