How profitable are Airbnb rentals in Milan? (2026)

Running an Airbnb in Milan in 2026 is legal but requires following clear rules, including a national identification code and tourist tax obligations.

The average Milan Airbnb earns around 2,650 euros monthly before expenses, though this varies significantly by neighborhood and season.

With nearly 30,000 active listings and a new keybox ban effective January 2026, Milan's short-term rental market is competitive but still offers opportunities for prepared hosts.

And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Milan.

Who is the author of this content?

INVESTROPA

A team specialized in real estate investing in European countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Milan. If you’d like to learn more about us, you can check our presentation page.

Can I legally run an Airbnb in Milan in 2026?

Is short-term renting allowed in Milan in 2026?

As of the first half of 2026, short-term renting of residential properties is allowed in Milan under a clear compliance framework that hosts must follow.

The legal framework combines national rules (CIN identification code and safety requirements) with local Milan regulations for tourist tax and reporting.

The most important requirement is obtaining a CIN (Codice Identificativo Nazionale) through Italy's BDSR portal, which must be displayed on all listings.

Beyond the CIN, hosts must handle tourist tax collection, register guest data with authorities, and comply with fire safety and carbon monoxide detector requirements.

Operating an unregistered short-term rental can result in fines of 800 to 8,000 euros, and platforms like Airbnb increasingly verify CIN codes before listings go live.

For a more general view, you can read our article detailing what exactly foreigners can own and buy in Italy.

If you are an American, you might want to read our blog article detailing the property rights of US citizens in Italy.

Are there minimum-stay rules and maximum nights-per-year caps for Airbnbs in Milan as of 2026?

As of the first half of 2026, Milan does not impose a citywide minimum stay requirement or maximum nights-per-year cap, so hosts can rent their properties for any duration and as many nights as they choose.

These rules do not differ by property type or host residency status, so the same flexibility applies whether you own a studio or three-bedroom, primary or secondary home.

In practice, many hosts set their own two-night minimums to reduce turnover, while others target the 30-plus night market for simpler operations.

Do I have to live there, or can I Airbnb a secondary home in Milan right now?

There is no residency requirement to operate an Airbnb in Milan, so you don't need to live in the property or even in Italy to legally rent a residential unit short-term.

Owners of secondary homes and investment properties can legally operate short-term rentals, as the "locazioni brevi" framework applies equally to all residential types.

The same core obligations apply regardless of residence type: CIN code, tourist tax, guest data reporting, and safety requirements.

The main practical difference is that hosts with multiple properties may cross thresholds triggering business registration, but a single secondary home follows essentially the same process as a primary residence.

Can I run multiple Airbnbs under one name in Milan right now?

Yes, you can operate multiple Airbnb listings under one name in Milan, but 2026 marks a threshold where hosts with three or more properties are treated as running a business.

There's no hard cap on properties, but from the third unit onward, Italian law requires VAT registration (Partita IVA) and full business taxation compliance.

For hosts with one or two properties, requirements remain straightforward: obtain a CIN for each unit, handle tourist tax, and file under the standard short-let tax framework.

This threshold distinguishes casual hosts from professional operators, ensuring large-scale operations contribute to the tax system like other hospitality businesses.

Do I need a short-term rental license or a business registration to host in Milan as of 2026?

As of the first half of 2026, individual hosts with one or two properties don't need a traditional business license, but must obtain a CIN through Italy's BDSR portal and register for Milan's tourist tax system.

The CIN application is handled online, and after submitting property and ownership information, codes are typically issued within days to a couple of weeks.

Approval requires proof of ownership or rental authorization, property details, and confirmation that safety requirements like smoke detectors are met.

The CIN is free, but hosts should budget for any property upgrades needed for safety compliance; those with three or more properties face VAT registration and accounting costs.

Are there neighborhood bans or restricted zones for Airbnb in Milan as of 2026?

As of the first half of 2026, Milan has no neighborhood-specific bans or restricted zones prohibiting short-term rentals, so Airbnb hosting is allowed across all city areas.

The most significant operational restriction is the new ban on self-check-in keyboxes in public spaces, effective January 2026 with fines up to 500 euros per violation.

