What is Short-term Rental?
If you are living in London, then you are familiar with the word “short-term rental” or “Short let”. It is a residential tenancy with less than 6 months’ duration and includes internet, utilities, and other appliances as part of the rent. If you want to add your property on Airbnb or any other rental platforms, it needs to be fully equipped with all necessary equipment like bed linen and towels.
Types of People Who Uses Short-term Rental
People from all around the world and all walks of life use short let in London. Recently, the number has been boosted up because of the number of corporations in London choosing to book a short-term rental for their employees. Airbnb has been launched a new service named “Airbnb for work” that emphasizes the benefits for company employees. For many companies, it is the best economical option and cut down a huge amount of living arrangement cost because it is a cheaper option than booking a hotel.
If you want to live with your family in London, then short let will be the best choice rather than booking separate rooms in a hotel. Additionally, booking a suite in a hotel can be costly as opposed to booking multiple rooms in Airbnb apartments. If your children are fussy eaters, then you can have an extra option to cook for yourselves.
Some Pros and Cons of Short-term Rental
For landlords, short let provide amazing benefits like flexibility. Owners can opt to when their property will be available for guests. As a result, landlords have a privilege to choose to rent out their property on a short-term rental basis instead of long term rental. Besides, short-term rental owners might have extra time to choose higher rates, especially around holidays and pick up travel times. There are also big tax breaks for short-term rentals with regard to not having to report certain rental income to the IRS. Also, they have the opportunity to decrease property-related costs like run advertises or operation costs.
The Laws and Regulations for short Lets in London?
You need to be aware of the 90-day limit if you own a home or apartment in London, and you are considering listing it as a short-term rental. This regulation prevents landlords from renting out short-term rentals for more than 90 days per the calendar year. You should also consider that you will be taxed as a landlord if you want to rent out your property as a short-term rental on Airbnb. Ensure that you always stay updated on tax laws relating to short-lets before renting out your property.