The growth of the short-term rentals sector has helped to create an economy featuring several new types of jobs that benefit local communities and fit the demand for more flexible ways of working, according to the UK Short Term Accommodation (STAA).
A recent report by Oxford Economics, commissioned by Sykes Holiday Cottages in conjunction with the STAA, revealed that the short term rental sector contributed £27.7bn to the UK economy in 2021 alone – the equivalent of 1.4% of GDP – sustaining nearly half a million jobs.
The biggest positive contribution was found in geographical communities that are more reliant on tourism and in rural areas where there is typically a lower than average level of household income. According to the report, short term rentals activity contributes up to 4% of the GDP in some areas, and the sector also boosted the UK economy to the tune of £4.6bn in taxes.
A key element of the positive economic impact the short term rentals sector has on communities is in the creation of new jobs for local people, said the STAA. The organisation has identified three new roles that people in local communities are undertaking to earn income thanks to the flexibility of hours and the new tasks that need to be delivered as a result of short term rentals: multi-property housekeeper; maintenance handyperson and gardener; and ‘meeters and greeters’.
Andy Fenner, CEO of STAA, said: “Many people simply underestimate or are unaware of the positive impact that the short term rentals sector has on the UK economy, especially in those areas of the country that are typically not best served by highly paid jobs. The Oxford Economics report highlights how important short term rentals are to many communities in rural Britain and illustrates just how many people benefit from their operation.
“The UK is a leader in this industry and we need to make sure that we enable it to grow responsibly to meet the increasing consumer demand for a ‘home-from-home’ holiday or business stay experience and continue to provide quality employment opportunities for local communities.”
