LATEST TRENDS: Covid boosts demand for medium-term renting

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Business people relocating with their families has increased demand in the emerging medium-term let market.

Relocation rentals giant HomeLike reports rising bookings for its properties as families look for temporary accommodation for relocation and work, or to be closer to relatives.

The global online platform, which rents fully furnished apartments for those needing temporary accommodation for 30 days or more, adds that the increase in digital nomads – capable of working and living anywhere, and the need for UK companies to have an EU office following Brexit, is likely to spark a further increase in bookings.

As more people work from home, the option to travel for work and take the whole family is something HomeLike hopes to capitalise on, says Cherry Wang (pictured), country manager UK & Ireland.

She adds: “Mid-term rentals offer business executives the opportunity to create temporary second homes in their location of work, meaning their families can either live with them or visit more frequently where it feels like their home rather than a temporary living space.

“This need has been highlighted due to the pandemic where people wanted their families with them as we went into local lockdowns.”

In 2020, nearly 70% of its bookings were either for a work relocation or work project, which would normally last three to four months, while 25% of bookings were for temporary accommodation needs, such as to self-isolate, while doing house renovations or in-between house moves. The average length of stay increased by 10% last year.

HomeLike reports that 52% of all bookings for stays of over 30 days are now booked instantly, which shows that temporary home searchers are more comfortable making bigger ticket transactions online and points to a significant shift towards digitisation in the sector. 

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