The debate on short-term rentals in Milan reignites, but the figures downplay the scope of the so-called "Airbnb effect." According to Aigab, the association of professional managers, the apartments online continuously are just 7,000 out of 810,000 total homes: less than 1% of the real estate assets of the Lombard capital.

A city with 100,000 empty homes

What really weighs on the market are not the tourists, but the vacant homes. In Milan, there are over 100,000 empty homes, while 80% of short-term rentals involve studios and one-bedroom apartments, not suitable for families looking for a stable accommodation. Only 12% of short-term rental properties were purchased as an investment: most come from inheritances or unused second homes.

A billion-dollar business

While the phenomenon does not significantly affect the number of available apartments, the economic impact is strong. In 2024 alone, short-term rentals generated 473 million euros in bookings and an economic impact of 1.89 billion euros among dining, transportation, shopping, and cultural activities. Of this wealth, 74% remains in the Milanese territory.

Lower returns than expected

The profitability is not as high as often thought: the average stops at 4.8%, in line with that of traditional rentals (4.9%). Temporary contracts remain the most advantageous, with peaks up to 10%. Not surprisingly, many owners are returning to the classic 4+4 contract, discouraged by fiscal bureaucracy and earnings lower than expected.