Since it’s launch in 2008, Airbnb has rapidly become one of the most affordable, quick, and simplest ways for individuals to rent a place to stay, both in the UK and overseas. For example, in March 2016, London was named as one of the top five cities in terms of places to stay in an Airbnb rental, with business growing at a rapid rate of 75% a year.
Properties that were once only available for long term letting, are now being used as Airbnb’s. This means that not only is the tenant turnover quicker, this can be a significantly better option for investors in terms of receiving higher income and in many cases less wear and tear on their property as a visitors rarely spend much time in the properties. The fast turnover is achieved as people can use Airbnb for a short stay in a particular location, either for business or leisure, providing a more personal and private alternative to that of a hotel. Not only this, but landlords can easily find a local host to take care of the property whilst they are away. Featured destinations include London, Miami, and even Tokyo, though UK investors can benefit from knowing that there isn’t often a City without a wealth of Airbnb opportunities.
There are however, a few legal issues which must be considered by landlords when renting out an Airbnb. For example, anyone renting a property must ensure that their property is inspected annually by a Gas Safe Registered engineer, with rules applying in the same way as they do on AST landlords. Many landlords will be aware of this, and it is important to note that these legalities do not outweigh the advantages that this type of rental offers.
We would love to hear your thoughts. Do you think Airbnb is a better alternative to traditional letting, or is it destroying the property market? let us know in the comments, or email us at firstname.lastname@example.org.
To find out more information about the options of traditional or Airbnb letting, call us today to speak to one of our helpful advisers who will guide you through the process.