Long-term rentals are becoming increasingly popular in Milan for 2020

Data showing the popularity of long-term rentals in Italy’s second most populous city have been released by the apartment rental company, Italianway.

Long-term rentals are becoming increasingly popular in Milan for 2020 / Gtres
Long-term rentals are becoming increasingly popular in Milan for 2020 / Gtres
20 January 2020, Redaction

Milan is no longer just a popular spot for flying visits. According to a survey carried out by the apartment rental company, Italianway, the Lombard capital is increasingly loved for long stays as well.

Rentals of more than 30 days and up to 18 months in Milan are chosen not only by business travellers but also by international university students and PhD students who are increasingly turning Milan into an ideal destination for their year of education in Italy: there has been an increase of 174% according to Italianway, with around 160 properties rented for a turnover of more than 5 million euros .

Therefore, the data speak of a trend that sees Milan cropping up behind other Italian cities such as Rome and Florence, traditionally favourite spots in the eyes of students from around the world to spend a gap year in Italy.

"The request for medium-term rentals by foreign managers, researchers and university students with a high spending capacity is growing on the part of the owners. The Italianway company has been able to establish strategic alliances with more than thirty online travel agencies (OTAs) specialised in these incoming segments," explains Marco Celani, Italianway's CEO. Generally, university students request three- and four-bedroom apartments, while PhD and Master's students prefer smaller two-bedroom apartments: they all require fast WiFi, a large refrigerator, utilities included and possibly a concierge service, still considered abroad as a guarantee of greater security. Celani adds: “They greatly appreciate the possibility of sending packages and various materials to families at our welcome points located in strategic points of the city, the most visited sites being Bocconi, Marangoni, Cattolica and Naba, as well as the most sought after areas for their stay in Milan: Navigli, Porta Genova, Centro Storico and Turati (especially Marangoni), Brera, Garibaldi, Cadorna ".

Where do the researchers and students come from? Celani explains: "They come mainly from the United States, Australia, China, Russia, the United Kingdom, Sweden, France, Switzerland, but also from India and Malta".

In general, between long stays and the more common medium- and short-term rentals, 119,000 nights were sold in Milan in 2019 by Italianway to almost 40,000 travellers from all over the world (38,754 to be precise) hosted in more than 500 apartments managed by companies in Milan capital. These are travellers with an average age of 38, with women slightly younger than men (37 compared to 39 respectively) and a substantially identical proportion (51% to 49%) in favour of men.

Travellers received in 2019 by Italianway in Milan came from up to 160 countries, their stay lasting an average of 5 days and with an average expenditure of 540 euros: foreign guests represent the majority at 56%. In the top positions are the Russians (6.3%), with an average age of 35 years old and an average expense per stay of 457 euros, the French (3.8%), Americans (3,7%) and Brits (3,2%), with an average age of 37 years old and an average expense per stay of 647 euros. The number of nights sold on average in 2019 add up to 54,600 divided between the 800 guests from 34 countries. On average, these guests stay 81 days and spend 103,51 euros per night.

On the other hand, Italians who chose Italianway apartments for their medium-term stay in Milan in 2019 booked more than 15,000 nights and are equivalent to 27.74% of stays. Following, in descending order, travellers from China (8574 nights, 15.71% of the total), Great Britain (4021 nights, 7.37%), Russia (2960 nights, 5.42%), Sweden (2207 nights, 4.05%), Spain (1900 nights, 3.48%), Croatia (1870 nights, 3.43%), India (1798 nights, 3.29%), Kuwait (1607 nights, 2.94%), USA (2,037 nights, 2.00%), Japan (2,025 nights, 2.00%), Canada (2,025 nights, 2.00%), and the United States (2,025 nights, 2.00%).

The average age of Italianway guests who opted for the medium-term option in 2019 is 36 years old, with women younger than men (32-39) and a proportion of 53-47% in favour of men. The youngest are Australians with an average age of 22.

In 2019, Italianway collected 262,186 euros of tourism tax in Milan for the short-term rental segment, compared to 277,642 thousand euros paid in 2018 (slightly less due to the medium-term rental boom in 2019, for which the tourism tax is not owed) and 160,000 euros paid in 2017.

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