Just a year ago I was writing about concern in the industry that very short-term lets, such as those with Airbnb, had potential to draw private landlords away from the rented sector with the potential of quick profits, following the increase in staycation breaks.
Now I am seeing more and more pieces about the move away from short term lets as the initial attraction to those providing this accommodation starts to wear thin.
Those looking to leave the short term lets business often cite the unpredictability of the peaks and troughs of holiday, short term lets against the backdrop of rising costs. The unknowns with void periods when the accommodation is empty make it difficult to manage financially and is a reason those are looking to return to the stability of letting their property back out to tenants.
Breakages and damage to property are also an issue so the property’s condition must be checked on a very regular basis and maintained, along with gardening and other outdoor space. Lots of coming and going from properties will also affect neighbours and it is then the property owner left to deal with any issues from noise, lack of consideration or other antisocial behaviour.
The amount of work involved too is significant as the Covid-safe public health standards remain in place for many and this means that the additional changeover cleaning that is required is expensive to provide. With these changeover requirements, welcoming guests who are staying a single night is the same as if they are staying a week or more.
In short, many of those who switched over to the very short Airbnb type lets are realising that it is not as straightforward as it first appeared and the financial gains are not as significant as hoped.
It is not just the hosts that are losing interest too. Guests are often finding that when booking there are additional cleaning costs being added or that they are expected to clean the property themselves before leaving. Understandably guests are feeling disgruntled, especially when there is an expectation to do a full clean after only a night’s stay. Other guests report finding lists of rules at the property that they were not expecting or made aware of and which can adversely affect their stay.
At Pennington we know that most tenants are looking for a home and treat it as such, which is very different to a short term let experience, so we appreciate why property owners are looking to return to longer term lets with us.
Equally with the current shortage of properties to rent, private landlords are not only being welcomed back to the sector like never before, but properties are being snapped up as demand continues to outstrip supply.
If you would like to come back to letting your property and would like any advice on this or anything else on the local property market, please do not hesitate to contact me.
Robert Ulph
Managing Director / ARLA Propertymark Advisory Board
Pennington
Tel: 01394 337590
