Short letting is a dynamic and flexible approach to London property management where properties are rented out for shorter durations, typically ranging from a few nights to a few months.
As experts in the London short let property market, we can provide personalised and professional consultancy and advisory as required.
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Here’s a few areas where short letting differs from traditional long-term renting, and how it can prove more beneficial and flexible:
Short-let properties cater to travellers, tourists, professionals on temporary assignments, and those seeking temporary accommodations. Long-term renting, on the other hand, involves leasing a property for extended periods, usually a year or more.
Short-letting offers greater flexibility for both property owners and guests. Properties can be rented on a nightly or weekly basis, allowing owners to maximize income during peak seasons and retain availability for personal use.
Short-let properties in London are typically fully furnished and equipped with amenities needed for a comfortable stay. Long-term rentals might come unfurnished or with minimal furnishings.
Short-let pricing is often dynamic and may vary based on demand, seasonality, and events. There are large swings across the 33 boroughs of London too. Long-term rentals have a fixed monthly rental rate.
Short-let property management requires more hands-on management, including cleaning, maintenance, and guest communication between stays. Long-term rentals involve less frequent property turnover and may require fewer management tasks.
Short-let properties might be subject to specific regulations and licensing requirements, especially in urban areas like London. Long-term rentals typically adhere to standard residential tenancy regulations.
Short letting can often generate higher income per unit due to the premium rates charged for short stays, particularly in prime locations and during peak tourist seasons. Long-term rentals offer steady but potentially lower rental income.
Short-let properties are often marketed through online platforms like Airbnb.co.uk, Booking.com, and specialized short-let management companies just like Michael D’Rews! Long-term rentals are typically promoted through traditional estate agents.
Use of Property
Short-let properties may be used by owners themselves for personal stays between guest bookings. Long-term rentals generally exclude owner usage during the rental period.
Utilities and Services
Short-let properties may include utilities, cleaning, and additional services in the rental fee. Long-term rentals often require tenants to manage utility bills and services independently.
Both short letting and long-term renting have their advantages and considerations.
Short letting provides many of our London property owners with more control, flexibility, and potentially higher returns. While long-term renting offers stability and fewer operational demands often at the cost of higher returns and flexibility.
Deciding between the two depends on the property’s location, the owner’s goals, and market demand.