AirBnb owners are switching to long term lettings following changes to Scotland's short-term lets laws, according to a leading property firm.
In a reverse of the recent trend that's seen scores of landlords ditch tenancies for holiday lets, DJ Alexander says it has been approached by many of those who are deterred by costs and uncertainty around more stringent regulations.
The rules, which take effect from this month for new properties and from April 2023 for existing lets, mean landlords must apply for planning permission to operate a holiday let '� incurring fees and legal costs - and there is no guarantee that it will be approved. Some have also complained that they don't have clear guidance on how to comply with the new rules.
Chief executive David Alexander (pictured) says it's welcome news for the long-term residential sector, which is at breaking point, with demand far outstripping supply.
He adds: 'While the holiday market may suffer from this loss of accommodation, the long-term rental market welcomes this much-needed addition of housing stock to what is already a market with a severe shortage of properties. I think this trend will accelerate as we head toward next April's deadline.'�
DJ Alexander recently introduced an online system for property viewing requests and in the first month, received 51,887 requests in Edinburgh where there are usually between 100-150 properties available, and 27,601 requests in Glasgow where the firm usually has 40-60 properties.
The longest waiting list for a two-bedroom property in Edinburgh is 788 people and there are up to 900 groups of students on a waiting list for every property.