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), the organisation that represents the industry.
A recent report by Oxford Economics, that was commissioned by Sykes Holiday Cottages in conjunction with the STAA, showed 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. In some areas, short term rentals activity contributes up to 4% of their GDP. The sector also boosted the UK Exchequer to the tune of £4.6bn in taxes.
A key element of the...