Landlords either prefer long-term tenants or short-term tenants. For the latter, landlords can reap the quick financial rewards with very little work done. I would recommend that if you have ever considered letting your property out for less than six months, it can definitely be worth thinking about. There are three main reasons why. These are: financially, reliability of the tenants and the flexibility allowed on the offer.
There are far fewer short-term lets on the market then there are standard lets. This, in turn, means that you can often demand higher rents from tenants who want a property for less than 6 months. These tenants are usually visitors attending a specific event or festival. In Edinburgh, for example, the landlords who enlist the help of Coulters lettings specialists can reap huge financial rewards as a result of the annual festivals and high-profile events that take place in the city. A point to remember is, as a landlord, you are in direct competition with hotels because of these short letting periods. Essentially, this means that you can afford to raise your rents.
Reliability of the Tenants
It’s no secret that if you are renting out luxury high-end accommodation, you should not be experiencing any problems with the tenants living in your property – especially if it is short-let. This is because these tenants are most likely to be corporate. Not only are these tenants perceived to be respectable professionals, they will also have to consider their own workplace and reputations. Additionally, there is the added security of payments of bills being fulfilled, as these professionals originate from organisations with accounting departments which take control of their bills.
Flexibility on Offer
There is a greater amount of flexibility allowed on short-term lets, compared to that of a long-term letting option. This is especially important if you are unsure if you want to keep your property in the long term, or simply if you do not feel comfortable with one of your assets being tied up for too long. Further examples of the benefits of flexibility on short-term lets include: allowing your own guests to stay, using it for your holidays and letting out your property whenever you feel fit – as you would prefer to live their sporadically throughout the year.