Research from ARLA shows that 26% of letting agents have seen an increase in the number of enquiries for short-term lets
With Wimbledon quickly approaching and the likes of Airbnb growing in popularity, more and more homeowners are renting out properties for short periods of time.
Research from the Association of Residential Letting Agents (ARLA) shows that a quarter of letting agents (26%) have seen an increase in the number of enquiries for short-term lets in the past few months.
Short-term lets, which are classed as under 90 days, have many perks such as offering landlords a quick income and providing people with an alternative to hotels. However, there are legal requirements involved in the process and it is easy to get it wrong. Homeowners, who are looking to let their property out short-term should use the following tips to ensure they’re complying with the law, ensuring best practice and making the most of their property:
- It is essential to check your mortgage or tenancy agreement to ensure you are permitted to rent out your property.
- If you go through an agent, using them to manage the property as well means you don’t have to worry about maintenance on the property – the agent should do that for you.
- Ensure the property is in a decent condition. Compare the state of it to how you would expect a hotel to look on arrival; clean and tidy with little clutter.
- All of the furniture in the property needs to comply with the relevant safety legislation and vital safety checks will need to be carried out before you make the property available for a short-let.
- If you are only letting your property for a couple of weeks; during Wimbledon or whilst you go on holiday for example; make sure someone visits it regularly. Consider having someone come in every day to clean and change the bed sheets.
ARLA managing director David Cox said: “Short-term lets can be hugely beneficial for both tenants and landlords; offering freedom and convenience 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.”