The cost of acquiring property is the biggest entry barrier for those dreaming of entering the short-term rental (STR) market. However, the industry is not only for owners. The hospitality sector, especially in Greece, is so developed and demanding that it has created a huge market of services. What’s interesting is that today you can enter the game without owning property, turning your skills into profit.
What does “short-term rental without property” mean?
What does “short-term rental without property” mean?As of 1/1/2024, a short-term rental in Greece is defined as the rental or subletting of a furnished property for up to 59 days, without offering any services beyond bedding. In order for a property to be legally rented on platforms like Airbnb, it must be registered in the Short-Term Accommodation Property Registry of the AADE and obtain a Property Registration Number (AMA), which must appear in every listing.
“Without property” means that you are not the owner. However, you can:
1. Rent properties long-term and sublet them
2. Manage third-party properties as a property manager / co-host
3. Provide specialized services
Rental arbitrage
Rental arbitrage is the most common strategy to enter the market without ownership. The model is simple: You rent a property with a long-term contract (e.g., annual), after securing the owner’s explicit consent for subletting, and then make it available to tourists through STR platforms. Profit comes from the difference between the fixed monthly rent and the revenue generated from bookings.
Full property management
This model is ideal for those who already have experience as hosts and want to leverage it on behalf of others. As a Property Manager, you take over the full operation of the property for the owner, in exchange for a commission on revenue (usually 10% to 25% in Greece). The main services include: reservation management (24/7), smart pricing, check-in/out, maintenance coordination, and—most importantly—the submission of Short-Term Stay Declarations to AADE, offering a fully comprehensive solution to owners.
Co-Hosting
Co-hosting is a more flexible and less binding version of full management. Typically, a co-host handles only certain aspects of hosting, such as 24/7 guest communication, calendar management, or supervising cleaning. This model is ideal for those wanting to start with low risk or offer services to owners who live in another city or country.
Services around short-term rentals
Services surrounding short-term rentals and Airbnb are in high demand, even without owning property. Professional cleaning and linen service, photography and home staging, as well as SEO copywriting for descriptions and titles increase bookings, while digital marketing for direct bookings, technical maintenance, and creating Airbnb Experiences (tours, outdoor activities) are profitable options with low startup costs in areas like Athens, the Cyclades, and Crete.
Legal framework in Greece: What you need to look out for
Legal framework in Greece: What you need to look out forThe legality of rental arbitrage in Greece depends on two main factors: the contract and tax compliance. There must be explicit written permission from the owner allowing subletting. Also, all properties must have an AMA, and the sublessor must be aware of property limits (up to two, without additional services) in order to be taxed as property income; otherwise, it is considered a business activity.
Practical tips & “red flags”
For those starting out in property management and Airbnb without owning property, it is essential to consult an accountant and a lawyer for the proper setup (business codes, taxation, contracts), as well as to invest in professional management software such as channel managers, communication automations, and calendar synchronization. Gradual growth through a few high-quality collaborations and written references helps build a trustworthy reputation in the STR sector.
For owners considering cooperation with managers for Airbnb and booking platforms, it is important to request a detailed business plan with occupancy, pricing and expense projections, and to sign a clear contract outlining responsibilities, damages, and potential changes in legislation or market conditions.
Opportunities in short-term rentals beyond ownership
The short-term rental market has matured and now offers multiple entry points beyond property ownership. From smart use of rental arbitrage to offering specialized management, cleaning or consulting services, you can build a profitable business with low initial capital. The key to success is specialization, professional quality of services, and full compliance with the Greek tax and legal framework.
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