A short let is when a property is rented out for weeks or months (subject to local authority restrictions), as opposed to the more common 6 or 12 month lease. A short let will have a rental agreement which the tenant will need to sign, and often will have many of the same rules and regulations as a longer-term let has about keeping the property in the condition that it was found. Short lets may be offered for business travellers staying in a town for a short fixed contract, or may also be offered for holiday apartments and houses.
How it works
A short let is a property which can be let from a few weeks to a few months. Any type of property can be short let, from a studio to a 10 bedroom house. Short let properties are furnished to a high standard with appliances and household items such as towels, linen, crockery and electrical equipment supplied. All the tenant is asked to purchase are the consumables. However, tenants can opt to rent the property part furnished. Bills are included in the rent (excluding telecommunication services).
Short lets may appeal 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 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 let tenants
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 as an alternative to hotels.
- 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 voids to a minimum.
The benefits of short lets
There are many benefits to short-term letting for both tenants and landlords.
For tenants:
- Comfort and security: a short let means that they have the comfort of a home away from home while they are away for an extended period of time. Unlike a hotel, a short let allows them to come and go as they please.
For landlords:
- Flexibility: if you are unsure of your plans and only want to rent for a short amount of time, short lets allow you immense flexibility. Short lets can also allow your property to bring in rental income during void periods or whilst securing a long-term tenant.
- Choice: if you market your property on a short and long let basis you have the option to choose from multiple offers.
- Efficiency: if you are going away on holiday or for business, letting your property on a short let basis can be a very efficient way of ensuring your home is occupied, as well as bringing in rental income at the same time.
- Higher rents: 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.
We currently have demand for a wide variety of properties in all manner of locations, furnished or unfurnished. For more information about letting your property as a short let, or to find out how much rent your property could achieve, call us on 020 8303 5078.