This keybox ban addresses public safety and livability concerns, particularly in tourist-heavy central areas where lockboxes had become intrusive on streets and facades.

While no formal neighborhood bans exist, individual condominium buildings (especially in Duomo, Brera, and Navigli) may have internal rules restricting short-term rental activity.

We made this infographic to show you how property prices in Italy compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.

How much can an Airbnb earn in Milan in 2026?

What's the average and median nightly price on Airbnb in Milan in 2026?

As of the first half of 2026, the average nightly price for a Milan Airbnb is approximately 155 euros (165 USD), while the median sits closer to 135 euros (145 USD).

The typical price range covering 80% of Milan listings falls between 90 and 250 euros, with most one-bedrooms in good locations clustering around 120 to 180 euros.

The biggest factor affecting pricing is location, specifically metro proximity and distance to major attractions like the Duomo, with central neighborhoods commanding 40% to 80% premiums.

By the way, you will find much more detailed profitability rent ranges in our property pack covering the real estate market in Milan.

How much do nightly prices vary by neighborhood in Milan in 2026?

As of the first half of 2026, Milan nightly prices vary by 100 to 200 euros between expensive neighborhoods like Centro Storico and Brera (180 to 320 euros) and affordable areas like Bicocca and San Siro (100 to 180 euros).

The three neighborhoods with highest average prices are Centro Storico/Duomo at 180 to 320 euros, Brera/Quadrilatero at 180 to 300 euros, and Porta Nuova/Isola at 160 to 260 euros.

The lowest-priced neighborhoods are Bicocca at 100 to 160 euros, San Siro at 100 to 180 euros (except during events), and NoLo/Città Studi at 110 to 190 euros, though guests still book these areas for metro access and specific purposes.

What's the typical occupancy rate in Milan in 2026?

As of the first half of 2026, the typical occupancy rate for Milan Airbnb listings is approximately 58%, meaning properties are booked just over half the available nights annually.

The realistic occupancy range for most listings falls between 45% and 70%, with newer hosts starting lower while established listings with strong reviews sustain 65% or above.

Milan's 58% average is notably higher than many Italian leisure destinations because the city draws steady year-round demand from business travelers, fair visitors, and fashion professionals.

The biggest factor for above-average occupancy is accumulating positive reviews quickly, as guests in this competitive market rely heavily on social proof when choosing among 30,000 listings.

What's the average monthly revenue per listing in Milan in 2026?

As of the first half of 2026, the average monthly revenue per Milan Airbnb listing is approximately 2,650 euros (2,800 USD), representing gross booking income before expenses and taxes.

The realistic monthly revenue range for 80% of listings falls between 1,500 and 4,000 euros, with studios at the lower end and well-located two-bedrooms reaching the upper range.

Top-performing listings in Brera or Porta Nuova with strong reviews and dynamic pricing can achieve 5,000 to 7,000 euros monthly. Simple calculation: 155 euros nightly at 75% occupancy over 30 nights yields roughly 3,500 euros.

Finally, note that we give here all the information you need to buy and rent out a property in Milan.

What's the typical low-season vs high-season monthly revenue in Milan in 2026?

As of the first half of 2026, a typical Milan Airbnb earns 1,800 to 2,200 euros during low-season months and 3,600 to 4,800 euros during high season, with peak event weeks pushing revenues even higher.

Low season spans late November through early February (excluding holidays and Fashion Week) plus parts of August, while high season includes Fashion Weeks, Design Week in April, major trade fairs, and the Milan-Cortina 2026 Olympics period.

What's a realistic Airbnb monthly expense range in Milan in 2026?

As of the first half of 2026, a self-managed Milan Airbnb costs 850 to 1,450 euros monthly to operate, while full-service management pushes expenses to 1,400 to 2,400 euros or more.

The largest expense category is cleaning and laundry at 250 to 600 euros monthly depending on turnover, followed by utilities (180 to 350 euros) and condominium fees (100 to 250 euros).

Milan hosts should expect to spend 35% to 55% of gross revenue on operating expenses if self-managing, or 55% to 75% with full-service management.

