The rising cost of living and the chance to make a buck on the short-stay rental market is tempting owners of Aussie holiday homes, new figures show.
Booking.com’s Short Term Rental Snapshot shows three in four owners of properties in holidaymaker regions agree that conditions have made it more appealing to convert their private homes into short-term accommodation.
As mortgages rise, holiday home owners have seen an opportunity to help boost their income on the short-let market.
The recent bump in the cost of living, due to inflation, was cited as a major reason for 75 per cent admitting that offering short-stay leases was an attractive proposition.
Australia is in the grip of a long-term rental shortage.
The traditional beach house is the most highly sought property for a short stay.
It has never been harder for a tenant to secure a permanent rental.
The number of properties advertised for lease nationally is -35.4 per cent below the five-year average, according to CoreLogic.
National vacancy rates have deepened to the lowest on record, dropping from 1.3 per cent in June to 1.1 per cent in September, CoreLogic research shows.
The tight vacancy rate has enabled landlords to increase permanent rental prices, because there are not enough addresses to meet demand.
However, rental price growth is “moderating” for houses, CoreLogic found.
Source: Domain.com.au