Gold Coast Airbnb hosts revert to long-term rentals as rising costs of living hits bookings

By Dominic Cansdale and Gemma Sapwell / ABC Gold Coast

Property owners are leaving the short-term accommodation market like Airbnb in favour of long-term renting as the rising cost of living dampens appetites for holidays on the Gold Coast, according to a property management firm.

Australian Bureau of Statistics census data suggests one-in-10 properties on the Gold Coast are empty, while about 10 per cent of the city's population are either homeless or living in unaffordable housing.

There are more than 11,000 registered Airbnb properties on the Gold Coast according to council data.

The director of property management firm Manage My BnB, Linda Hildingsson, said she had noted a decline in short-term rental bookings "with each rates rise that we've had over the last six months".

"Easter was nearly 40 per cent down on last year," Ms Hildingsson said.

She said of the 140 short-term letting properties her business manages about 50 have converted to long-term renting.

She said prices for beachfront properties increased from $350 to $500 in 2022 but have since fallen.

"We're just not seeing that anymore," she said.

"Prices have declined a little bit, maybe 20 per cent from last year, but we're seeing an upswing in bookings for the later part of this year."

Ms Hildingsson said some landlords are switching to the long-term rental market because it provided better certainty.

The full article can be found at https://www.abc.net.au/news/2023-06-19/airbnb-hosts-revert-back-to-long-term-rentals/102468936