Landlord advice: Long-term lets are basic necessities. Holiday lets are not.
COVID-19, in just a few weeks, drastically reduced demand for holidays lets and Airbnb-type of services in Edinburgh, in particular, and in Scotland, in general. Some holiday lets can be used by NHS staff transferred to fight the virus in hotspots (bigger cities like Edinburgh), but it will never replace the demand of around 4 million international visitors (2016 data).
When demand drops, prices follow: On 27.03.2020, there were dozens of beautiful Edinburgh properties available on Airbnb with prices starting at £22 per night. This amounts to £660 per month, if fully booked – including all utilities, council tax and fees.
Last week, we were approached by a landlord with around 10 holiday let properties – which were suddenly all empty. Many other investors in short-term let properties face a similar dilemma: stick to short-term lets a while longer, or switch to long-term lettings. In our opinion, long-term lets are a much safer bet these days
Coronavirus will not go away soon
Licensing scheme for holiday lets
Rising rents in Edinburgh
Wavering short-term let Edinburgh landlords
If you are a short-term landlord considering long-term lets, feel free to contact us by phone or email. We can provide you with a software property valuation; a desktop valuation based on historical letting records or do a video link valuation of your property. While we temporarily limit face-to-face contacts, landlord agreements can be signed online. All tenant-side activities are carried out remotely: we do 3D online viewings; use a third party online referencing provider; create PDF inventories and sign tenancy agreements online, via Signable. We have been prepared to work remotely and remain open for business – so please get in touch with us if you need a long-term rental advice.