New Zealand’s tourism industry has gained considerable momentum over the last year, with Covid-19 restrictions now a thing of the past.
Short-term rentals, in particular, have experienced a boom in business, with the rise of business travel, working remotely and the demand for more intimate accommodation coming off the back of the pandemic.
Airbnb CEO Brian Chesky has said the platform would not have seen such a sharp recovery from the initial Covid-19 impact had it not been for millions working from Airbnbs – a trend that has only increased now the hustle and bustle of the global travel industry has returned.
At The Stay Hub, Auckland’s largest short-term rental management company and one of New Zealand’s fastest growing, we have already experienced a significant uptick in nights booked and an increase in check-ins compared to the beginning of 2023.
Short-term rentals do not need to achieve 100% occupancy year round to see higher returns than long-term renting, and results so far are tracking strong. Regarding regional performance for February, the best areas across our portfolio included Westmere and Mount Eden, achieving a solid occupancy of 97%, Herne Bay with 88%, Ponsonby and Point Chevalier sitting at 84%, the CBD coasting in at 86%, Upper Harbour at 82%, and areas out towards Howick coming in at 84%. Additionally, Devonport and Takapuna sat at 81%.
Whilst we saw an average occupancy of just under 84% for all areas across Auckland, the local market took in under 70%, highlighting the value of professional property management. For the past six months, The Stay Hub’s overall occupancy has sat at 86%.
Property owners looking to explore short-term renting will find that apartments, townhouses and family homes all perform well in the market, depending on location and amenities. Apartments in Auckland’s CBD and around the city fringe can be particularly lucrative when paired with fully equipped kitchens and additional amenities such as parking, balconies and building facilities like pools, spas, saunas and gyms. A view never goes unmissed, whether you own an apartment or freestanding property.
Aside from the benefits of having an in-house team of pricing optimisation specialists, property managers and maximised global marketing exposure, an enticing pull to move into professional management is that a team of seasoned experts will take care of everything, so you don’t have to. If you are interested in getting back the value of your free time and seeing what the market can offer you as a property owner, reach out to The Stay Hub to learn what you could earn.
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Published: March 2024