Edinburgh is one of Europe's oldest continuously inhabited capitals — the Castle Rock has been fortified since at least the Iron Age, and the medieval Old Town that runs from the Castle down the Royal Mile to the Palace of Holyroodhouse is a UNESCO World Heritage site largely intact since the 16th and 17th centuries. The neoclassical New Town, laid out in the late 18th century by James Craig, is itself UNESCO-listed and forms the Georgian-terrace inventory that anchors the city's premium short-term rental market today. The Edinburgh Festival was founded in 1947 in the bombed-out aftermath of the Second World War as a cultural project of European reconciliation, and it has compounded since into the largest performing-arts gathering on earth.
Modern Edinburgh STR has two structural layers. The first is the August Festival month — the Edinburgh International Festival, the Fringe (the largest arts festival in the world), the Royal Edinburgh Military Tattoo, the Book Festival, and the International Film Festival running in overlap and pulling performers, programmers, journalists, and audiences from every continent. The second is the year-round capital-city economy: the Scottish Parliament, the financial-services cluster, the University of Edinburgh, the medical-research base, the Hogmanay (New Year) industrial event, and the Six Nations rugby weekends. The rentable inventory is concentrated in the New Town's Georgian flats, the Old Town's converted closes and tenements, Stockbridge's village-within-the-city, Leith's regenerated waterfront, and Bruntsfield/Marchmont's Victorian tenements adjacent to the Meadows.