Small property owners who used Airbnb to earn extra income from their apartments are gradually stepping back from hosting, leaving more room for property management companies and professional investors. Industry sources tell BnBNews.gr that the shift is already changing who runs Greece’s short-term rentals, but has yet to translate into a comparable increase in the supply of homes available for long-term rent.
The days when an individual owner could list an apartment on a short-term rental platform and earn extra income without taking on too many obligations appear to be fading. More demanding tax requirements, new technical standards and the day-to-day work of running a rental are making it harder for small owners to operate independently.
Industry professionals tell BnBNews.gr that specialist companies now manage a significant share of short-term rentals. Property developers are also becoming more active, treating short-term rentals as a business in their own right. With dedicated staff, specialist expertise and systems for running multiple properties, these businesses can handle workloads that are harder for an individual host to manage.
Some owners are responding by handing over day-to-day operations to professional managers, while others are switching to long-term lets. But when an owner stops hosting, the apartment does not necessarily leave the short-term rental market. In many cases, it stays available to visitors under new management.
Why government measures have yet to make much difference
Tax incentives are designed to bring properties back into the long-term rental market, while restrictions in parts of central Athens limit new short-term rental registrations. So far, however, industry sources say the impact on the housing market has been limited.
Some apartments have returned to long-term letting, the same sources tell BnBNews.gr, but not on a scale they believe would noticeably affect rental supply or rents.
One reason is that the restrictions in parts of central Athens mainly affect new registrations. They do not stop properties with existing registrations from continuing to operate. Industry sources caution that the measures are still relatively recent and that it will take more time to assess their impact.
Why rentals near the Acropolis remain in demand
The short-term rental market around the Acropolis has proved particularly resilient, with visitor demand remaining strong. Industry sources estimate that the tourist season in these neighbourhoods can stretch to as many as 300 days a year, with relatively few gaps between bookings.
That steady flow of visitors gives owners and management companies a reason to keep apartments in the short-term market. In the busiest neighbourhoods, the prospect of earning more than from a conventional lease continues to shape investment decisions.
Professional managers are taking on more properties
The retreat of small-scale hosts does not necessarily mean the short-term rental market is shrinking. It may instead reflect a change in how it operates. Apartments once run by individual owners are increasingly becoming part of professionally managed portfolios, where companies can spread operating costs across multiple properties and draw on specialist services.
Demand for flexible stays also comes from beyond leisure tourism. Executives and other professionals visiting Athens on short assignments are another potential source of bookings for furnished apartments and professionally managed accommodation.
The question is whether these changes will bring more homes back into the long-term rental market or mainly shift short-term rental operations from individual owners to professional companies.
For now, industry sources say the second shift is more visible. More apartments are being run by professionals, but a change in who manages them is not the same as an increase in the number of homes available to long-term tenants.
