What exactly is short-letting a property?

Short-letting properties have been on the rise in the UK thanks to shared economy platforms like Airbnb and Booking.com. Nowadays, you can short-let a property for up to six months, however, short lettings typically last for a few days or weeks. People are always looking for hotel alternatives; a 'home away from home' if you will. Short letting is especially popular amongst millennials who are looking for alternative and more affordable ways to spend their holidays, whilst still being able to enjoy all the perks of a hotel, such as wifi, tv and other basic amenities. The UK shared economy market has skyrocketed in the past few years especially in London (according to Airbnb statistics.) There are many differences between short-letting a property and long-letting a property and you find that out here. But today we will be talking about short-letting and why you should capitalise on this booming market:

Source: Airbnb Citizen, Airbnb UK Insights Report, September 2017

Pros of short-letting

Airbnb is the most popular and successful online sharing economy platforms, particularly with students, professionals and families looking to stay at a private property. It's a significantly more comfortable experience than a hotel and is also a lot more affordable. 

If you have a vacant property and that you're thinking about renting, you can be sure to maximise your revenue by short-term letting. You can charge up to 50% due to the additional work involved (cleaning, laundry etc). Properties with convenient access to transport facilities, restaurants and maybe a few tourist attractions will obviously be more attractive to guests. Therefore it is important that you invest in a property where all those things are accessible.

Cons of short-letting

Whether or not you will be legally allowed to short-let your property depends on its location. Your understanding of the law in that area is important because different localities have diverse rules on how long you can let your property out for. An example is London's 90-day rule, properties in the capital can’t be let out on Airbnb for more than ninety days of occupied nights per year. Another con is the fact that short-letting your property is very hands-on in comparison to long-letting. If a problem arises, more than likely the landlord/property owner will need to solve the problem right away such as if there is a problem with check-in.

Property management 

For landlords and property owners, the pros definitely outweighs the cons, but how to go about short letting is the real issue.

As mentioned before, short-letting does require some very hands on tasks and you must consistently clean your property and linen regularly, manage multiple bookings and deal with any issues that arise. However, there are ways to avoid all that hassle with the right property management company. Pass the Keys is the UK's leading short let property management company and one of only three certified Airbnb cohosts in the country. We provide an end-to-end service, using dynamic pricing to ensure you get the highest possible income for your property. Find out how much you can earn for your property today!