Demand for short-term lets on the rise in the UK

 
Demand for short-term lets on the rise in the UK

Many landlords are reporting that they are receiving increasing numbers of requests for a previously niche way of renting property that provides a mutual benefit for both landlord and tenant. 

As demand has increased in the rental sector over the course of the last few years, we've seen a rise in the number of long-term tenancies, as landlords seek to secure themselves a stream of income for an extended period. 

However, according to the Association of Residential Letting Agents (ARLA), there are now more and more tenants and landlords who are seeing the mutual positives of short-term lets. These special types of agreement are normally for tenancies that last for 90 days or less, and more than a quarter of landlords said they are seeing an increase in enquiries around this type of contract. 

Some 26 per cent of ARLA members said that this was the case. And for many, it will be a preferable option, with both landlord and tenant able to gain positives from the agreement. On one hand, landlords are able to secure a quick income - often higher than normal rent - while the tenant can have a comfortable alternative to a hotel. 

David Cox, ARLA managing director, 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."

However, landlords who are looking to take advantage of this trend need to be aware that it can require a much more hands-on approach than is needed with regards to a normal tenancy.

ARLA also advised that all landlords need to make sure they are allowed to rent in this way, with certain mortgages restricting how long someone can rent the property for.