Homeowners can earn £6K renting out property for two months a year
Savvy homeowners are turning their empty homes into extra cash when they go away, and the practice is most lucrative in the capital, according to Airsorted.
The host management platform said that Londoners are making £6,894 on average letting out their homes for just 63 days a year. And two-in-five London hosts simply let their property on a part-time basis, taking advantage of demand for their homes when they go away on holiday for example.
This group includes those letting out their properties anywhere between one and 90 days, and range from those renting their homes while away on short city trips to those relocating to new cities, or taking a sabbatical in a different country for example.
James Jenkins-Yates, founder and CEO of Airsorted, said: “Londoners are truly a transient bunch. With greater strides in flexible and remote working, the city’s residents are seeking opportunities to see the world and using their properties to fund their exploration.”
And he offered his top tips for renting your home out on a part-time basis:
Location, location, location. Whilst you can’t change where you live, you can boast about its transport links. Properties within 1km of a tube or train station have on average a 16% higher occupancy rate.
A professional photo will sell your property. Smart looking pictures that show your property to its potential will pay off… literally. Those using professional photographs earn 17% more than those without.
Speed is of the essence. Guests want a responsive host that can answer any queries in advance or during their stay quickly. In fact, speed of response is key to achieving the coveted ‘superhost’ status. This can be a time-consuming task, which is why many choose to outsource this to a host management company like Airsorted.
The guest experience is everything! Once you’ve got your guests through the door, it’s important to remember that your guests are on holiday. Little touches of hotel glam, or warm and personal notes can improve the overall experience.
There’s more out there than just Airbnb. Whilst Airbnb arguably made part-time property rental famous, there’s plenty of websites you can list your property on to ensure you have a high occupancy rate, such as HomeAway, Expedia and Booking.com.