London’s short lets sector has bounced back from the Covid shutdowns and is now stronger than hotels and serviced apartments.
That's the result of a study by the UK Short Term Accommodation Association, which represents large scale short let hosts and sector suppliers.
Short-term rentals occupancy in London boomed from 43.1 per cent in May 2020 to 64.1 per cent in May 2021 – a 48.8 per cent increase and a 12.5 per cent rise just between April and May this year.
This outstripped hotel and serviced apartment performance.
Short-term rentals saw the highest growth in revenue per available room in the same period - up 44 per cent- while serviced apartments was up 25.2 per cent and hotels dipped 2.6 per cent.
The average stay for short lets rose from 11.9 days in May 2020 to 13.3 days by December 2020, hitting a high in November of 14.3 days.
STAA chair Merilee Karr says: “Whilst a hole will still exist from the absence of international visitors to London, customer confidence and the strength of the staycation trend are likely to fuel further the London accommodation recovery.
“The ease at which guests can socially distance themselves from others and benefits such as the high standards of cleanliness and safety, should cement short-term rentals as a mainstream option for tourists and holidaymakers.”