Short term lets on the rise

With Wimbledon quickly approaching and the likes of Airbnb growing in popularity, more and more of us are renting out our 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 last 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

• Use a reputable agent. For example, an ARLA Licensed agent will not only help with marketing and finding tenants for your property, but also ensure that all legislation is being met, whilst you happily benefit from the income

• 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 will do that for you. For landlords who are letting their property out because they’ve had to move away or are abroad, this will be invaluable in making the process as pain-free as possible

• 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. This will mean your property is kept in a good condition for when you return and also ensure that a short-term license does not become a full statutory tenancy.

David Cox, managing director, Association of Residential Letting Agents 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. 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.”