Local authorities have criticised landlords for cashing in on the staycation boom by evicting long-term tenants in favour of lucrative short-term lets.
Current overseas travel restrictions have created a boom in UK holidays, and landlords in some of the UK’s most desirable locations have been taking advantage of the situation by switching to holiday lets and pitching rental prices at an all-time high.
Key Worker Tenants Evicted In Favour Of Tourists
In Torbay on England’s south coast, the local council has been inundated with calls from key workers who have been evicted so their properties could be used for tourists.
But is making the switch a good strategy for your property letting?
Long-Term Tenants Offer Stability
Clan Gordon’s managing director Jonathan Gordon warns this move could be short-sighted and advises landlords to opt for the stability of reliable, long-term tenants who pay on time and look after their properties.
He says: “While seemingly lucrative, short-term holiday lets can pose a variety of issues, including the increased time required to manage the property and potential for greater wear and tear.
“Long-term tenants are more likely to take care of furniture and fittings because it’s their home rather than a holiday destination, and a tenancy agreement provides for regular rental payments while income from holiday lets is far less consistent or reliable.”
Fringe Festival Drives Up Rental Rates
In Edinburgh, the Fringe Festival sees thousands of visitors arrive in the city looking for somewhere to stay throughout August. Often, rental properties will go to the highest bidder during this time.
After a year with no festival, 2021 has been more popular than ever with visitors, and many landlords will have weighed up their options on short term v long term letting. But it’s worth considering whether a profitable three-week let, possibly followed by a period with no tenants, is worth the risk - especially when the pandemic is still a considerable issue and last minute-cancellations are rife.
Covid-Safe Protocols For Short-Term Holiday Lets
Managing a holiday let while Covid restrictions are in place also involves a much greater time commitment due to the level of cleaning and preparation required. The government website contains detailed information about what is necessary.
Guest arrival and departure times must be carefully coordinated, and everything must be cleaned and sanitised in line with guidance between each stay. This means having additional bed linen, soft furnishings and other items available so they can be rotated, removing shared items such as condiment bottles and information packs, and providing hand sanitiser in several locations.
Are short-term lets more difficult to manage?
Without a reputable letting agent to manage your property, handling long term tenants can become a nightmare for landlords because there is so much to consider, from tenancy agreements and safety certificates to repairs and maintenance.
But short-term holiday lets take far more effort to coordinate and manage – with the added hassle of replacing/repairing fixtures, fittings and furnishings in between each short let.
Clan Gordon takes the hassle out of long-term letting for all our landlords by taking care of everything for them, leaving them stress and worry-free. We help them secure high quality, reliable tenants and know how to get them the best return on their investment. We look after more than 500 rental properties in and around Edinburgh, and our team has extensive experience and expertise in the Edinburgh rental market.
If you’re considering using your property for short-term holiday lets, talk to us first about the benefits of long-term tenancies – and having that peace of mind, your property is in safe hands.
Schedule a call with one of our professional property managers for advice on how you can get the most out of the Edinburgh rental market today.
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