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The short-let market in the UK is trending – let’s talk about the cost of property management and how our services can generate you a higher passive income. Call 0203 4886935 or send us a message.
Medium term lets - What they are and how they work
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.
Why you would use a mid-term let
- Ideal for workers on short placement, who require a place to stay for the duration of their business contract or project. As well as consultants working on industry projects.
- Students on short courses or staying in the area for work experience.
- Families requiring accommodation whilst their primary homes undergo renovation work, expansion or maintenance.
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.
Let us take the problem out of your hands
Homeowners who choose HelloGuest are instantly relieved to hand over the worry about which letting type or rental period makes the most sense for their business goals and revenue targets.
Not only have we been known to guarantee rent every month, but we’re particularly talented at matching guests to your property – and just like in the short-let world, we select the most appropriate, high-quality tenants that maximise your rent. As a letting agency, our letting management package covers every important aspect you could think of to ensure happy guests and tenants.
Plus, did we mention you won’t need to do anything? It’s truly the perfect solution for all parties involved. Don’t wait, just contact.
From
12%
+ VATBridging the Airbnb short-term gap
If you’re in the short-let world, you might be aware of growing legislation in major European cities that limit the number of nights stayed each year for short-term lets.
For example, if you’re managing an Airbnb in London, and your property exceeds 90 nights, you’ll need to obtain planning permission.
With it easier than ever to make money from tourism lets, cities have imposed certain rules to combat the problem of Airbnb taking over as the leader for tourism accommodation to protect pre-existing hotels and venues. Hence the 90-day limited short-stay each year.
However, utilising mid-term letting here has helped landlords work around the issue by allowing their properties full year-round whilst still maximising their rental income at every opportunity.
Mid-terms might be the alternative to avoiding short-let restrictions but are they recommended?
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.
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