Check the rules
While short term rentals are very lucrative, it’s important to consider the UK regulations in this space. Firstly, the property must be available to rent to the public for at least 210 days per year, and no single let can last for more than 31 continuous days. Mortgage providers will usually ask whether you intend to make the property available for holiday lets, and may also want to alter the terms of your agreement.
Local authorities will also have various rules about holiday lets. Some will require a licence, while other local authorities will insist that landlords apply for planning permission. Landlords and investors should take a good look at the UK government guidance before they decide to benefit from the premiums available with short holiday lets. There are other location-specific regulations or rules that landlords should know. In London, there are regulations which prevent property owners from renting their property as a short let for more than 90 days.
Remember also that Sevenstays’ property experts are at hand to offer support throughout the entire rental process. You’ll be assigned an account manager, who can help you in ticking all of these boxes.
Location, location, location
Locations play a big role in the potential success of a short term let. The potential for void periods is far less in a sought-after area, which is why short term rentals are best suited to cities and tourist destinations, like coastal towns and historic towns. These areas have fairly consistent demand throughout the year. Areas like Cornwall and Devon are incredibly lucrative.
Short term lets require you to be available to meet guests and respond to their messages 24/7. Listing your holiday rental on platforms like Airbnb means you’ll receive many emails and queries from potential guests – and failing to reply promptly can affect your ratings and visibility on these sites. A reliable property manager like Sevenstays can handle all guest communication on your behalf, freeing up your time.
Cleaning and maintenance
The high guest turnover means cleaning needs to be done on a weekly or monthly basis, depending on booking times. There is also laundry and replenishing amenities. These commitments are time consuming, and may not be feasible for many landlords. You could hire a professional cleaning business to take care of this; however, Sevenstays also provide cleaning as part of our host management offering.