Nick Millican On Airbnb´s Impact On London Rental Costs

Nick Millican is a successful personality in the real estate industry. He frequently publishes his insights on a variety of issues in the London real estate market, including most recently, the effects Airbnb has on renters in the city. 

Airbnb didn’t start out as a way to disrupt the rental properties in London. The company started out as offering a cheap place to stay for travelers who couldn’t afford a hotel in an expensive city. Nick Millican explains how the first rental was an air mattress on the floor of an apartment roommates were already renting. 

Landlords see dollar signs with short-term rental as opposed to renting out the apartments to people who want to make them a home. Now the company is a huge commercialized business where private landlords are making significant amounts of money. Therefore, Nick Millican shares how exactly this trend works.

He explains that by buying properties specifically to rent out on Airbnb instead of renting to individuals, couples and families looking for a home. Nick Millican adds that when there are fewer properties available for long-term rentals, more landlords can charge. 

Fortunately, according to Nick Millican, this is slowly changing. Neighbors are getting fed up with the influx of partying tourists coming in and out of an Airbnb property, and major cities are increasing regulations on Airbnb rentals. Also, the cleaning fees and other add-ons are making hotels in some places a more affordable option.