Short-term rentals are becoming more popular among travellers, and the number of landlords looking into short-let is also increasing. The hurdle for short-letting seems high for many landlords. While the benefits of higher income are known, many landlords or investors are afraid of an increased workload as a result of more frequent tenants shifts.
Generate More Income
Generating a higher income drives most to short-let their home. Many landlords see that their rental yield increases 50-150% depending on location and seasonality if they move from long-term let to short-let. But there are plenty of other good reasons to short-let!
Short-Let = More Work?
Many landlords believe that short-letting leads to significantly more work and also higher marketing costs as a result of changing tenants. This is precisely the case, but this does not mean that the landlord needs to get all of the work done alone! There are plenty of short-let agencies out there such as Pass the Keys that can take the extra burden off you.
Short-Let = More Flexibility!
Love the flexibility of staying at your property every once in a while? Renting out short-term allows you to control your calendar. You can control when you will be using your property and when you will be opening it up for property.
Diversify Your Income and Earn More!
Many investors would recommend diversifying your income sources. Are you currently owning your property and working a 60 hour week to pay the bills? Think about expanding your income and renting out your property on a short-term basis when away on a holiday or business trip. Most easily spend four weeks during a year outside their homes. If you plan well, this could earn you a month’s rent plus on top.
Mixing Short-Let with Long-Term Let
Renting out to students and your property is empty over the summer? Desperate to find new tenants and picking up the bill yourself? Bridge the gap between tenants by utilising short-term lettings. With the help of a short-let management company, it is also easy to short-let if you have a buy-to-let in a different city or are too busy to take care of it.