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Has the growing number of longer-term tenants moving into properties advertised on platforms such as Airbnb birthed the latest round of industry innovation?
Despite data from PropTrack suggesting rental enquiries are up 31.1 per cent per listing, chronic rental undersupply has categorised Australia’s rental crisis, with residential vacancy rates for the first quarter of this year at 1.1 per cent — with Adelaide’s 0.3 per cent, the lowest of the capital city markets — and median rents sitting at $570 per week following a 10.1 per cent increase in the 12 months to March 2023.
As a result, many families have found themselves searching for rental properties in places they previously wouldn’t have looked in, including on short-term rental accommodation platforms such as Airbnb, previously utilised by holidaymakers.
This growing trend of desperate renters utilising short-term rental accommodation to find a roof over their heads has turned management of such properties into a full-time job and created a one-of-a-kind opportunity for real estate professionals: short-term rental property management.
According to platform Alice Homes, the role of short-term rental property managers involves a number of tasks, including marketing the property on industry-specific websites such as Airbnb and Stayz or on social media in specific ways tailored to the needs of the platform.
Alice Homes also advised professional photography could “make all the difference” for a property’s appeal.
STRA property managers will also take charge of processing guest applications, especially as the current market raises the potential for conflicting requests and take the lead on determining which guest is most desirable for the home owner while also gathering and verifying the necessary documentation and money needed.
It will also be part of the property manager’s remit to ensure industry-standard maintenance, safety, and cleanliness, outlined both independently by platforms such as Airbnb and also through government regulations, are ensured and maintained at the property.
With rents fluctuating from market to market, perhaps the most pertinent role of a short-term rental property manager will be conducting an appropriate rental appraisal for the property based on a range of factors including location, market, and property type to ensure their client gains maximum reward for their listing.
The growing popularity of short-term rental accommodation uptake in Australia has led to the introduction of several regulations, with two Queensland councils, on the Sunshine Coast and in Brisbane, recently introducing guidelines aimed at spurring short-term rental properties back into the long-term market, while NSW also introduced rules related to the registration of such properties.
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