15:17 PM, 1st July 2015, About 7 years ago
Letting agents in the UK have seen a rise in the number of inquiries for short term lets, as both tenants and landlords look for greater flexibility, according to new research from the Association of Residential Letting Agents (ARLA).
Just over a quarter (26%) of letting agents agreed that they had seen a rise in lets of under 90 days. Such a tenancy offers landlords a quick income, as well as an alternative to hotels for travellers.
However, those looking to let out their property on a short term basis must comply with the law, warns ARLA.
Home owners looking to let out their property must also check the terms of their mortgage to ensure that they permitted to rent it out.
They are also advised to check whether or not the terms of their buildings and contents insurance allow for the property to be rented out on a short term basis.
“Standard home insurance may not cover any damage caused to the property by those renting it. Those looking to rent out their property regularly or on a longer-term basis should consider specialist landlord insurance,” says a spokesperson for Discount Landlord.
Landlords must also ensure that their property is in a suitable condition and safe for others to inhabit. All of the furniture in the property needs to comply with the relevant safety legislation, as well as other vital safety checks that must be carried out.
ARLA’s advice for those looking to let out a property on a short term basis is to make sure someone visits it regularly. If possible, arrange someone to come in every day to clean and change the bed sheets, this will also ensure that a short term license does not become a full statutory tenancy.
David Cox, ARLA managing director, says: “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.”