Short let rentals can be more lucrative than longer term rentals. Landlords can benefit from higher rental return and flexibility of extending tenancy contracts weekly or a monthly basis at your discretion, which short term lets often brings. Short lets also come with an increased periods when a property is vacant, that is why it is often recommended Landlords also consider long term tenants.
Short lets may be appealing to a landlord who is less reliant on a consistent rental income, or has a property that is only empty for a short term – perhaps between longer term tenancies, or when they are away from their home for a given period.
Short let rentals typically, but not exclusively, attract the following types of tenant:
- Corporate rentals: Some companies will look to put their staff into temporary accommodation if they are working away from home for a short, definite term
- Professionals: An individual or couple may decide to find themselves temporary accommodation while they are working away from home.
- Tourists: Some tourists may prefer the home from home feel of a rental more to a hotel
- Prospective homeowners researching an area: Before committing, homeowners may want to live in an area for a short while to get a feel for it
- Homeowners in need of temporary alternative accommodation: If a homeowner is having substantial building work carried out at home, they may decide to temporarily move out or as a result of an insurance claim for flooding, fire or subsidence
With London attracting businesses and workers from not only around the country, but around the world, the demand for short let property rentals is relatively high, which goes some way towards keeping the voids to a minimum.
Short lets are typically fully furnished and stocked with cutlery, glassware and crockery, so the tenant can move in with minimal fuss and little more than a suitcase of clothes. However, you can opt to rent the property part furnished.
The term of a short let rental is typically between a few weeks up to six months. Utility bills are usually included in the rent, which should be paid fully in advance. Because of this, short let tenants are not usually referenced.
For more information to talk our letting agents.
*Short term lets are subject to local authority restrictions.