Holiday Letting During the Edinburgh Fringe
The Edinburgh Fringe is a world-renowned Festival. It has become the world’s largest arts festival with more than 55,000 performances at 3,548 shows ranging from music to comedy to children’s shows. 2.8 million tickets were sold just last year, almost 150 thousand more than 2017, and the number is more than likely to climb once again this coming August due to the general popularity increase since 2011. What better news is there for holiday let owners looking to rent out their properties with the increase of tourists coming to the area?
In the 1960s, the Fringe grew in popularity as anyone could go and put on a show. The free spirited nature of the various shows at the Fringe really made the event flourish, becoming recognised by big personalities such as Alan Partridge who made his debut at the Fringe in 1990. With celebs visiting the area, more and more people from around the world will buy tickets so they can enjoy the festivities but also catch a glimpse of their role models.
With multiple shows available over the course of twenty five days every year, many people will be looking for short term lets to accommodate them for lower prices than in the hotel industry. A clear example of this is in Edinburgh’s Newington area, which had a 320% rental increase compared to long term letting in August 2017 alone, proving to make the Edinburgh Fringe particularly profitable for holiday let owners.
The influx of tourists during this time of year is indeed great news for the property and holiday letting industry. However, it also poses potential issues for the city and Council. With an increased focus on regulation from the media and traditional hotel industries, holiday owners must ensure that their properties are safe for short term rental. Putting a property up for a short time is certainly easy with the increase in platforms, but this does not take away from the fact that there is strict regulation regarding the safety of guests.
Get in touch with Safe Host today to get your property ready for this year’s Edinburgh Fringe.