Have a property to rent? One of your first considerations is choosing a short term vs long term rental lease option. Using Airbnb to cater to tourists and business travellers can be an ideal way to increase your rental income. At the same time, long-term rentals can be a good option for property owners who are looking for stability. How does a smart landlord decide which option is best?
The best choice for you can vary significantly depending on a wide range of factors. Making the best decision on short term vs long term renting isn’t always clear. You need to look at several different factors to determine what works best for you and your lifestyle.
Here are the key elements to consider to decide on short term vs long term rental.
Short Let and Airbnb Laws in Dublin
When you are debating between short term vs long term rental options in Dublin, start simple. The first thing to consider is Irish law. Regulations have been changing lately and short term letting is becoming more complicated. As of the 1st of June 2019, there are new laws in place. These laws restrict how properties are rented in high demand areas like Dublin. This so-called ‘one host, one home’ policy changes everything for property owners. It stops owners from renting out their home for more than 90 days per year. It also prevents renting for more than 14 days at one time.
Of course, this does not mean that popular platforms like Airbnb will no longer be operating. It simply means that it’s not as easy for people to just open their doors to guests (and rental income). For both short term and long term rentals, it is crucial to familiarise yourself with the laws. Unfortunately, they can be complicated and the right solution isn’t always clear.
At Host Ready, we work extensively with these laws. To make your life easier, we now offer a professional consultation service. We walk you through every step to prevent fines and licensing issues. We sit down with property owners and explain everything. This means covering everything you need to know about short term and long term rental options. We also look at medium term serviced accommodation and hybrid options combining different stay lengths.
Corporate Rental for Medium Term and Hybrid Options
When you are debating short term vs long term rental options in Dublin, think outside the box. You should also consider corporate rental for medium term. This is always a great option in a large metro area, particularly one like Dublin. We have so many major Irish and international corporate offices here. Corporate rental for medium term is aimed at business travellers who need to come to Dublin temporarily. This is very popular for those looking for something between short term and long rental renting.
At Host Ready, we have found that a lot of property owners love the concept of a hybrid option. They can focus on corporate rent for medium and short term options. This mixed rental type is geared toward business travellers with unique needs. They want flexible lengths of stay and serviced apartment in Dublin– and you can meet their needs!
Why We Love Corporate Rentals in Dublin
Dublin attracts an incredible number of business travellers and they are a dream guest for any property owner. They often travel alone or with a small number of colleagues and are out working for most of the day. As tenants, they tend to be quiet and tidy. For property owners, business guests will consistently cause less wear and tear to the home. At Host Ready, we have found that our property owners love having corporate rentals. Medium term stay tenants treat the property well and never bring any complaints from neighbouring properties.
Offering a hybrid option of medium and short term corporate rentals can be a powerful tool. We have found it instantly increases our rental income. In fact, we have found that property owners who cater to business professionals actually yield 20 per cent more! Those focused on attracting tourists, students, or long term tenants consistently earn less. There are a couple of different reasons for this. First of all, by offering both medium and short term rental options, you can minimise vacancy. Offering just short term or long term rentals can be a bit restrictive. This is especially for business professionals who need to visit Dublin offices regularly and for longer stays.
The other key factor to increase profit on rental properties? Catering to short term and medium term corporate rentals! Offering a serviced corporate rental for the medium or short stay makes your property very attractive to businesses in Dublin. This is particularly valuable for businesses. Those looking for corporate accommodation in Dublin tend to be less price sensitive than other types of guests and tenants.
Have a property that you prefer to have available for occasional personal use? A hybrid of short term and medium term rentals is ideal for you. With this, you’ll have the option stay in the property or have friends and family that visit Dublin. You can simply block those days off the calendar at any time throughout the year.
How to Manage Short Term and Medium Term Corporate Rentals in Dublin
One essential factor that you need to keep in mind? Management! When you’re considering short term or medium term rentals of any kind, bear in mind the management aspect. Long term rentals tend to be lower maintenance on a day-to-day basis, which is great. However, they yield a lower return and have less predictable rates of wear and tear.
Offering a hybrid option of medium and short term corporate rentals will require a significant investment in time. You need to think about managing guests and facilities. For a medium term corporate rental, you need to offer a weekly cleaning and a change of linens and towels. In the case of short term corporate rentals, you could be looking at servicing the property daily. While it takes some organisation, these services pay off by ultimately increasing the profit for your rental property.
At Host Ready, we manage properties throughout Dublin for short term and long term rentals. We have found that offering a hybrid blend option is best. Having both short and medium term corporate rentals provides our clients the maximum return on their investment. Short and medium term corporate rentals are higher maintenance however. That’s why property owners tend to prefer to have a property management company in Dubin like ourselves.
We take care of property management from start to finish. From attracting clients to taking care of property maintenance, we do it all. For clients who want to increase rental income, this is often the perfect solution.
So, are you ready to maximise your property’s rental income potential? Contact us today for a free consultation to look at how you can turn your space into a gold mine.