Tenants breaking lease - problem getting new ones - should I go for short-term lets?

D

DG123

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Hi,

My tenants both lost their jobs in the space of a week and are returning to Poland at the end of the month. They had a lease up til September, but can't afford to stay on.

I haven't had much interest in the apartment even though I have cut the rent by a lot. This is generally not a great time of year to be looking for tenants, and traditionally, September was always good.

So, I started thinking, should I go for short-term lets/ tourist lets over the summer period and then go for a long term let in September?

What are the obvious drawbacks to this idea? The way I see it, it could make more money than a long-term let and tide me over until the easier market of September.

Any thoughts?

Dave
 
Re: Tenants breaking lease - problem getting new ones - should I go for short-term le

If you can get short-term lets then it's not a bad idea. Generally, the quality of accommodation must be higher for short term lets and you also have greater maintenance obligations. People expect the place to be spotless each time and to be thoroughly cleaned with new bedding and towels. You also have the exposure of not being able to get references beforehand so you may end up with rowdy weekenders who cause damage that a deposit may not cover. You will also probably have advertising costs.
 
Re: Tenants breaking lease - problem getting new ones - should I go for short-term le

Are your photos good on the ad.
I'm amazed the number of people who put terrible photos of their properties.
I really clean mine really well and put new bedding on and spruce it up.
Take nice photos.

I had a room available for rent recently and had to drop rent by €75 pm to get responses, but at that price I'm getting alot of interest.

Then I had a few viewings and no takers....which was unusual for this property.

I am abroad so haven't been in the house for about a year myself.
I emailed some of the disinterested viewers for feedback and they reported that the place was dirty. :mad:

So I lit a fire under the other tenants and I think I've got someone now PG.

So try nicer photos and maybe spruce it up nicely.
 
Re: Tenants breaking lease - problem getting new ones - should I go for short-term le

The big thing with short lets is Location, Ocation and Location. You also will require to have somebody go in during the week and clean, change bed linen etc. It is not easy and to get corporates outside Dublin 1 or 4 is very difficult.
 
Re: Tenants breaking lease - problem getting new ones - should I go for short-term le

Well the apartment is on Smithfield Plaza - not great for corporates I would think. I was thinking maybe more the holiday let market - short breaks, long weekends that kind of thing. I think the location could work - its not Temple Bar, but its not gonna be Temple Bar prices either
 
Re: Tenants breaking lease - problem getting new ones - should I go for short-term le

well our lease is up now... been here 3 years and have asked landlord for reduction. he has not come back yet. if he doesnt we will be moving. willing to sign new 12month lease too for reduced rent.... had a look at daft and there is 323 apartments that are free and suit us in the area.... IMO its going to get worse for landlords....
 
Re: Tenants breaking lease - problem getting new ones - should I go for short-term le

nico98 said:
IMO its going to get worse for landlords....
Click to expand...
If it gets worse for landlords it gets worse for tenants.
Its in tenants interest to have a healthy rental market.
 
Re: Tenants breaking lease - problem getting new ones - should I go for short-term le

OP does your lease with the management company allow such lets? Ours do not permit short term lets and I would not be happy with a high turnover of strangers accessing my common areas.
 
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