Can we really trust Airbnb?
Mon 20 Mar 2017
Airbnb’s name is now synonymous with the world’s short term property rentals. In fact, London is the company’s third largest market. But what are the true costs in opting to market your property with them, as opposed to a traditional estate agent?
Is it legal?
Airbnb made headlines recently when they revealed that 23 per cent of their hosts’ activity in London during 2016 breached the law. Councils have begun to crack down on time limits and property usage conditions. In fact, one landlord in North Kensington was recently served with an enforcement notice by their RBKC council following complaints from neighbours that the property was frequented constantly by tourists; Airbnb places this responsibility firmly on the host. As such, landlords and tenants alike are open to liability.
What’s the risk?
Indeed, UK law states that private homeowners are only allowed to rent their properties out for a total of 90 days out of the year. Moreover, in Westminster, Airbnb is banned entirely. Homeowners and landlords are at risk of breaching their own mortgages, whilst tenants who sublet to Airbnb guests may invalidate their own tenancies.
There’s also fear that this new wave of activity is removing traditional lettings stock from a market that already has incredible levels of demand, which is pushing up rental prices dramatically for those who wish to make a permanent home of London.
What’s the alternative?
We offer comprehensive short-term lettings solutions to our landlords that mean they can let their properties for durations anywhere from six weeks to six months.
The peace of mind this offers includes not having to worry about filling voids in between stays, so your valuable property won’t sit empty for extended periods.
Moreover, the costs to a landlord are typically much lower; there’s far less exposure to excessive wear and tear, and tenants are required to comply in stringent referencing process that assesses their credibility and affordability before they sign the contract. Any issues faced during the tenancy are, as a result, much easier to pursue.
We take care of it for you
All of our short-term tenancies are fully managed by our expert Property Management department, which means that we are the point of contact throughout your tenants’ stay. That means you can relax in the knowledge that we are handling all maintenance, service and tenancy issues on your behalf.