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Holiday rental hotspots revealed

Holiday rental hotspots revealed
Christina Hoghton
Written By:
Christina Hoghton
Posted:
26/04/2024
Updated:
26/04/2024

Cornwall is the most profitable place for summer holiday rentals, according to a new study.

The county made over £40m in rentals in just three months from July to September 2023 – peak holiday season.

With the average nightly price of a room at £84, the average price of a house at £117 per night and the price of an apartment at £113, Cornwall had a vast 476,910 nights booked from July to September 2023.

Whilst Cornwall’s population is around 565,968, the town received triple the number of holidaymakers last summer.

That’s according to a new study by Wealth of Geeks, which revealed which UK hotspots made the most profit with holiday rentals over the summer.

Taking the number of nights rented on Airbnb, Booking.com, and Expedia Group from the Office for National Statistics (ONS) from 1 July to 30 September 2023, the experts have calculated how much each location makes in revenue.

City breaks

Westminster is the second-most profitable place – generating over £34m in the summer of 2023.

A room in Westminster costs around £113, an apartment £147, and a house £435 per night, generating 304,790 nights booked last summer.

And Camden ranks third for profitability – with a total revenue of over £21m last summer. A nightly cost for a room in Camden is around £123, an apartment costs £156, and a house is £140.

The 10 most profitable UK hotspots for holiday rentals are as follows:

1. Cornwall – £40,060,440

2. Westminster – £34,441,270

3. Camden – £21,217,500

4. Hackney – £20,430,280

5. Kensington and Chelsea – £18,874,125

6. Brighton and Hove – £13,401,000

7. Islington – £12,665,250

8. Southwark – £11,680,480

9. Tower Hamlets – £11,672,500

10. Lambeth – £11,122,590

A spokesperson for Wealth of Geeks said: “In the summer of 2023, the UK holiday rental made approximately £739,211,390, according to our data.

“Holiday rentals play a vital role in the UK’s tourism industry by supporting local economies, providing accommodation to enhance visitor experience, and promoting tourism in diverse regions across the country.

“Tourism also helps to promote awareness of lesser-known areas, helping to distribute tourist spending more evenly across the country.

“While some destinations may experience seasonal fluctuations in tourism often in the summer months, holiday rentals attract [visitors] year-round, helping to sustain economies and businesses during off-peak seasons.”

Related: New rules to stop holiday lets ‘hollowing out’ communities