It’s pretty much a given that short term lettings will offer a much higher overall return than longer term lettings. A property let by the week or the day, perhaps on a hotel-style basis, is likely to earn substantially more than it would when let on a long term or annual tenancy.
Short term lettings, either to replace long term lettings or to fill the void between tenants, have always been possible in theory. But the fairly recent development of online accommodation marketplace sites, such as Airbnb and Booking.com, have made them easier to offer than in the past. And, as a result, they have become increasingly popular with the travelling public too.
Of course, while most landlords appreciate the extra income short term lettings can produce not all landlords wish to become hoteliers. Most would not wish, or are unable to, become involved with the marketing of their accommodation on a daily basis, administering bookings, day to day hotel-style management and providing the close-up customer service that this often involves.
One possible solution is to make use of the new generation of property management services which specialise in managing short term lets. In this report we talk with Zoe Vu, co-founder of Pass the Keys, about what letting in this way involves and about the advantages and disadvantages of doing so.