A short let is letting your property for anything from a week or two to six months. Short lets are usually offered with all bills included (except landline telephone). Properties are almost always fully furnished with kitchen utensils, crockery and sometimes linen and towels supplied. You can let any type of property on a short let, from a studio to a large house.
What kind of tenants would rent short-term?
Anyone who needs accommodation for a short period but for whom a hotel is too expensive or unsuitable. Examples might be a business person working on a project away from home for a few weeks, someone on a short-term course, or a family in need of temporary accommodation, perhaps while they look for somewhere permanent to live in the area.
Are there advantages to Landlords?
Rents can be significantly higher than for longer-term lettings. Short-term lets also have the advantage of flexibility: if you are travelling abroad for a couple of months you may decide to let your property while away, both for the extra income and perhaps to ensure that it is occupied. It may also be an option for those who plan to sell the property but are waiting for the right market conditions and don’t want to be tied into a longer tenancy.
Any disadvantages to Landlords?
Short-lets, by their nature, are more likely to lead to void periods. If you’re lucky, the extra rent should more than make up for this but there is the possibility that the void periods – during when you will have to pay council tax and other charges – may offset any gain. There is also the increased workload to consider. Short-let properties need to be cleaned regularly and tenants usually expect a higher standard of finish. Broken and missing kitchen items will need to be replaced promptly and, if provided, bed linen and towels will need to be laundered.
Many buy-to-let mortgage conditions will prohibit short-lets, specifying that properties must be let on an assured shorthold tenancy of 6 months or more. Also, some local authorities do not permit short lets: check with your local housing office. If you have problem tenants (probably less likely in short let properties), you should be aware that an assured shorthold tenancy does not normally allow tenants to be evicted through the courts before the expiry of 6 months.
How to Let Short-Term
RentFair provides an option for landlords seeking to let their property short-term. If you specify a minimum contract of 3 months or less, the property will be listed as short-let in our search results. When listing your property you can also specify whether utility bills, council tax and wifi are included in the rent. You can download one of our tenancy agreements here. Of course, you could also use an agent…but it will cost you.