What is a short-term let?
As the term suggests, a short-term let
is when you opt to rent your property out for a short period of time. For instance, you could opt for daily, weekly or monthly lets.
And as iAfrica
explains, demand for short-term lets isn’t now just “common in popular holiday and tourism destinations”. It’s growing in popularity in “business districts, student zones, and the areas around airports and conference centres”.
So should you consider opting for a short-term let? There are a number of things to consider…
The pros and cons of short-term lets
You can demand higher rent due to the short-term let. Weekly rentals can be the equivalent of the monthly rent for a long-term let.
You can hike your rent if there are rises in “interest rates or sectional title levies,” CEO of Chas Everitt Rentals, Greg Harris, tells iAfrica
Your property should need less maintenance as shorter-term guests are less likely to damage your property hanging up their own paintings and moving furniture, says The Avenue Story
The rental income may be higher, but you may face longer times with your property lying empty.
There is more management involved with short-term lets over long-term lets, says The Avenue Story
. But you could opt to use a management company to keep on top of this for you.
You’ll have to provide a furnished property with some amenities such as toilet roll and towels for your short-term tenants. And you’ll need to include the costs of water and electricity in your rental.
Is a short-term let for you?
The location of your property will have a big bearing on how viable an option this is for you.
It’s worth speaking to local rental agents to see if there’s a demand for short-term lets in your area. This may help you make a decision.
So there you have it. Whether you should consider a short-term let or not.
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