The pitfalls of holiday lets and the lucrative, long-term alternative
If you own a rental property, letting it out to holidaymakers can be tempting. These short-term tenants pay a premium for their accommodation and so it’s easy to make a lot of money in a relatively short amount of time. However, renting a property as a holiday let isn’t without its pitfalls. Holidaymakers are much less likely to look after a property and, every year, a huge number of homes are severely damaged by neglect, accidents and malicious acts.
Luckily, there is a lucrative alternative to holiday lets available. More long-term and more profitable than many holiday rentals, it could be just what you’re looking for. Keep reading to find out more.
Holiday let horror stories
Take a quick look at the internet and you’ll soon come across several stories of Airbnb parties getting out of hand and property being damaged. In April 2017, one property owner suffered an incredible £445,000 of damage in a single night when a booking for a family of four turned into a party for 500. While in 2019, an Airbnb property in Manchester was used as the location for a party that got so out of hand, windows in neighbouring properties were shaking.
It’s not just parties that landlords have to worry about, the coming and going of regular holidaymakers can make life very difficult for neighbouring residents. In a block of flats on Flamsteed Close, near Cambridge station, holiday rentals are making life miserable for nearby residents. As @CambridgeNewsUK describes, the block “Has roughly 15 short term let apartments, with an estimated thousands of guests checking in per year and allegedly causing noise and property damage.”
In 2018, up to 200 partygoers took over the building, causing damage and threatening any residents that called the police. Once the block had a reputation for parties, more and more people booked accommodation for the sole purpose of holding an event. This is a pattern that’s repeated across Cambridge and is something landlords need to be very aware of when renting out holiday accommodation.
An alternative to holiday lets
If you want to maximise the income from your investment property but don’t want to risk upsetting your neighbours or damage to your property, medium-term rentals may be the answer. Checked-Inn rents high-quality accommodation to professionals and students who need somewhere to stay for a few months while they’re in the city. Many of these tenants are in Cambridge to take up work positions or study opportunities and so will treat the properties they live in like home.
Landlords renting properties though Checked-Inn can see excellent returns on their investment. We manage all our properties to ensure there are no issues and carefully check residents to ensure they’re right for the accommodation. If you’d like to know more about the services we offer, our rates and our high-quality accommodation, explore our site or get in touch today.