The newly converted one-bed properties in Easton have been on the market for less than a year but are now listed for over £ 2,000 per month.
The 12 one bed properties are also listed on Airbnb, with bookings available in January for £ 127 per night, under the Anstey Heights name.
The ‘luxuriously furnished and self-catering’ apartments were originally listed on Zoopla for short-term rent of £ 1,300 per month as of December 2020.
They are now listed on Zoopla as Belle Vue Court and the price has increased every month until June.
READ MORE:Renters turn to Airbnb as they struggle to find property in Bristol
The biggest increase took place between May and June, when the monthly rent went up by £ 450.
In addition to two commercial units on the ground floor, the entire building has been converted into one bedroom apartments available for short and medium term rental only.
What is short and medium term rental?
Short-term rent is less than one month and medium-term rent is between one and six months.
Medium term rentals on Zoopla, right move are managed by Hopewell Estate Agents on behalf of the owner.
Adam Kershaw, director of agents for Hopewell Estate, said they started mid-term rentals less than a year ago in response to the foreclosure:
“When the covid hit there were people stuck in Bristol and we weren’t allowed to do short term rentals.
“Previously, we only advertised mid-term rentals during the quiet months of December and January, but we’ve kept it up because there seems to be real demand.
“We receive people with an employment contract who need housing for a few months or sometimes people who have had a house sale fail.
“Usually, those looking for permanent rental accommodation can book for a week or two and then switch to a cheaper mid-term rental if they need to stay there longer,” added Adam.
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Increase in short and medium term rentals
Easton, like many parts of Bristol, has seen rents rise dramatically in recent years, with longtime residents saying they have had to relocate due to a lack of affordable housing.
In a House of Commons research briefing in 2020, it was found that the increase in short-term rentals had increased significantly.
The number of Airbnbs in London has increased by more than 13,000 properties in five years, all regions having seen an increase.
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Adam has seen the short and medium term rental market explode since he started the business seven years ago:
“There are obviously more short-term rentals. Owners found they could make more money, and Airbnb’s popularity increased.
The real estate agent said “investment” owners like the owner of the building in Easton choose short and medium term rentals because of the higher profit margins.
Bristol Live reported in September that a growing number of people are forced to stay in Airbnb and similar short-term rentals as they struggle to find accommodation to rent long-term.
“Upward pressure on prices”
Easton adviser Barry Parsons called the situation “dysfunctional”.
Cllr Parsons said; “If you move to Bristol for work or study and you end up paying that kind of price because you can’t find another place to stay, it’s pretty straightforward exploitation.
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“I suspect this trend towards short-term rentals and Airbnb will further increase rents.
“If homeowners see that they can make more money even though the apartments are sometimes unoccupied, it will put upward pressure on prices.
“The way the planning system is put in place is to favor the developers, so there’s not much the board can do.
“In Easton in particular, we cannot get out of the housing crisis.
“We need to talk about rent control, landlord licensing and how we can influence the private rental market in Bristol,” added Cllr Parsons.
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Cllr Parsons will meet with Cabinet Member for Housing and House Delivery Tom Renhard later this month to discuss the growing unaffordability of the private housing market in Bristol and the short-term measures that can be put in place. works to mitigate the negative impact.
Bristol Live has contacted the property owner for comment.
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