If you have an investment property, chances are you’ve considered Airbnb and the potential benefits of the short-term rental market. There are many factors influencing Airbnb success, but one of the main ones has to be location. If your investment property, or in fact spare room, is located in the centre of a popular tourist destination you have a better chance of making it work than someone with a property in a less visited area. And if you are in the UK, you can’t get much better than Edinburgh – the 2nd most visited UK city.
How Many Tourists Visit Edinburgh Each Year?
You only need to look at the numbers to see that Edinburgh is a popular city. According to the City of Edinburgh Council’s 2017 Edinburgh by Numbers report, 4.01 million tourists visited Edinburgh in 2015; 2.47 million from the UK and 1.54 million from overseas.
Further proof of Edinburgh’s popularity is seen in the tourist attractions. Edinburgh Castle has just celebrated its most successful financial year yet and welcomed 1.7 million visitors through its doors in 2016–2017; 210,042 more visitors than 2015–2016. Furthermore, in 2016, 11 of the top 20 Scottish tourist attractions were located in Edinburgh; six of which were in the top 10 - The National Museum of Scotland took the top spot.
It’s Not Just About the Tourists
Edinburgh doesn’t just attract tourists, it is also a business hotspot. It has great transport links and a mix of great business venues, including the Edinburgh International Conference Centre (EICC), Assembly rooms and Usher Hall. Of the 4.01 million visitors in 2015, 11% of the were here on business and according to the International Congress and Convention Association (ICCA) Edinburgh is 27th in the rankings for International association meetings. In 2016, the city hosted 76 ICCA recognised meetings.
But What Does This Mean For Airbnb?
Whatever their reason for coming to Edinburgh, visitors need places to stay, so you have a good chance of filling your empty space with guests. In 2016, average hotel occupancy rates in Edinburgh reached 82.6% and now in 2017, they are up to 83%, which are some of the highest in Europe.
In terms of Airbnb, there are approximately 9,638 listings throughout Edinburgh: 5,474 whole properties and 4,126 private rooms. According to Inside Airbnb, the average cost per night in Edinburgh for whole properties and private rooms is £126 and £69 a night, respectively. Based on an occupancy rate of 80% (24 nights a month), that equates to an income of £3,024 and £1,656 a month for whole properties and private rooms, respectively, minus taxes and other outgoings of course.
Numbers are hard to ignore; there is clearly money to made as an Airbnb host in Edinburgh. But, if your struggling with know how or wondering whether you have the time, let us help. Elite Property Management take the stress out of Airbnb hosting by doing the hard work for you. Learn more by speaking to us today.