Short Term Not Hurting Market
There is no strong correlation between the number of homes used for short-term rentals and rental affordability or vacancy rates, according to a report on the market.
An Urbis report on the short-term letting market for Airbnb says only 1% to 2% of Australia’s housing stock is used for short-term rentals.
It blames the housing shortage on other factors including lack of supply and interest rates.
The report says the short-term rental accommodation sector has no consistent impact on housing affordability.
Airbnb Country Manager for Australia and New Zealand, Susan Wheeldon, the impact of the short-term rental sector on housing is minimal and is far more limited than suggested by some.
The report says 67% of their Australian hosts listed their homes to help them combat financial pressures.
Urbis Regional Director NSW, Princess Ventura, says the study suggests that addressing housing affordability in Australia requires a multifaceted approach with any potential solutions needing to address the larger systemic issues driving the crisis.
