Corporate and Professional Short Term Lets

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Corporate and Professional Short Term Lets

With an increasing number of employees being relocated to different parts of the country (for varying lengths of time and often at short notice) there is a now a demand for short-term lets.

Hotels, which were often used by companies in the past, are now considered an expensive option and so a new and lucrative gap in the market has been created.

However, companies looking for accommodation for their employees want all the luxury and high-spec facilities of a hotel room without the associated cost. And, they want accommodation which is either close to the place of work of the employee or with excellent road or rail connections.

Short term lets

So how long is a short-term let? A standard let is usually for one year (with the option to terminate the agreement after six months) whereas a short-term let can be anything from just a few days up to three months.

You need to be able to offer high quality, fully furnished, home-from-home accommodation with sky/cable TV, video, stereo etc and a good kitchen with modern appliances. If you have a property to let which meets these standards and which is within a short distance of a major employer such as a local authority, hospital or university or close to a company or major manufacturer you should consider short-term lets.

Because corporate tenants expect excellent service and support you should consider enlisting the help of property management company to run your short let business for you.

For information about tax on property investments, see our tax guide.