Just over a quarter of letting agents in the UK have seen a rise in the number of inquiries for short term lets, according to new research from the Association of Residential Letting Agents.
The latest report from ARLA reveals that 26% of letting agent members have reported a rise in this sector where lets are classed as under 90 days. Such a tenancy is regarded as having 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 ARLA says it is easy to get it wrong. Homeowners, who are looking to let their listing out short term should ensure they’re complying with the law, ensuring best practice and making the most of their listing.
ARLA advises landlords to check mortgage or tenancy agreement to ensure you are permitted to rent out your listing and to use a reputable agent. For example, an ARLA Licensed agent will not only help with marketing and finding tenants for your listing, 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 listing as well means you don’t have to worry about maintenance on the listing as the agent will do that for you. For landlords who are letting their listing out because they’ve had to move away or are abroad, this will be invaluable in making the process as pain free as possible.
Landlords also need to ensure the listing is in a decent condition including being clean and tidy with little clutter. Also, all of the furniture in the listing needs to comply with the relevant safety legislation and vital safety checks will need to be carried out before you make the listing available for a short let.
If you are only letting your listing for a couple of weeks, for example during Wimbledon or whilst you go on holiday, ARLA’s advice is to make sure someone visits it regularly. Consider having someone come in every day to clean and change the bed sheets. This will mean your listing 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.
‘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 listing out full time,’ said David Cox, ARLA managing director.
‘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 listing out short term should follow our simple tips to ensure they’re following best practice,’ he explained.
‘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,’ he added.
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Source: Property News Spain