Thu 25 Aug 2022
Residential lettings experts at Shouler & Son are encouraging property landlords, or would-be landlords, in the rural East Midlands to consider the perils of short term, holiday-style lets against the benefits of a long term lease agreement.
The cautionary advice from the Melton-based property firm comes towards the end of this summer as its letting agency is beginning to see the presence of holiday lets influence the local rental market, albeit in a minor way at this point.
An online search via the dominant short term lettings accommodation platform reveals fewer than a combined total of 40 properties in the Melton Mowbray and Oakham areas, currently.
Shoulers admits that this is a small number when set against the numbers for coastal resorts or metropolitan urban areas.
However, the firm’s lettings agency believes that any significant increase in these baseline numbers will have an impact on the conventional rental market, particularly at a time when good quality properties are in such short supply.
Acknowledging the instant, top-line monetary appeal of such short term lets, the agent points to the ongoing costs - and risks - associated with owning and managing a rental property where new tenant arrivals are so frequent.
While membership of an online short term letting channel might give a degree of security, it cannot be matched by the assurances and safeguards property landlords have through conventional lease arrangements - such as the most common Assured Shorthold Tenancy (AST), supported by an established legal framework.
Not the least of these costs and risks, according to Shoulers’ letting professionals, is the frequency of void periods when the holiday property is not occupied ‘off season’.
Plus, the more obvious legal redress against a bad tenant experience that a landlord has in working through a professional lettings and managing agent.
In setting out Shouler & Son’s professional position, Dan Barradale - who heads its residential lettings service - said, “It’s easy to see how owners of standalone properties in our picturesque area of the East Midlands might be tempted by the premium rents associated with holiday lets, particularly through online channels.
“However, we would urge them not to be so dazzled by apparent instant gains that they don’t seek professional property advice before deciding what type of arrangement best works for them and their property investment.”
Landlords or would-be landlords looking to find out more about the local rental market and Shouler & Son’s residential lettings & property management services can contact Dan Barradale, email@example.com, tel 01664 560181 or see shoulers.co.uk/pages/let-with-us#.