Short-term letting can be extremely lucrative. Forgoing the contract with long notice periods and minimum rental terms means that estate agents can charge more in rent. Indeed, it is possible for them to charge up to 30% more for a short-term let than they would expect to achieve if renting out the property on a long-term basis. This article considers some of the other benefits that estate agents achieve through short lets in London, and why you should consider this type of rental too.
Quality of Clientele
A person interested in renting a property on a short-term basis is usually renting it as a base so that they can be closer to their office without having to use a hotel, taking an extended holiday, or looking for somewhere to stay while work is being done on their own house. Either way, your clientele is likely to be professional and this usually means that not only will your income be guaranteed but also that your property will be well looked after. If something should go wrong anyway, you would not have to worry about a drawn-out eviction process. Short-term letting leaves you free to swap tenants with a minimum amount of fuss.
Flexibility
With short-term rentals, there is greater flexibility. You can choose when and for how long you want to rent out your property. If you want to take a holiday, yourself you can simply not take on a tenant during that period leaving you free to enjoy yourself without worrying about your property. It also means you can choose to stay in the property should you wish to, you have total control.
Maintenance
With a short-term rental, you have greater control over the maintenance of your property. When you rent out long-term you might not be aware of any issues within the property until they become a major issue. Imagine, that the sealant needs replacing on the kitchen sink, for instance. You could do this easily if you know about but if your long-term rental client doesn’t tell you, you might only find out when you start to have damp issues in the kitchen. Suddenly, a quick, inexpensive sealant repair job becomes an entire kitchen overhaul. With short-term rentals you can inspect the property regularly and keep on top of maintenance issues, saving you money in the long-term.
Social Benefits
By renting out short-term you might open yourself up to meeting some new people. Short-term renters might be travellers or professionals, they are likely to be interesting people with exciting stories to keep you entertained. Renting out a property on a short-term basis can really open up your social world and help you build friendships with people you wouldn’t normally expect to meet in your everyday life.
Renting out a property on a short-term basis can be lucrative as well as fun. Just be sure that the local authority in which you are looking to invest allow for short-term letting and that you have adequate home insurance in place before you take in renters, and we guarantee you will never regret taking on short lets in London.
