Homeowners are increasingly interested in letting out their homes safely and securely when they are aren’t using them. This is a potential source of additional income for them with little or no extra work: research by Populus has estimated that London homeowners could collectively stand to earn up to £4.5bn a year through better utilisation of their home.
The short-term lettings sector, still a nascent industry, is working to make sure that all its firms have the highest standards of customer care and address broader challenges as it grows. The leading players in the sector have worked tirelessly in the past year to improve their systems and checks and are working with government on legislation, while raising standards in the young and growing industry.
A new group to promote the short-term lettings industry has been formed
The Short-term Accommodation Association (STAA) has been formed to make sure the public and politicians are informed of developments in the industry. The group is arguably the most important development in the sector since the Sharing Economy TrustSeal, an industry kitemark, was launched last year.
STAA will, in particular, be available to calm incorrect assertions that the industry distorts the housing market – something that cannot happen if rogue landlords are weeded out through legal enforcement. It will also work with government, insurers, and mortgage lenders so the industry continues to evolve responsibly to the benefit of consumers- both homeowners and visitors who support local businesses through spending.
“The creation of STAA is a vital landmark in the evolution of the short-term lettings industry”
Merilee Karr, our CEO and founder, told The Guardian:
“The creation of STAA is a vital landmark in the evolution of the short-term lettings industry. STAA will give the industry a cohesive voice. We understand there are concerns but the reality is that short-term lettings offer an opportunity for people to earn an extra source of income from their most important assets. Homeowners and families who have struggled through the financial crisis have the chance to make a little extra money when they are away.
“We will also set our industry code of conduct to raise the bar for our members and new market entrants to ensure the standards that we have all worked so hard to make are the industry norm.”
Members of STAA include Airbnb, Air Sorted, Expedia (HomeAway), Oasis Collections, One Fine Stay, The Air Agents and UnderTheDoormat