Londoners could miss out on £500 million this Easter

It seems that many more Londoners could be generating income on their homes this Easter weekend, as only 0.5% of occupants let out their home whilst away. The average rental income for a 3-night stay in zones 1 or 2 in the capital comes to £540, according to property management company Air Agents.

Fran Milsom, the co-founder of Air Agents explains,

“Whilst you’re away this Easter, your home could help pay for your trip. The average zone 1/2 property in London on our database rents out for £180 per night, totalling £540 for the Easter weekend.

“At present, there are less than 9% of homes in the capital left to be booked this Easter, so you are almost guaranteed a rental income whilst you are away this weekend!”

Current regulations allow homeowners to rent out their properties for a maximum of 90 days per year. If you calculate London rates at an estimate of £500 for a 3-night stay, extrapolated over 90 days (assuming you were to rent out the property for the full 90 days), this could generate additional income of about £15,000.

Londoners could collectively miss out on up to £500m this Easter

Should I consider renting out my home short-term?

• Short term rentals generate on average 30% higher rates than long-term rentals
• Greater flexibility – you can tailor when you let your property much more precisely than long term lets
• Maybe you’ve been meaning to book that city break for a while, but aren’t sure about the extra expense? Renting your home out on Airbnb could pay for your ideal trip
• If you’re renting a room in your house, you’re likely to meet interesting people from all over the world
• There might be additional risk of damage by unruly guests, but the higher rental price, as well as home insurance are likely to help cover the costs of this
• If you’ll be out of the property,
• Airbnb have reviews and ratings on prospective tenants, so you can to an extent vet the people at first, and have the opportunity to reject those you do not feel are a good fit
• There are many property management companies around who have adapted to a changing rental market, who will take care of the key-holding, pre and post-tenant cleaning and other essential tasks

As such, short-term rental solutions can be a great way to fund that extra summer trip, or the next long weekend away. Fran Milsom of Air Agents explains, “We know that it can be scary renting your home, whilst out of the country or hundreds of miles from home which is why we are there 24/7 to ensure both you and the guests are having the best stay. On your behalf, we will vet the tenants, clean your house once they leave and take care of everything else in between.”