While renting out your property through the short-term rental website Airbnb might seem straight forward and lucrative, it is certainly not without its risks. Many landlords have experienced troublesome tenants causing thousands of euro worth of damage to their properties without any compensation from Airbnb. Tenants have been disruptive and have not respected neighbours as they are only staying for a short term, leaving the landlord to pick up the pieces.
Nearly 7,000 of the Irish properties being rented on Airbnb are not the primary homes of their owners – which is roughly a third of all listings. This is having a significant impact on the number of long term properties for rent and thus a negative effect on the levels of homelessness.
Many cities including London and New York have clamped down on short-term lettings due to concerns that they are removing homes from the housing stock. Legislation is being prepared that will require hosts to apply for commercial planning permission if residential accommodation will be leased for more than sixty nights a year. Once this legislation is enacted it will reduce the income considerably for landlords.
Madden Property Consultants have worked with a number of landlords in transferring their properties from short term to long term rentals. By selecting reliable trustworthy tenants, landlords are finding that long term rentals are a far more profitable and risk-free method of achieving consistent yield on their properties.
Call our office today and speak a member of our team to discuss.