Airbnb, an international platform for short let rents, is being shunned due to regulations and taxes imposed by the London government. How could this affect London’s rental market and do Rickman Properties have the solution? Read on to find out.
How does Airbnb work?
Airbnb was created in 2008 and is an app with international advertising for properties available for let. It’s been a popular choice for landlords in London for short lettings due to its flexibility. However, current regulations imposed by the government as well as local demands has caused landlords to turn their back on the app.
Current Airbnb status and regulations
In some countries, Airbnb has to follow strict regulations and London is no exception. London’s landlords are allowed to short let on Airbnb only for 90 days a year. If they want to extend the period, they must ask for planning permission. Any violation of this limitation of time puts landlords at risk of a fine.
Due to Airbnb’s popularity, short let has risen in these years, which means reduced house stock for long term renters. As a consequence, there are inflated prices for long term rents causing obvious concern. There is a demand for more taxes for homeowners using Airbnb as this rent mode is denying homes to residents. There is even an activist group using the hashtag #HomesNotHotels! Hotels have also raised concerns because private landlords don’t need to follow the same restrictions even if their properties are used as hotels.
There is no doubt that private landlords need to look for another property’s business plan. With new residents’ demands comes expected new regulations, which will modify the short-let market in London even more. So now is the time to make changes on how private landlords rent their properties – and Rickman Properties can help!
How can Rickman Properties help London landlords?
It’s more appropriate than ever for private landlords to invest in long term lettings. Landlords have to act fast to continue a strong position on the market, and management agencies can be an excellent ally in this process. Furthermore, due to the shortage of available rent (as demand in cities including London is high), this could be a very valuable opportunity for landlords.
Property management to rent is a full-time job. There is much to take into account including tenancies, logistics and more. With a management agency like Rickman Properties, you avoid time-consuming maintenance as well as efforts finding the right tenants and managing their stay.
A property management agency like Rickman Properties not only has a better understanding of the local rental market but also the ability to deal with tenants. Statistics revealed that 70% of landlords using management services are happy to delegate these responsibilities to an agent.
Agencies normally have an extensive process to select the right tenants for each property. They’re able to receive rents, manage delays in payment and solve legal issues. Ultimately, effective property management results in fewer problems for landlords, well-maintained properties and happy tenants.
Rickman Properties has the experience to accomplish all duties related to renting properties. Our agency is independent, more efficient and less likely to have conflicts. Each client is our priority, and we give the same effort to everybody.
Contact us today on 020 7937 9777 or email us at info@rickmanproperties.com to get started.
