Tower Hamlets and Hackney have beaten off competition from more wealthy parts of the capital to top the first league table of Airbnb demand, according to research from Airbnb property management service My Property Host.
The borough, which includes Docklands and Bow, is the most in-demand destination for Airbnb guests in London with an average occupancy rate of 94%, closely followed by Hackney with 90%. A combination of great transport links and very competitive nightly rates are cited as the main drivers propelling Tower Hamlets to the top of the table.
Hackney’s trendy Stoke Newington and Shoreditch districts helped it to second in the table, while the traditionally more expensive Kensington and Chelsea was third in the list with an average occupancy rate of 87%, showing its perennial popularity with tourists and out of town visitors.
London’s top 10 Airbnb hotspots*Average occupancy rates are based on properties listed at a fair market price, and where the host has at least two positive reviews from past guests.
The number of London landlords using Airbnb to let out their properties in the short term has risen sharply in the past year, and the figures for occupancy across the capital seem to show that supply and demand are quite evenly matched, making it even more important that hosts manage their properties correctly and handle bookings professionally in order to get positive reviews in a competitive marketplace.
My Property Host managing director Elena Lopez comments, “Letting out your property through Airbnb is a quick and efficient way to make some short-term income, and the high occupancy rates across London show the strength of demand from visitors. Tower Hamlets and Hackney consistently have the highest occupancy rates, with hosts there able to let their properties nearly every night they want to. The popularity of these two boroughs is down to their combination of good transport links, trendy reputation and competitive nightly rates – factors which are prized by millennials, the people most likely to book an Airbnb stay.”
However, it is not anticipated that the league table will remain the same for very long as the relative newness of using Airbnb as a booking tool means it should attract more mainstream users in the future.
Elena Lopez continues,
“As Airbnb’s popularity increases among families and business travellers, the map of Airbnb hotspots is likely to be redrawn. Larger homes in zones 2 and 3 will appeal more to families, and we expect properties in the City of London to do well as corporate travellers embrace Airbnb as an alternative to faceless hotels.”
Planning regulations limit London homeowners to letting their property to short-term guests for no more than 90 days in a year. My Property Host is a property management service that handles every aspect of letting out a property on Airbnb. It takes care of everything, from creating the advert to taking bookings, greeting guests and cleaning up afterwards.