If you want to go into more details, we also have a blog article detailing all the property taxes and fees in Milan.

What's realistic monthly net profit and profit per available night for Airbnb in Milan in 2026?

As of the first half of 2026, a typical self-managed Milan Airbnb generates around 940 euros monthly net profit after expenses and taxes, translating to approximately 31 euros profit per available night.

The realistic monthly net profit range spans 400 to 1,800 euros, with newer hosts and outer neighborhoods at the lower end and experienced hosts with prime locations approaching the upper range.

Milan hosts typically achieve 25% to 40% net profit margins after operating expenses and the 21% cedolare secca flat tax for individual hosts with one or two properties.

The break-even occupancy sits around 35% to 40%, meaning hosts need roughly 11 to 12 booked nights monthly just to cover costs before generating profit.

In our property pack covering the real estate market in Milan, we explain the best strategies to improve your cashflows.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Italy versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.

How competitive is Airbnb in Milan as of 2026?

How many active Airbnb listings are in Milan as of 2026?

As of the first half of 2026, there are approximately 29,900 active short-term rental listings in Milan across Airbnb and similar platforms, making it one of Italy's largest STR markets.

Milan's supply has grown steadily, though new listing growth has moderated as regulatory requirements (CIN system and 2026 business thresholds) raise the bar, creating a market increasingly dominated by committed operators.

Which neighborhoods are most saturated in Milan as of 2026?

As of the first half of 2026, the most saturated Milan neighborhoods are Centro Storico/Duomo, Brera, Navigli, Porta Venezia, Centrale/Repubblica, and Isola/Porta Nuova, where competition is fierce and differentiation essential.

These neighborhoods are saturated because they combine walkability to attractions with excellent metro access, and established hosts have years of reviews that newcomers struggle to match quickly.

Relatively undersaturated neighborhoods offering better opportunities include Porta Romana, CityLife, Tortona/Solari, Città Studi/Lambrate, and NoLo, where lower density means less direct competition.

What local events spike demand in Milan in 2026?

As of the first half of 2026, main events spiking Milan Airbnb demand include the Milan-Cortina 2026 Olympics, Salone del Mobile/Design Week in April, Fashion Weeks in February and September, Fiera Milano trade fairs, and San Siro stadium events.

During peak events like Design Week and Fashion Week, hosts typically see bookings jump 30% to 50% and nightly prices increase 100% to 200%, with best-located properties sometimes tripling rates.

Hosts should adjust pricing and availability six to eight weeks before major events, as business travelers and fashion professionals book well in advance.

What occupancy differences exist between top and average hosts in Milan in 2026?

As of the first half of 2026, top-performing Milan hosts achieve 65% to 75% occupancy, about 10 to 18 percentage points above the 58% market average.

Average hosts typically see 50% to 60% occupancy, with newer listings starting at the lower end until they accumulate enough reviews to compete effectively.

New hosts should expect 6 to 12 months of consistent hosting, professional photography, competitive pricing, and excellent service to reach top-performer levels, with the first 10 to 15 five-star reviews being most critical.

We give more details about the different Airbnb strategies to adopt in our property pack covering the real estate market in Milan.

Which price points are most crowded, and where's the "white space" for new hosts in Milan right now?

The nightly price range with highest listing concentration in Milan is 120 to 180 euros, where studios and one-bedrooms compete intensely for budget-conscious tourists and business travelers.

White space exists at both ends: the 200 to 300 euro range for design-forward or business-optimized two-bedrooms, and 80 to 110 euros for well-located micro-units undercutting the crowded midmarket.

To compete in underserved segments, new hosts should focus on exceptional design and amenities (premium tier) or ruthless operational efficiency with metro proximity (budget tier), rather than being average in the crowded middle.

What property works best for Airbnb demand in Milan right now?

What bedroom count gets the most bookings in Milan as of 2026?

As of the first half of 2026, studios and one-bedroom apartments get the most bookings in Milan, reflecting strong appeal to solo business travelers, couples, and fashion professionals prioritizing location over space.

