Your student property has been sitting vacant for months over the summer holidays whilst you wait for the next wave of student tenants to move in – does this predicament sound familiar as a student landlord? If so, you’ll know exactly how much money you’ll lose during void periods with no renters to cover the costs. The good news is that you can fill the void with short-term guests – and property management service GuestReady is here to help.
What is a rental void period?
A void period is when your property sits empty – without any tenants – and you have no rental income. During this time there will still be bills that you’ll have to pay and costs to cover.
There are many reasons for void periods. A student might move out of your property at a time of year when it’s difficult to find new renters – such as the middle of a school term. Or your property might be in a higher pricing bracket that only fits the budget of few.
Airbnb to the rescue
For many landlords, the thought of having guests stay for short periods of time can be daunting and they’d prefer to just lock in another long-term tenant. But that’s not always easy to do, and there are serious financial consequences for leaving your rental unoccupied.
The solution? Short-term rental platforms like Airbnb are a great way to bring in extra cash and ensure the cobwebs don’t take over your rental while you wait for new tenants. If you get the balance right, you can make a considerable amount of money by letting your place out to Airbnb guests between tenants.
For example, if you have an apartment that you rent out usually for £1000 per month – you could be renting the same space for £100 per night on Airbnb.
Preparing your space
Unlike long-term renters, short-term guests will expect a number of things to be provided for them when they stay in your apartment. It might seem costly to invest in these items but they will ensure a regular income as well as the possibility of increasing your rent for long-term tenants due to the apartment being partially furnished.
Here’s a checklist of things to buy:
Toaster and kettle
Cutlery, pots, pans
Food storage containers
Bed linen, towels
Cupboards and drawers
Quick action will save you money
Many landlords will wait until their property has been vacant for a few weeks before deciding to set up an Airbnb listing. We strongly advise you to be proactive so that you don’t lose any income. Keep in mind that it takes some time to set up a listing and get your place ‘Airbnb-ready’ so the sooner you contact GuestReady, the sooner we can organise professional photography and get your apartment listed.
Remember that your property doesn’t need to be vacant for people to book it on Airbnb! If you know your tenants are leaving in two months, we can list your property ahead of time on the Airbnb website and manage bookings for the start of your void period. In some cases, properties will only be empty for a day or two before new guests arrive.
GuestReady can make it easier
Answering questions from potential guests, cleaning up between stays, and constant check-ins can take up a chunk of your time. Here’s where GuestReady comes in: As a global Airbnb management service headquartered in London, we help owners of short-term rentals around the UK take the hassle out of hosting.
We take care of everything – from A-to-Z –, including:
Setting up a listing on Airbnb and other booking platforms
Managing guest communications and guest vetting
Year-round price optimisation to maximise occupancy and revenue
Cleaning, laundry, and replenishment of toiletries.
Check-ins and check-outs
Contact the GuestReady team in London, Manchester or Edinburgh for a free rental revenue estimate of your property and to learn more about avoiding the rental void through short-term letting on Airbnb.