![]() If you’re relying on your rental as our primary source of income, this may be a risky option.Ĭancellations can be an issue too. As the pandemic has shown, unforeseen events could leave you without an income for long periods, particularly if your property relies on seasonal tourism. However, this flexibility also comes with risky void periods. It certainly delivers some flexibility, as tenants can extend their stay easily, there’s no requirement to serve notice, and you can use it for yourself, friends or family when you like. Since your tenants are constantly changing, there’s the opportunity to meet new people all the time. There’s high demand for short-term lets, not only for holidaymakers but also for digital nomads and people who want to enjoy a more relaxed experience on a business trip. In fact, some properties can make as much in one week than the property could make in a month from a long-term lease, especially if your property is in a popular tourist destination. However, holiday lets rely heavily on the tourist seasons. Holiday lets have the potential to be extremely lucrative since they command a far higher rate than a long-term rental. Landlords typically advertise on Rightmove to find long-term tenants, sign a legal tenancy agreement and collect rent every month. Long-term rentals on the other hand are let for at least six months or more. Platforms like Airbnb charge money to property owners in return for them listing their property and marketing it to users around the world. Short-term rentals are typically based on tourism, where people rent the property for a short period of time, such as a couple of days, weeks or even three months. ![]() What’s the difference between short-term and long-term rentals? Airbnb vs Renting: Which should you choose?.The difference between short-term and long-term rentals.There are a number of factors to consider in this decision, and this article may help you choose. If you are planning on renting out your home, you may be torn between a holiday let or the long-term residential route. The property market is not for the faint-hearted, especially when it comes to a buy to let. When you’re investing in property, you want to spend your money wisely and get a worthwhile return.
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