Short-Term Letting: Benefits for Landlords and Tenants
In the UK, the number of private rented households increased to 4.5m in 2017, up 63% from the 2.8m in 2007. What’s more, because of the massive increase in short term rentals in London, authorities decided to better regulate the sector. So, since 2015, if you let your home for up to 90 days, you don’t require a planning permit. And long-term renters can host short-term renters based on permission from the landlord.
If you’re looking to move to London and want to check the different neighbourhoods, London short lets are right for you. Also, if you’re on a business trip for a few weeks and need to cut accommodation costs in London, consider a short-term rental. And if you own a house or a flat in London and you’re looking to earn some extra income, short-term rental is an efficient solution. So, here’s a brief on the benefits landlords and tenants enjoy from short-term letting.
What Are London Short Lets?
As a rule, a short-term let is a property rented for up to 6 months. Tenancies exceeding 6 months to a year are considered medium-term. Anything over a year is a long-term let.
You’ll find many reasons why people prefer London short let properties rather than a longer commitment. For example, some people may come to London for a few days, weeks or months because of work. Others may need somewhere to live before their new house purchase finalizes. Or they could be remodelling their house and they want to keep accommodation costs on the low. It’s cheaper than staying at a hotel in London.
Benefits for Tenants
Although London short term lets are usually more expensive than long term lets, they’re a wise financial choice if you consider their tenants’ profiles. What’s better, short term lets offer high degrees of flexibility for people who’re in London for a limited period.
Short term lets offer a high degree of privacy and more space than hotels in London. And you feel like you’re home away from home. This weighs heavily especially for people who have families and require a space to stay for a short period in London.
Benefits for Landlords
Landlords enjoy a wide range of benefits from short term lets including flexible regulations, the possibility to evict a tenant at the end of a short period, no changes to the apartment or home, and higher rental turnover.
Short term lets won’t tie your property down for a long period. What’s better, in London short term letting regulations aren’t as strict as medium- or long-term letting regulations. And you can easily change tenants once a letting period is over.
Short term lets in London offer benefits for both tenants and landlords. What’s best, the regulations for short term leases are flexible. Usually, the deposit required for a short-term lease is one month’s rent. But in special circumstances, it could increase to 2 months. Whenever you’re looking for a short-term let in London, contact our specialists at Draker.