The estimated booking breakdown shows one-bedrooms capturing roughly 45% of bookings, studios about 33%, two-bedrooms around 18%, and three-plus bedrooms just 4%.

One-bedrooms perform best because they balance affordability for guests with revenue potential for hosts, and Milan's business and event demand skews toward solo and couple travelers rather than groups.

What property type performs best in Milan in 2026?

As of the first half of 2026, condo apartments (studios to two-bedrooms) are the best-performing property type for Milan Airbnb, combining strong occupancy with operational practicality and broad guest appeal.

Occupancy rates show apartments at 55% to 65%, penthouses at 50% to 60% with higher ADR, townhouses at 45% to 55% depending on location, and villas at 35% to 50% with significant seasonality.

Apartments outperform because they match Milan's dominant guest profile (business travelers and couples seeking central, metro-accessible stays), are easier to manage, and exist abundantly where demand concentrates.

What sources have we used to write this blog article?

Whether it's in our blog articles or the market analyses included in our property pack about Milan, we always rely on the strongest methodology we can and we don't throw out numbers at random.

We also aim to be fully transparent, so below we've listed the authoritative sources we used and explained how we used them.

Source	Why It's Authoritative	How We Used It
Comune di Milano Fare Impresa	It's Milan's official guidance page for legally operating short-term rentals.	We used it to anchor what Milan expects from hosts in practice. We used it to avoid unreliable blog interpretations.
Comune di Milano Tourist Tax Portal	It's the official platform where hosts are instructed and rates published.	We used it to confirm short-stay guests are subject to tourist tax. We used it to treat tax as a compliance workflow.
Comune di Milano Tourist Tax Coverage	It's an official page listing what stays are covered by tourist tax.	We used it to verify locazioni brevi fall within the tax perimeter. We used it to prevent category confusion.
Ministero del Turismo BDSR Portal	It's the official national system for CIN registration and verification.	We used it to explain what CIN is and why hosts must display it. We used it as the source of truth for CIN verification.
Gazzetta Ufficiale CIN Publication	It's an official publication referencing the CIN portal and legal basis.	We used it to support that CIN is mandated by national rules. We used it to cite the system without private commentary.
Normattiva Decreto-legge 145/2023	Normattiva is Italy's official current law text platform.	We used it to ground the CIN framework and safety obligations. We used it to avoid second-hand legal summaries.
Gazzetta Ufficiale 2026 Budget Law	It's the official 2026 budget law publication changing tax thresholds.	We used it to support 2026 changes for multi-property hosts. We used it as authoritative reference over headlines.
Agenzia delle Entrate Locazioni Brevi	It's Italy's tax authority explaining the short-let framework.	We used it to define locazioni brevi and fiscal treatment. We used it to anchor tax discussion before Milan-specific steps.
Agenzia delle Entrate DL 50/2017	It's the tax authority's core article governing locazioni brevi.	We used it to cite the baseline regime. We used it as the layer the 2026 budget law modifies.
Città Metropolitana ROSS1000	It's an official page explaining Lombardy tourism reporting tools.	We used it to explain data reporting obligations. We used it to connect host duties to ISTAT collection.
Regione Lombardia Tourism Dashboard	It's Lombardy's official tourism statistics portal.	We used it to validate demand is driven by real volumes. We used it to cross-check seasonality and demand peaks.
Reuters Milan Keybox Ban	Reuters is a top-tier wire service with strong editorial standards.	We used it to support the 2026 keybox ban in Milan. We used it to highlight operational friction affecting costs.
Euronews Milan Keybox Coverage	It's a major outlet corroborating the same policy change.	We used it to triangulate the keybox ban across sources. We used it to explain the rule in plain terms.
AirDNA Milan Market Overview	AirDNA is a widely used STR data provider with consistent methodology.	We used it to estimate nightly price, occupancy, revenue, and supply. We used it as quantitative spine, adjusted for Milan realities.
Reuters Italy Tax Policy	Reuters provides reliable reporting on Italian regulatory changes.	We used it to corroborate 2026 budget law changes. We used it to validate our Gazzetta Ufficiale interpretation.

We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Italy. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.