As the travel restrictions continue to ease across the globe, short-term holiday apartments and villas are becoming an increasingly popular option for individuals wanting to take advantage of the surge in the travel and tourism sector.
Both landlords and travellers can benefit from short-term property rentals in Dubai, and here’s how:
What are short term property rentals?
First, let’s acquaint ourselves with the meaning of short-term rentals. This refers to when a property is rented out on a temporary basis and always within a certain timeframe. As opposed to annual lets, short term rental properties are rented out on a daily, weekly, or monthly basis. The property is usually offered up on the market for no longer than six months.
Who benefits from short term lets?
Landlords and individuals looking to rent a property can both benefit from short term leases. Here is a closer look at some of the advantages of short term lets for landlords and renters:
Short term rentals give landlords greater flexibility to assess the property market and readjust payments accordingly. You’re at leisure to use your property yourself in between renter stays and block off periods where you’ll be using the property yourself. Short term rentals also allow you to plug the hole between long term rentals where necessary.
Greater earning potential
When it comes to short-term rentals, landlords can charge up to 30% more at their own discretion. This is especially the case in today’s market where short-term property rentals are becoming increasingly popular for tourists on vacation. Additionally, renters usually expect to pay premium rates when travelling to Dubai in holiday seasons or to attend attractions – such as sporting events and concerts.
A quick turnover in renters is useful, especially when your current occupant is a nightmare. This also gives you the chance to meet more people and give them the opportunity to recommend your property to others.
If you’re travelling to Dubai for work commitments that require you to stay for a couple of months, you’ll more than likely prefer a homely environment rather than a faceless hotel. Short-term rentals allow you to live far more comfortably and are often more spacious.
Especially in today’s market as the travel and tourism sector attempts to revert to pre-pandemic levels, it’s significantly cheaper to stay in a short-term rental over a hotel. Landlords usually assess the market and offer prices that make their properties cheaper than their competitors.
If you’re going to be staying at a property for a few months, you may be able to negotiate a deal with the landlord. For example, heating and electricity bills are usually included in the rent price of short-term lets, allowing you to save money during your stay. Landlords may renegotiate terms if you consider staying for the whole duration that the property is on the market. This is because you’re saving them time and effort in having to find multiple tenants.