What is the difference between short-term and long-term rents in London?
Short-term rents in London
Long-term rents in London
Advantages and disadvantages of short and long-term rents
In this table, we will take a look at some of the advantages and disadvantages for owners and tenants.
O W N E R :
Many rental cycles, requiring more cleaning and maintenance
Fewer rental cycles, less maintenance in the long-term
Seasonal cash flow with peaks and troughs, risk of down periods
Stable cash flow over the long term
Risk of causing nuisance to neighbours and within the building: short-term rents are not viewed favourably by neighbours or by the building, which in many cases prevents it.
No nuisance caused to the building and neighbours. Often, the owner is required to notify the building about the tenant and pay a sub-letting fee to the freeholder.
Flexibility, option to live in the apartment
Little flexibility, the apartment is rented out on 6-12 month contracts
TE N A N T :
Here-today-gone-tomorrow rents, ideal for brief stays with lots of flexibility.
Long-term rent ideal for families or professionals looking for stability.
Flexibility, since the contracts are often renewed monthly, with a notice period in the days or weeks.
Very binding, since the minimum term starts from 6 months, and a deposit must be lodged.
Much more privacy, you do not have to account for everyone who enters the house, unlike in a hotel.
The tenant is subject to a screening process, with references required from previous agencies or owners.
Much cheaper than a hotel room and offering more space and much more privacy.
Much cheaper than a short-term rent, with the rental fee agreed for the long term.
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