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Over the past five years say JLL
London, 07 March 2016 – New research from JLL reveals a 150-fold rise in the number of London residential properties listed on home-lettings website Airbnb over the past five years.
The JLL Residential Research analysis, using data from insideairbnb.com, shows 25,357 homes in the UK Capital were listed on Airbnb at the end of 2015, compared with just 171 at the end of 2009.
JLL's timelapse video illustrates the growth of Airbnb in four of the world's major cities. London has the third highest number of listings in the world. Paris is the world's largest Airbnb market with just under 35,424 listings – a 224-fold rise over five years. New York is the second largest market on 30,480 listings – a 56-fold rise since 2009.
Sydney, another of the world's great tourist destinations, has seen a 300-fold rise in Airbnb listings over the period from 35 in 2009 to 10,473 in 2015.
JLL's research found that 75% of people who have made their homes available on home lettings sites such as Airbnb have done so with specific consideration of major events occurring within their city. For example there was a spike in listings during the 2015 Rugby World Cup around tournament venues.
The research further reveals the most common reason for listing homes on Airbnb was simply to raise extra income. The second most common reason was to fill a vacant home between tenancies, suggesting an increase in the use of Airbnb by private rental landlords. The most common length of stay in properties listed is 3-7 nights.
Nick Whitten, Associate Director in the Residential Research team at JLL says: "This research charts a significant and dramatic social change over a period of just five years. Homeowners are thinking ever more progressively in terms of how their property can make them some extra money.
"London attracts millions of visitors per year with notable surges in demand around major events, conventions and festivals. Homeowners are capitalising on this and maximising their unique selling point in relation to these events – their property's location.
"Typically we have seen big increases in homes available to let in the immediate vicinity of an event, with pricing adjusted upwards in line with the increased demand."
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Associate Director - UK PR
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