While the trend for tenancies has been for longer periods there's a growing opportunity for landlords to profit from shorter contracts as demand grows, says real estate firm Knight Frank.
They say that while many people looking for private rented homes are still looking to do so over the long term rather than moving in for a shorter period, there is a growing need for short-term lets.
This new demand for rental properties is coming from businesses who want to find secure places for employees to live while they move on a short-term contract to a different town or city.
Knight Frank says there is a shortage of this property type in the market currently but it could soon be the focus of major investment.
Indeed, the firm says that the rental property sector will benefit as a whole if it embraces the short-term model and adopts new ways of working.
Letting agents speed up the application process.One proposal being put forward is that letting agents speed up the application process.
In a report, Knight Frank said: “For landlords and investors there are long-term rewards in short-term rental accommodation. Cities will reap economic rewards for embracing flexible models such as serviced apartments.”
Among the other benefits being highlighted for agents and landlords is that short term rents are generally higher than the rents usually charged.
In addition, a business is also more willing to pay for blocks of weeks if they can foresee the demand to place a tenant in the property many months ahead of their need.
However, the one downside for landlords and letting agents aiming at the short-term rental market is that they run the risk of increasing their void periods where no rent will be paid.
New app will help landlords understand fire riskMeanwhile, a new smartphone app has been unveiled which will help tenants and landlords appreciate the risk from fire in their properties.
Firemark Education launched two years ago and the app also helps provide information on fire alarms and fire detection.
The helpful tool offers guidance to tenants and landlords to carry out a basic risk assessment so they can identify the potential hazards should there be a fire in their rental property.
Fire safety for tenants and landlordsFiremark's professional adviser, Sir Ken Knight, said: “The application could transform fire safety for tenants and landlords.
“The tool can also help fire services from around the country add their key fire safety messages to it so that the whole private rented sector hears them.”
The chairman of Devon and Somerset Fire Service, Cllr Mark Healey, said: “Fire safety training will help ensure that tenants and landlords have the knowledge to reduce risks and keep themselves safe.”
