Why short/medium term letting?

Short and medium-term letting is defined as letting a residential property on agreements with tenants for less than six months, and usually for between one week and four months each time.

There are many benefits to letting a house or an apartment on a short-term basis, and here we look at some of the reasons our clients choose to short-let their properties.

1. Flexibility

2. Higher rental income

3. Reduced void periods 

4. Maintenance 

5. Expertise

Probably the most obvious beneficiaries of short-term letting are those property owners who do not use their home full-time and where the property is unoccupied for a minimum of two or three months in a given year. Short-term rentals offer more flexibility than long-term leases. You can rent your property for as little as one night or for several weeks, depending on your needs. 

However, in the past 12 months, we have seen a marked increase in traditional long-let landlords turning to short-letting full-time in their desire to maximise rental income in order to offset their increased outgoings.

Short-term rentals can generate significantly higher rental income compared to long-term rentals. You can charge higher nightly rates, especially during peak seasons or for special events, and take advantage of the flexibility of the market to adjust prices as needed. Combining those short-term higher rates with longer tenancies during the low season will, depending on your market, also result in a higher overall income for a property owner. 

Additionally, Fairway Hosting uses bespoke pricing for each individual property based on a logarithm which analyses historical and current booking data; we adjust for seasonality, day of the week trends, and holiday and events in the local market as well as making lead time adjustments. This serves the dual purpose of maximising income and also, very importantly, ensuring the highest occupancy rate possible. 

One of the assumptions that people have is that a higher turnover of guests causes an apartment or house to suffer from more wear and tear, but what a higher turnover of guests does enable is more regular checking of a property between those stays by our staff. Finding any maintenance issues as early as possible prevents it developing into a greater problem later down the line and requiring a higher repair cost, while regular cleaning between stays has a similar maintenance effect.

There are many benefits to letting a house or an apartment on a short-term basis. Fairway Hosting employees have years of experience in the property industry and have a deep understanding of the short-term rental market. We can help you set the right price for your property, find the right guests, and manage all aspects of the rental process.

As a professional short-term letting agent, we can provide you with a flexible, hassle-free, and profitable way to rent out your property, so whatever your reason for wanting to explore short letting, contact us today to learn more about how we can help.