The Association of Residential Letting Agents has taken the unusual step of advising home owners how to take advantage of the new demand for short-term lets.
Research by ARLA says over a quarter of letting agents have seen an increase in the number of enquiries for short-term lets in recent months.
Short lets - classed as under 90 days - increasingly offer landlords extra income, and have become popular thanks to online services such as Airbnb and the desire of many travellers for alternative and cheaper accommodation than that offered by hotels.
However, in many cases the online ‘Airbnb-style’ landlord is merely an amateur letting out a room or property occasionally.
ARLA’s advice says:
- it is essential to check your mortgage or tenancy agreement to ensure you are permitted to rent out your property;
- you should use a reputable agent, such as an ARLA-licensed one who will not only help with marketing and finding tenants but also ensure that all legislation is being met;
- homeowners should use an agent to manage the property as well. “For landlords who are letting their property out because they’ve had to move away or are abroad, this will be invaluable in making the process as pain-free as possible” says the association;
- ensure the property is in a decent condition, with a guide being to compare the state of it to how you would expect a hotel to look on arrival - clean and tidy with little clutter;
- all furniture in the property needs to comply with the relevant safety legislation and vital safety checks will need to be carried out before you make the property available for a short let;
- make sure someone visits it regularly, possibly even coming in every day to clean and change the bed sheets. “This will mean your property is kept in a good condition for when you return and also ensure that a short-term license does not become a full statutory tenancy” says the association.
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It does make perfect sense that short-term lets have become increasingly popular in the PRS - often, especially in the fast-paced life of Londoners, they require accommodation for just a couple of months. I've seen it a lot in the lettings sector.
But it's important for those who are renting out their property, whether it be a room or the whole property, to learn about the legislation before committing. The last thing the PRS needs is an influx of amateur landlords.
Just because it's a shorter tenancy that you will be letting your property for, it's vital that all of the same rules and regulations are adhered to, which I think this highlights brilliantly.
An independent professional inventory is not mentioned. They are one, if not the most. important part of a tenancy, be short or long.
Indeed, Ray. Very strange admission.
As you say, it's arguably the most important part of a tenancy, for both landlords and tenants alike.
*omission even.
Hi, You don't mention any issues with a leasehold property at all. does the new legislation change these covenants. My lease says property can only be used for residential purposes. If I allow someone from the USA to stay at my property for 1 week is it classed as residential ?? my management company are saying NO. They say to be residential it must be their only permanent residence.....Is this correct ? Its all very confusing BUT Management companies are not always right. they wouldn't allow me a 3 month let several months ago for me to now find out my lease does NOT have a minimum AST term so i could have done it. Can Anyone help ? Thanks from first time user
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