What are short lets?
Short let’s refer to the action of letting your property to a tenant for a short period of time, usually less than six months. The recent rise in the popularity of platforms such as Airbnb has breathed new life into short-term lets. This form of letting is gaining popularity with landlords mainly because of the higher rental incomes that they can generate. On average short let rates are about 30% higher than traditional long-term rental agreements. This increase in rental income does, however, come with some additional risk, short-term tenants seem to be less reliable than their long-term counterparts when it comes to taking good care of your property. As we can see from the above there are clear advantages to letting your property on a short-term basis.
Who makes use of short lets
Short-term lets are the rental agreement of choice for many because of the convenience they offer to people who need somewhere to live for a short period of time. Short lets in London are especially popular with business people who may need to stay in an area for a short period due to work commitments. Other reasons for choosing a short-term let includes needing a place to live in while building work on your home is in progress or even wanting to save a few pounds while on vacation. Renting an apartment may very well end up costing less than booking a hotel room. Short lets are also great for people who want the flexibility of living like a local when away from home.
Advantages of short lets for the landlord
Short term lets in London are great for landlords who are in the market for selling their property but may not be ready to do so right away. With short lets you don’t have to wait for long tenancy agreements to come to an end before selling your property, you can jump when the perfect opportunity shows itself. The market for short term lets in London is especially active, the area is experiencing a high demand for people who are looking to let property for a period of fewer than six months. Having a property on hand that can be let out as a short on a short-term basis can be a great advantage for its owner and lead to very attractive rental incomes.
Advantages of short lets for the tenant
Tenants are often not prepared to enter into the lengthy commitments that some landlords require if you are not prepared to take on a long-term commitment a short let may be the best option for you. Short lets are often located in the best areas of famous cities where it can be difficult and expensive to find accommodation. If you are visiting a foreign country for a few months and need somewhere to stay while abroad a short let might be the ideal way to find a great place to live.
Short let’s have many advantages for both tenants and landlords and this has made them a great choice for many.