short-term let

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    short-term let

    Hello and thanks in advance for advice on the following...
    I have a rental property which appeals to both professionals and students (more of the latter recently).
    I first rented this out late-June 2014 and due to 12 month contracts it remains in the June cycle.

    The issue is - the huge spike in demand occurs in August..
    The current tenants leave June 26th
    How do i get this property to the August cycle? I was thinking of Air BnB/ AirSorted for 8 weeks?



    #2
    Personally I don't cycle my properties as I get long term tenants in but I don't rent to students.

    air bnb as you say or maybe a 14 month let? Is this a HMO?
    "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

    What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

    Comment


      #3
      I would not consider Airbnb, but use the void to renovate for next Ts.
      Any LL should expect 1 month void in 12 month period.
      Run your next student let Sep to Aug and reduce rent for Jul & Aug?

      Comment


        #4
        Thank you for your responses.. In honesty in 4 yrs I haven't had an empty day.. Ive always gone through agencies and its worked.
        May I ask what the issue is with Air BnB?

        And no - This is NOT a HMO

        Comment


          #5
          If it's a property suited to two people sharing, it's not likely to be ideal for AirBnB (which I wouldn't entertain either, as it happens).

          There's not really a cycle, if you want to let to students, just start the next 12 month tenancy in August.
          There's no equvalent demend spike for professionals (just a slight drop off November/December and July/August).
          When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
          Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

          Comment


            #6
            btw an AST can be for one day, one week, 3 weeks, 2 months, 6 , 12 months etc etc etc etc..

            It's just s21 can't be acted on before after 6 months. MOST other occupancy arrangements may turn out actually to be ASTs, even if the shiny new signed paperwork says otherwise...
            I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

            Comment


              #7
              Other than Airbnb is there another way to do a short term LET? My current tenant is leaving in Feb and my niece is then taking the flat in May. Just didn't want empty that long making no money

              Comment


                #8
                Yes: See my post # 6
                an AST can be for one day, one week, 3 weeks, 2 months, 6 , 12 months etc etc etc etc..
                I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

                Comment


                  #9
                  Not really, no

                  Comment


                    #10
                    Originally posted by Raiden328i View Post
                    Other than Airbnb is there another way to do a short term LET? My current tenant is leaving in Feb and my niece is then taking the flat in May.
                    If the tenant is honest and reliable, then they will get out at the end of the agreed term, so you could use a short term, but you will not know until the end of the term arrives.

                    You say your current tenant is leaving in February. Is that certain, or is that when the term ends?

                    Assuming current tenant vacates, there are two ways you can ensure that the property is available for your niece:
                    1. leave it empty.
                    2. live there and take in a lodger and give appropriate notice.

                    AirBnB is not certain because if a guest fails to vacate, then you need to go to court to get them out.

                    Comment


                      #11
                      June to August is not that long. Just use the time to refresh the decor and do some cyclical maintenance. If you can't afford the loss of rent for 2 months then you have a bigger problem than trying to hit any August cycle.

                      Comment

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