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A short term let is a tenancy contract which usually lasts six months or less – whereas typically, other contracts will be long term rentals lasting six months or more. Short letting of properties has, up until recently, tended to be less common – but it can be so beneficial for both property owners and tenants – which is why short letting is fast becoming a popular way for consumers to live and travel.
As more people learned how to work from home and find ways to continue business as usual despite the pandemic of 2020 and 2021, people also – and quite naturally in our opinion – started to want a home-from-home experience when they travelled – opting for short lets from an independent third party as business travel or vacation rental properties (and essentially an alternative to hotels), complete with comfortable living spaces, cooking facilities and working from home opportunities. The Airbnb platform and others like it entered a real boom period because of this.
With this increase in demand, it’s now easier than ever to find accommodation whilst living away and travelling. Opting for temporary accommodation (such as Airbnb) over corporate hotels when travelling means people can work from home whilst also being able to explore new towns and cities. This allows them to enjoy the leisure aspect of travelling while having the convenience and practicality of working from anywhere.
However, with the unprecedented demand on the guest side, there also comes unprecedented demands on Airbnb hosts – many of whom may have switched from seasonal demand and a ‘busy period’ that they can expect and plan for, to year round demand, upcoming bookings, and increased expectations from guests.
Of course, this does offer opportunities for increased occupancy rates and more rental income, but only if you can spare the time to put the work in and keep the reputation of your property portfolio high. However, for Airbnb hosts that just don’t have enough hours in the day to take care of everything alongside work and family commitments, help is available from Airbnb management companies like SevenStays.
Read on below to find out everything you need to know about short-term lets and Airbnb management services from our helpful guide.
Firstly, it’s helpful to understand the type of demand short-term lets provide for landlords. There are a number of reasons why someone may opt for a short-term rental:
When travelling for work or leisure, many people prefer to stay in a more private and homely environment rather than a hotel. Many Airbnb properties offer a home-away-from-home experience that allows their stay to feel that little bit more luxurious.
A person may only be living in that location for only a few months due to work commitments or personal reasons. For instance, they may be going through a home renovation, or a divorce.
Someone also may need to live in a short-term property whilst in the process of purchasing a house (for example, if their own home has already been sold).
Someone may use a short-term property whilst they wait for renovations on their home to be complete. If there’s a possibility of being without a bathroom for a month or so, it’s likely most people would jump at the chance of a short-term rental instead!
Short-term lets are also useful for tourists who are perhaps visiting for an extended period of time, and can be more financially beneficial renting a short-term let than staying in a hotel.
If you are interested in hosting your property on Airbnb, or another similar property management platform, but you’re concerned about it being too time consuming, this is where an Airbnb management company like SevenStays can step in. In a hassle free way, our Airbnb management company can take care of all the time-consuming tasks that being an Airbnb host entails.
Our property management experts act as your personal support network, and our comprehensive range of Airbnb management services includes looking after all of the short term rental admin for you. Our administration support team will handle enquiries and bookings from application to completion. We can also optimise your listing copy and pair it with professional photos to make it better appeal to potential guests, achieve a higher occupancy rate and generate more rental income, and we also offer 24/7 guest communication and support too.
Our housekeeping team handle cleaning and changeovers with aplomb, and our maintenance team are only ever a call away should your Airbnb guests need help in a pinch. Support from our property management company will make your Airbnb hosting experience hassle free, and also helps with other aspects such as providing a 100% turn-key experiences and providing 24-hour-check-in. To find out more, simply contact our helpful team today.
Short-term lets are beneficial for many renters, as it offers them the flexibility many long-term options cannot offer. But how does a short-term let benefit landlords?
There are many reasons as to why short-term letting may be more beneficial than alternate options. Firstly, you are able to maximise your rental income as you can charge more per night than you typically would for a long-term contract. There is also the potential to capitalise on peak times during holiday seasons and events, which would lead to higher profit. An Airbnb management service can help you with your pricing strategy for your Airbnb business too.
Short-term lets naturally do well when they are in a central city location, surrounded by leisure facilities such as restaurants, bars, clubs and shops. For example, this could be London or commutable areas, such as Kent, East Sussex or Surrey – as the demand is typically extremely high with many people travelling into the city for work commitments.
With a high occupancy rate on your vacation rental not being guaranteed, you may be thinking, ‘are short-term lets really worth it?‘ However, in terms of profit alone, you are generally able to make more money with short-term letting, as you are able to charge higher prices per night. If you have many of your nights booked out for weeks or months in advance, short-term letting tends to be more profitable than long-term letting. With short-term lets, it’s also acceptable to increases prices for the property due to seasonal events, or high demand – as this can then become a more lucrative solution through peak seasons.
Of course, there is generally more time and effort involved in short term rentals – with the continuous flow of new tenants, there will likely be more admin, preparation, cleaning and general servicing. However, with Airbnb management services such as SevenStays, these property management tasks are taken care of for you – so you can focus on providing great personal experiences for guests, earning positive guest reviews and growing the good reputation of your Airbnb account. While long-term letting may offer you a steady income, short-term or holiday lets are generally more lucrative and provide a flexible, profitable solution for property owners.
The SevenStays Blog is a great place to get to grips with the world of airbnb hosting, and the support that we offer. Check out our latest blogs below, or for more advice why not take a look at the entire archive?