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With many ways to rent your property today, it can be difficult to decipher where it’s best to turn your attention to generate more income.
Making the decision to choose one letting type over the other should be based on several factors, like the type of property you own, the rental market in the local area and whether it’s more tourist-based or residentially focused. Plus. the income you want to achieve and your investment goals will play a huge role.
If long-letting (12 months) or short-letting (3 months) isn’t right for you, mid-letting might. Medium-term lets, or mid-term lets sit between short and long-term letting options, which are utilised to rent your property for a couple of months.
Basically, it’s an alternative tenancy agreement that lasts from three to eight months.
We find that medium-term lets offer a similar flexible solution to short-term lets as they guarantee the property is booked over certain periods that might be quieter for holiday lets.
The positive to this type of let is that landlords can charge higher prices per night than long-term lets. As tenants stay for pre-agreed periods, the risk in failure to pay rent is minimised.
Plus, as the tenancy is viewed as an “out of season let” there are fewer formalities required to terminate the contract.
The downside to this type of let is that there is less demand for mid-term tenants – this is because it’s a niche industry group that either opts for short or long-term letting options.