UK: Global extended-stay accommodation agency Situ has released a white paper on current factors, including legislation, that are impacting the supply of short-term rental accommodation in ten key global locations and how it is affecting the extended-stay sector.
The white paper is based on recent research with industry leaders and accommodation partners across Situ’s global supply chain.
Locations researched and reported on include London, Edinburgh, Dublin, Paris, Amsterdam, Brussels, New York City, Boston, Singapore, and Sydney, with the main conclusion being one of complexity – because no one city is the same as the other, with none of the factors affecting availability in the same way.
The variables that come into play include new and often stricter regulations; the current economic climate both globally and specific to each location: post-pandemic changes to travel and traveller habits; and how availability at peak times such as during high tourist season and major events is influenced.
The drive for regulation in the short-stay accommodation sector has, in part, been prompted by the rise in digital booking platforms for single holiday lets, as well as the effect that these can have on the housing market and the character of local neighbourhoods. The new rules inevitably have an impact on the short-term letting and extended-stay sectors.
Situ founder and CEO, Phil Stapleton, said: “Whether short- or long-term accommodation is required, and wherever in the world it is needed, it is becoming increasingly evident that there are similar challenges around changing regulatory environments presenting themselves in each market.
“Even greater collaboration across the sector would be welcome. By promoting a better understanding among a broader audience, we will position the sector favourably to avoid limitations as the industry continues to grow,” he added.
Rebecca Gonzaga, managing director of Situ, said: “Each location has its own nuances and challenges right now. Thankfully, we have the understanding expertise, resources, and capability to guide our clients through these to secure quality accommodation that meets their requirements.”
As well as analysis and commentary from some of the world’s major cities, the paper also goes on to consider the investment climate for extended-stay accommodation in London and some cities in Europe, and how this can also impact supply and availability in the sector.
Founded in 2008, Situ helps companies and organisations find the ideal accommodation for people when they are on the move, including project teams, corporate travellers, relocation assignees and digital nomads. Situ offers a single point of contact for booking serviced accommodation in over 120 countries across the world.