In last 12 months, there has been a significant increase in the demand for short-term lets. But why are more people considering this as an option?
Why short-term lets?
The benefits of short-term lets can be huge, particularly in terms of corporate relocation. Businesses are often on the look out for high-end rental properties on a short-term contract for their staff. Demand is high, as more people prefer to stay in a fully furnished rental than a hotel, where privacy and space can be limited.
For tenants, renting on a short-term basis is the perfect way to get to know a particular area, i.e. if you’ve started a new job and are thinking of moving closer to work. This option is much cheaper than a hotel. In addition, more and more people are carrying out renovation projects on their homes to increase the value, and are renting on a short-term contract whilst the work takes place.
It’s not just tenants that benefit from short-term letting. Flexibility works both ways, and many landlords are also looking for short-term solutions. For example, if they’re looking to sell, they might want to offer the property as a short term let whilst they wait for the process to complete.
Short or long term lets?
So which do tenants actually prefer?
In a survey by the Deposit Protection Service, 90% of tenants said they preferred contracts that lasted up to two years, while 35% of these stated they wanted a contract no longer than six months.
This suggests that tenants are in the market for short-term lets. Julian Foster, Managing Director of DPS, said that the results of the survey suggest ‘that the idea that tenants crave longer tenancies is a myth. Like many landlords, many tenants prefer the flexibility provided by shorter tenancy agreements, rather than being locked into long commitments over where they live and who they rent from.’
If you’re a tenant searching for a temporary rental option or a landlord looking to let on a short-term basis, get in touch with our team today. You can reach us on 020 7078 0214, or via email at firstname.lastname@example.org.