The boom of short term renatls in major Italian cities is unprecedented. An industry counting one hundred or little more flats just few years ago, is now made up of tens of thousands flats per cities. Entire neighbourhoods are currently dedicated to short term rents, having torurists as ideal targets.
Life for people moving to Milan, the city we operate in and we know best, is becoming quite tough. There's not a shortage of flats per se, as the majority of landlords have renovated their properties in the last ten years, the shortage is mainly felt in long term rentals in particular areas of the city centre.
Central areas, loved both by locals and foreigners, like Brera, have become almost impossible to get on a long term rent basis at acceptable prices. The effect of the boom of short term rents is not only on the number of flats offered for long term rentals, that has drastically decreased, but affeted also the prices of the properties still offered for long term leases. Monthly rents of 1200-1300 EUR for one bedoom flats, have increased arriving almost at 2000 EUR a month.
The situation is not going to change, unless the politicians understand that this is unsustainable especially for poor people not owning already a piece of real estate in "trendy areas", so better to come up with a strategy to get nice flats at acceptable prices.
First rule: move fast and in advance. Youcannot look for a flat a couple of weeks before your arrival in Milan, you need to move at least 3 months before and in case you find something suitable, you need to get it off the market at the speed of light.
Second rule: start to look at less central areas, overlooked by tourists that are mainly crowding out areas like Porta Venezia and Brera. Porta Romana or the less central Fondazione Prada area are nice and not so appealing from a short term renatl point of view.
Let us know your experiences in renting long term a flat in Milan writing us at: firstname.lastname@example.org