London agent starts Airbnb letting service for landlords

Eighteen-branch London agent Portico has launched an Airbnb letting management service specifically for landlords as the number of hosts in the city approaches the 50,000 mark. Managing director Robert Nichols (pictured) says that despite the 90-day limit introduced by the San Francisco-based company, even “seasoned landlords are coming round to the fact that a combination of Airbnb and traditional tenancy will maximise their return on investment,” he says. Portico, which was launched in 2015 and replaced existing brands Edmund Cude and Bushells, says there are now 48,017 active Airbnb hosts in London and that the average two-bedroom flat there generates £2,226 a month based on a 70% occupancy rates. Portico claims its service will be able to achieve even higher occupancy rates for clients of up to 80%, and that landlords can expect to receive a booking within a week of listing on the site. Average day rates for Airbnb properties in London range from £65 a day in Bexley to £224 a day in Westminster. Portico is stepping into controversial waters – many agents and city housing professionals see Airbnb as a threat to supply within the existing private rental market, and several councils including Westminster have made their…