What Is A Short Term Rental?

Over the past decade, there has been a rise in the number of short-term rentals becoming available for people to let over a short period. Before this, you would have been required to rent a property for a tenancy of six months to a year. But now there are several brands that are helping people to rent our properties from a few days to a month. With the rise of sites such as Homeaway and Airbnb, it’s giving greater access to people who require a short-term let. But what exactly is a short-term let and is it right for you? Here is our guide to a short term rental.

 

What Is A Short Term Rental?

A lot of people get confused when it comes to what a short-term rental exactly is. Therefore, in basic terms, a short term rental is an apartment or home which is rented out to a tenant from a few days to a couple of months. It can often be referred to as a vacation rental, especially if it’s somewhere that is owned by someone as a holiday home or even as a second property. These short-term rentals have gained popularity over the last 10 years with them proving a great alternative to hotel rooms. You can stay for longer periods and feel at home while in your own spacious accommodation.

A lot of brands have started offering short-term rentals and have become hugely popular. A lot of these only offer up to a month on a short-term let but it gives you the opportunity to find somewhere to stay for a good length of time. These kind of sites are hugely popular as it allows you to rent somewhere with the confidence that you have the brand’s backing if something goes wrong. Also, a lot of brands will have done thorough checks such as checking the identity of the landlord before allowing them to use their site.

When it comes to how long you can stay in one of these short-term rentals, a normal rule is a short-term let is a rental property which is let out for less than 6 months. Any more than this then it becomes a long-term rental.

 

Who uses short term lets?

One of the main reasons why people decide to stay in a short-term let is because they want to visit somewhere new. Tourism is a growing industry and rather than hotels, a house or apartment offers a great way to explore a new destination, but with plenty of space to be able to do so. These types of properties are home to a kitchen, a good-sized bathroom and a living area. This is highly desirable compared to a hotel room. Also, when staying in a new city, hotels are very expensive. So a short-term let is often a reasonable way to travel to a new area.

People going travelling for longer periods also find short-term lets a great idea. They can stay in an area for a month and then move on to travel to another area. It’s much cheaper than booking different hotels during their trip. Additionally, people who need to work in a different area are also booking short-term lets. If they are sent for a convention or to meet clients for a week, a short-term let is often a great solution.

If someone has to move out of their property for renovation work or needs somewhere to stay before moving into a new home, a short-term let is also a great idea as it’s not a large commitment and will cover the time you need until you move.

 

What are the benefits of short lets?

There are several benefits to short-term lets. You aren’t tied into a long-term contract so if you are not happy, you can move on to a new place when the time is up without any issue. It’s also good for those who need to move around a lot with work or for personal reasons. They offer the opportunity to stay for longer than you might stay at a hotel and at an affordable and reasonable rate. There are often good deals, especially out of peak season, when you look at short-term rentals.

The accommodation is also often a lot bigger and has more facilities than a hotel room too. Whether you are travelling alone or with multiple others, you can choose somewhere that will facilitate you all for the period of time. This is particularly great with families or with colleagues.

 

Is a short-term rental a good way to make extra money?

Short term rentals are an excellent way to make extra cash if you have a property that you do not use for periods of time. But even if you don’t, a lot of individuals and companies are investing in extra places just so that they can rent them out due to the significant income potential. It works for investors as they can rent out the property through reputable sites such as Airbnb so it’s safe and productive. Potential guests who want to stay find the property through these sites so it’s easy to make a connection. And it ends up meaning a lot less commitment for the landlord than having a long-term lease with a tenant. They only need to do minimal tidying in-between guests and it also means it’s not tied up to one individual.

Also, if there are weeks you want to use it for yourself or friends, this is possible when it’s just short-term rentals. As with everything, there are some drawbacks for landlords. Maintaining the property on a regular basis is essential when you have constantly new guests in who you want to leave impressed so they give you a good review. Also, if the demand isn’t currently there such as in off-peak season, your earnings might be limited. If there was a long-term tenant, you wouldn’t need to worry about these. But ultimately, it is a great way to make extra cash.