Short term letting is becoming an increasingly popular option among landlords and tenants alike,
especially so in the UK’s most expansive and diverse city, London. But what exactly does it entail?
A short term letting arrangement, or ‘short let’, is basically a tenancy that normally only lasts between four weeks and six months, with any extension or alternative arrangements agreed in individual cases between landlord and tenant. Rent is typically paid in bulk upfront and is usually inclusive of all bills. The benefits for both parties may already be obvious, but there are more reasons why this type of letting is becoming increasingly popular in today’s property market. Here are some additional factors that help make short let apartments in London both a desirable business model and a sought-after living arrangement.
Affordability and home comforts away from home
Many people love the city of London but simply cannot afford the cost of living there long-term. That doesn’t mean they don’t want to try it out though. Hotel prices in London can also be among the most expensive in the UK, especially a more central location. Short term renting can simply represent a better option both financially and from the perspective of recreating home comforts that aren’t found in a hotel room. It’s ideal for those who expect only to be in the city for a few weeks and want to experience what it’s truly like to live there.
Practice run for long-term plans
Perhaps you may be considering moving to the city permanently but would like a ‘practice run’ in the meantime to test how viable this might be. Short lets are a perfect opportunity for this as well. Should you decide that it isn’t for you, at least you haven’t found yourself tied down to a long-term letting agreement that keeps you there longer than you’d like to be.
Extra flexibility and choice for landlords
As a landlord, you don’t have to tie yourself down to one way of letting. Advertising your property for short-term as well as long-term letting means you’re catering to more people and opening yourself up to more business opportunities. This can be especially beneficial as you get closer to central London. If you receive multiple offers for short and long arrangements at once, you then have the flexibility of choosing which one suits you in that situation. There are certainly times when a short let is more useful due to a larger payment up-front and shorter tenancy, and the freedom of choice is a luxury worth having.
Filling interim periods
For landlords, there may be times when you’re stuck between two long-term lettings with nothing in the middle. For tenants, you may have arranged somewhere long-term but have a few weeks before you’re able to move in. In both cases a short let could be the ideal answer for you. It generates valuable income for landlords and gives tenants a comfortable alternative to staying in a hotel room for weeks.
Undoubtedly there are many intriguing positives to seeking a short let in London in today’s competitive market. These are just a few good reasons why you should consider getting involved, if you aren’t already.