Airbnb Is Still a Business Niche in Hungary


back

To be successful in any aspect of the rental market, it's important to look ahead and have a good idea of the kinds of changes might occur so that you can be prepared. The market can change in the future; instead of individually let homes, organized Airbn rentals can play a crucial role in Hungary.

This is how Millennials have changed customs into the property market:

· younger generations want to use instead of possess

· they do not need own possessions

· they prefer living in rents instead of buying an apartment

· they are in favour of vacation rentals for holidays

· they use popular social media platforms for communication between clients and landlords

What are the skills and responsibilities of a professional Airbnb host?

To be an Airbnb host is not just advertising your property on the web, waiting for upcoming registrations, collecting the money and that’s it. It is much more than that.

You need all these:

· basic knowledge in taxation and accounting

· marketing skills can also be useful

· hard work: to be an Airbnb host is rather like having a part-time job

· checking in guests

· do or organize the cleaning

· solve emerging problems, such as maintenance

· get ready to offer programs

· be able to speak English

· don’t forget about the costs: overhead costs, cleaning detergents etc.

· be financially prepared: your income may change from period to period: tourist traffic can drop back from late autumn until early spring, which means that you need to earn the annual income in the remaining time

Future prospects:

· the market can even grow

· there is a change in quality: nicer apartments are replacing the ones with worse quality

· in the increasing competition prices may reduce

· individuals are returning to long-term rentals

· new specialized companies are emerging to help owners, landlords with every service for commission

Is Airbnb the latest cash cow?

Short-term rentals can be less exposed to swindlers with a market expecting more professionals. The rapid uptake of the Airbnb can clearly be seen by the fact that data reveals massive 70% y-o-y growth and now their number reaches 8,100 in Hungary. Hotel rentals also opened up a strong competition in hotel industry. Mainly 3-star hotels or others in lower categories found themselves in competition with them. In overall, due to the rise of tourism vacation rentals do not seduce guests from hotels but fill in market niches.

(Source: http://www.portfolio.hu/ingatlan/lakas/mindent_felforgat_a_budapesti_airbnb-laz.1.231862.html)

Related articles:

Budapest rents expected to slightly decline further

Can home rental regulations change in Hungary?

The ruling Hungarian Government proposes tax on Airbnb

 

Subscribe to Our Budapest Property Market Newsletter