Surge in holiday rentals


Rentals increase out of necessity

Interesting article from the New York Times about the holiday home rental market in Europe.

Basically it was something we had to do” to cover the mortgage, says Mrs. Pearson who bought and renovated a house in the Lake District hoping for a profit. “We didn’t have a choice.” She adds.

The article goes on to add some 2008 survey data from holidaylettings.co.uk

  • 43% of respondents say they are renting to pay their mortgages, taxes and maintenance costs, according to the company’s survey of clients. The total was 30 percent in 2007.
  • A third of Holidaylettings’s clients have mortgages covering 75 percent or more of the value of their property.
  • 41% said they are renting their second homes as a way to generate extra revenue.

We’re seeing a far higher number of people who bought for lifestyle who are now letting out,” said Kate Stinchcombe, a spokeswoman for the site, which has seen the number of listings increase to 30,000 this month from 10,000 in January 2007.


January 23, 2009

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