Advantages Of Short-term Lets Or Rentals And Who Do They Benefit
A short-let is a property which can be let from a few weeks to a few months. Any kind of property can be on a short-let, from studio apartments to bungalows to ten-bedroom duplexes. Short-lets are usually offered with bills included in the rent. Short-lets are not popular in Nigeria because just a few people know about it, and just a few house owners are willing to be part of it. This may, however, be because they are not well informed about the advantages. Below are a few secrets of why short-lets thrive around the world.
Come to think of it, what benefit do you have from an empty flat without occupants or a serviced apartment you want to sell, still empty – absolutely nothing. So make money from it. You are entitled to cool cash from your apartment by adding almost nothing to it. I am sure you would appreciate the extra income.
Tenants would rather rent a house than spend their hard earned money on a charmless hotel room, where the only means of catering is a kettle and a tea bag. Short-lets cost less compared to hotels.
The whole thing as hassle-free as possible for the homeowners, and it gives them complete peace of mind. A team of cleaners prepares the property for the tenants’ arrival (fresh linen and towels, wardrobe and fridge space). This continues if it is a serviced apartment. If it is not, the apartment is cleaned again when the tenants leave. And in the meantime, you’re getting someone to keep an eye on your house when you’re not there.
Rental prices are dependent on size, condition, and location of the property. It’s a simple question of how much the owners expect to get and how much the tenants would be prepared to pay and striking a balance between the two, says Guy. A three-bedroom Duplex in Lekki may cost 80,000 per day, while a three-bedroom maisonette in Apapa may cost 80,000 per week. Trends Real Estate: 80% Of Your Future Tenants Do This (A Must Read)
Who uses short-term lets?
There are many reasons why someone may prefer to take on a short-term let rather than commit to something longer. Some may be in the area for a few months because of work commitments, while others may be in need of somewhere to live whilst waiting for a property purchase to complete.
Another growing trend is people taking out short-term rentals while work on their existing property is being carried out. More and more people are doing major renovation work on their homes, and that can often leave them without usable kitchens and bathrooms for extended periods. Renting a property for the duration of the work is an ideal solution, and far cheaper than putting the family up in a hotel!
On the subject of hotels, tourism is also playing a part in this sector of the property market these days. Anyone visiting for longer than a fortnight will probably be financially better off with a short let rather than staying in a hotel. So, in expensive cities like London, short-term rentals can often provide the perfect solution. CashFlow Property Investment’ Regaining Your Touch for Cash Flow
What are the benefits of short lets?
When you look at who typically takes on short stay rentals, you will begin to see the benefits this section of the lettings market brings to some tenants. Despite generally being more expensive than their longer-term counterparts, short lets make financial sense in many situations. They also offer a degree of flexibility for those who are in town for a limited time, but there are other advantages too.
Short-term rentals offer tenants a greater degree of privacy and space when compared to most hotels, and you’ll also feel more at home than when you stay in a sterile and bland hotel room. These can be important factors, especially for those who may be looking for a place to entertain family, friends, and work colleagues, as well as having somewhere to stay.