This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Short term lets appear to be on the rise, according to a new survey from the Association of Residential Letting Agents (ARLA).
Research from the organisation suggests that 26% of letting agents have experienced an increase in the number of enquiries for short period lets.
Increases
With both Wimbledon and the British Grand Prix approaching and with the summer (supposedly!) in full-swing, the number of short-term lets is sure to rise still further.
Short-term lets are classed as under 90 days and offer many advantages to landlords, such as a quick income and for the tenant, an alternative to hotels. There are however a number of legal requirements that must be adhered to in order to comply with the law.
Advice
Homeowners looking to let their property out for a short period of time should follow these pieces of advice in order to ensure compliance and a smooth tenancy:
- check mortgage and tenancy agreements to make sure it is permitted that the property can be rented
- use an approved agent to look after the letting process. This will also ensure that all legislation is being adhered to
- make sure that the property is in a good condition, with no clutter, clean and with no damage
- check that all furniture complies with health and safety legislation. Safety checks will have to be carried out before a property is allowed to be let
- arrange with someone trustworthy to visit the property during the period and perform duties such as cleaning and changing bed sheets.
Short-term lets on the increase
David Cox, Managing Director at the Association of Residential Letting Agents said,’ short term lets can be hugely beneficial for both parties. A short let can also be a more profitable option as you may be able to charge a higher rent than you would if you were letting a property out full time. We’ve already seen a massive rise in the number of enquiries for short term lets and with the rising popularity of websites like Airbnb this is only going to continue. Landlords looking to let their property out short-term should follow our simple tips to ensure they’re following best practice. Being a landlord is a full time job, not a hobby – even short term lets. So it’s worth working with a reputable ARLA Licensed agent, who can take the ‘job’ aspect out of it; allowing you to reap the rewards.[1]
[1] http://www.propertyreporter.co.uk/landlords/short-term-lets-on-the-rise.html
