The short term market has emerged over recent years and the demand of holiday makers looking for short term stays in Dubai doesn’t seem to be increasing!
For a lot of property managers and homeowners, it can be confusing. Why would anyone choose to deal with the headache of short term letting? Having to deal with the constant stream of guest communications, guest reviews, changeovers and guest payments can be a lot of work. Why don’t people simply rent their property long term instead? But with Allsopp & Allsopp, we take all the work away and fully manage your rental for you!
We have had more questions from landlords in Dubai who are considering the short-term letting option and they always like us to explain the difference between short-term and annual lettings.
Short term lets
For landlords with a second property, the decision between short-term lets and an annual let can be difficult. Yes, an annual tenant is locked in and clauses are in the contract should they vacate early which offers security and a set income for a year or more. However, short-term lets can offer up to 30% more than an annual let! A lot of landlords are unaware of this but with the season highs and lows, landlords can achieve a great annual income.
Many landlords avoid short-term lets due to the workload involved. However, there are operators, like Allsopp & Allsopp, who fully manage the property and handle all bookings, check-ins and chec-outs, cleaning, maintenance and advertising. So, with this in mind, landlords could be earning more with no extra work!
With a short-term let, landlords have the flexibility to have their property back to reassess what they would like to do with it or block time on the property so they can use it for themselves!
Landlords who are renting their property annually have peace of mind that they are receiving a set income for at least a year. On top of this, there is no need to splash out cash for furnishings - the unit can be rented empty.
Another intimidating thought is that you’ll give up a lot of control when you hand the keys over to a long term tenant. When you have guests staying for short stays, you have the freedom to inspect the property between every guest so if there ever was an issue, this can be flagged quickly.