UK’s short -term let market grows by 41%

According to the report by Easyroomate, a UK, flat sharing site, noticed the number of short- term lets in UK to have jumped up in April.

Short -term lets accounted to 41% of the properties listed, leading to an increase of 2% in the last 6 months to over 6000 properties.

This trend is seen to be occurring in the major cities of UK.  Majority of them taking place in:

• London – 21%
• Manchester- 3%
• Birmingham – 3%
• Bristol- 2%
• Leeds – 2%

The report further gives information on people who availed short-term letting in UK. These groups include professionals, students with age groups ranging between 26-30, closely followed by the age groups of 31-39, and 21-25.

Many have been talking positively with regards to the benefits landlords and tenants are deriving from short-term letting.

While for tenants, the short-term lettings have helped them get a shelter at a quicker pace than usual and at an affordable price and exactly for a time that they want to live for.  On the other hand, the landlords have benefitted by getting a guaranteed, regular income without having to bother about the usual complains arising from long tenancy by tenants.

Jonathan Moore, director of Easyroommate.co.uk, comments: " A short term let is a great way for homeowners to boost their income without the long term commitment usually associated with the average tenancy, our figures show that a growing number of our users are switching on to the freedom short term let's provide."

"Whilst a normal tenancy within a flat share typically lasts a year, a short term let can last from one week up to six months, and is typically used to fill rental voids. The short term option is  extremely popular amongst live-in landlords, with 44% of the short term lets  listed on the Easyroommate website during April being offered by live in landlords, they are closely followed by current flat mates, who attribute to 35% of the short term lets available, says the site director.

Posted in: Birmingham, Bristol, landlords, Leeds, London, long tenancy, Manchester, short- term lets, short-term letting, tenants