[InTime News]
Tighter restrictions on short-term rentals have failed to significantly increase housing availability or reduce rents in European cities where they have been imposed, an industry group said Thursday, warning against further curbs as the European Union considers measures to tackle its housing crisis.
STAMA Greece, which represents short-term rental management companies, said any new restrictions under the European Commission’s proposed Affordable Housing Act should be based on reliable local data and an assessment of their economic impact.
Citing data from the European Holiday Home Association, STAMA said rents per square meter in Barcelona have risen 72% despite a freeze on new short-term rental licenses since 2014. In the French Basque Country, restrictions removed about 6,000 properties from the short-term market, but only 5% returned to long-term rentals, it added.
The group argued that restricting short-term rentals does not necessarily make those properties available to permanent residents and could instead hurt homeowners, small businesses and local economies.
Short-term rentals account for about 1.2% of the EU’s conventional housing stock, according to European Commission Joint Research Center data cited by STAMA, while about 20% of homes are vacant.
The group called for greater emphasis on bringing empty properties back into use, renovating older buildings, speeding up permitting and building new housing.