Short Term Letting

Short term lets are often cited as an excellent way to earn money from a buy-to-let or another type of property investment. As a potential landlord, you will want to have at least a decent working knowledge of the process. What, for example, is a short term let and what are the advantages and disadvantages of such an arrangement? Before approaching a letting agent’s office for help and advice, take some time to acquaint yourself with the process so that you know if the agent you choose is offering you a good service for a reasonable price. In this blog post, I will take a look at short term lets as an investment opportunity in further detail to give you a better understanding.

What To Expect When Using Letting Agents For Short-Term Rentals

A short term let is letting out a property for a period of a few days or weeks to a few months. The length and type of short-term let you can offer are subject to certain local authority restrictions. These can differ in different UK councils or borough areas, so you need to check the restrictions that might be applied by the local authority in the area where your potential rental property is located. You can use any type of residential property as a short let in London, from a 12-bedroom mansion to a studio apartment. Of course, if you are purchasing a house abroad for the purpose of letting it out on a short-term basis, you will need to familiarise yourself with the rules and regulations there. Short term letting is especially popular abroad when you’re appealing to the tourism market. https://www.rent.com/california/san-jose-apartments/studio offers some examples of properties available to rent in San Jose, California.

A potential drawback of this type of let is many agents and potential tenants expect all short term lets to be offered fully furnished which, of course, increases costs incurred before any rental income can be earned. They also expect the rent to include all the normal bills, council tax, utilities, etc. with the possible exception of telecommunication services. On the plus side, short lets offer landlords flexibility. If, for example, you are not sure about your long term plans a short let can give you ‘breathing space’ to decide on or finalise your future plans. Short term lets can also be used to bring in an income during periods where the property might otherwise be empty, for example, if you are going away on a long trip. You can also use short-term lets during periods when you are looking to secure a long-term tenant.

Advantages Of Offering Short Let Accommodation

Other advantages for landlords of short term letting are efficiency and choice. If you are letting an investment property, returns from short lets can often be higher than for long lets. The converse is, of course, that you are less able to guarantee continuous occupancy and therefore income. If you are letting you own property, perhaps because you will be away for an extended period of time, then a short term let will ensure that your property is occupied and less of a target for vandalism or burglars whilst bringing in rental income.

Short let accommodation is popular with a wide range of potential tenants. Many large companies use short lets, as they are often more cost-effective and convenient than using hotels. Other frequent users of short-term lets are insurance companies that use them to temporarily house their clients while repairs are made to their permanent homes. This allows the insurance company to minimise any disruption to their clients by allowing them to remain in the same area as their home. Media companies are also keen to take advantage of short-term lets for their staff when making advertisements, films, or television series. Finally, if your property is near to a major venue, you can use a short term let to bring in extra money when big events are staged, for example, during a famous sporting event or music festival.

Hopefully, you now have a better understanding of short term letting and the benefits associated with it, as well as the risks. This is definitely something that all landlords should consider. While it may not be for everyone, doing a bit of research and digging deeper certainly won’t hurt.

DISCLOSURE – This is a collaborative post.