Reasons you should choose short-letting over long-term rental of your property

Many people who own properties often need clarification about what to do with the properties. It is common for them to say that they want to put the property up for rental. But are they going short-let or long-term?

Property owners get stuck when we ask them this question. It is often as if they are in a dilemma and do not know what to choose.

Short-let renting of your property is as the name implies. People rent the apartment daily, weekly or monthly. These people only stay for some time. However, long-term renting of your property entails a person remaining a minimum of 12 months (1 year) and possibly renewing the rent.

We usually tilt more towards short-let rentals. You may say we are biased as it is the business we do. But we’ve weighed our options, and we know it is more reasonable to pick short-letting over long-term rental of property.

In this article, we will highlight some reasons why you should choose short-letting over long-term. When you finish reading this article, you will understand our point of view and join us on our journey of convincing property owners to go into short-letting rentals.

Three reasons why you should choose short-letting over long-term rental of your property are:

1. Less wear and tear

The beauty of short-letting is that you can be sure of lesser damages to your property. Sadly, you cannot say the same for long-term rental of your property.

We’ve seen cases where a person rents a property for about 5 years. When the person moves out, the property owner cannot recognize the property again. The walls would be peeling off due to lack of maintenance from the resident, a part of the ceiling would be off, there would be stains almost everywhere, and most. The sight is usually not appealing. In this case, the property owner has to consider renovating the entire property to ensure it is in a perfect state for the next person who wants to move in.

On the contrary, you’re less likely to encounter such a situation when short-letting your property. In this case, people are moving in and out. There isn’t that space for them to damage anything. In addition, you can also be proactive and check on the facility and rooms when there are no lodgers.

So you can avert certain things before they escalate into an issue.

2. Flexibility

The flexibility that comes with owning a short-let is another reason short-letting wins over long-term rental of your property. On some days, you wouldn’t have lodgers on the property. Therefore, you can do anything you want to do on those free days.

There could be times when you want to avoid people around as you wish to use the property for one function or the others. Since you’re running a short-let, you can decide not to lease it out during that period.

But you cannot call such shots when you engage in long-term rental of your property as it could lead to a legal case. There is no flexibility with long-term rental.

3. Better interactions

You get to meet diverse people when you run a rental. The class of people you meet today would differ from those you’d interact with tomorrow, and the chain keeps increasing and improving. It leads to more and improved conversations with people, and you also grow your network.

But when you engage in long-term rental of your property, you are stuck with the same person for at least one year. If the person keeps renewing for up to 10 years, you’re stuck for that number of years. So, the conversations and interactions are always the same. You’d be craving something new and different, but you have no choice, and there is nothing you can do about it.

We’ve given you reasons why you should choose short-letting over long-term rental of your property. The ball is now in your court. Ensure that you make a wise decision!