Long-Term Accommodations: Insights and Opportunities

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The Insider @ Houst
Last updated on
February 15, 2024

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Long-Term Accommodations: Insights and Opportunities

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Long-term accommodation, ranging from hotels to apartments, caters to those seeking stays of 183 days or more, offering the comforts of home with the added benefits of serviced living. This option is particularly valuable in supported housing, significantly enhancing the quality of life for vulnerable individuals by improving health and community engagement.

Despite challenges, including closures within the serviced apartment sector, the pandemic has spotlighted the appeal of apartment-style living, blending hotel security with the comfort of an apartment. This revelation has attracted investment, demonstrating the sector's resilience and potential for strong returns. The growing number of long-stay units across the UK indicates a shift towards flexible and comfortable living solutions, presenting a lucrative opportunity for investors and a desirable option for tenants seeking stability and convenience.

Table of Contents

What is a Long Term Accommodation?

Long-term accommodation is provided for those seeking stays of 183 days or more, encompassing a variety of settings from hotels to apartments. This type of accommodation typically involves monthly payments, offering a stable living environment for tenants. Defined as rentals of six to twelve months, these arrangements can extend to several years under a legally binding contract, ensuring security for both landlord and tenant.

Differences Between Long-Term, Short-Term, and Holiday Let Accommodations

Long-term lets stand apart from short-term and holiday lets primarily through their legal obligations towards tenants, including safety checks and Right to Rent verifications. Unlike the fluctuating occupancy rates of holiday lets, which average 20 to 24 weeks a year, long-term accommodations offer a more consistent occupancy, despite the higher day rates charged by short-term lets. The fixed-term nature of long-term leases offers stability and a legal framework that governs the rental relationship, setting clear expectations for both parties involved.

Types of Long-Term Accommodation

Overview of Various Types

Long-term accommodations come in diverse forms to suit different preferences and needs, ranging from apartments and houses to serviced apartments and hotels. Each offers unique features designed for extended stays:

  • Apartments and Houses: These are fully furnished living spaces available for weeks to years, offering flexible contracts and inclusive utility bills. They provide a home-like environment with the ease of flexible durations.
  • Serviced Apartments: Also known as aparthotels, these accommodations blend the best of both worlds: the comfort of an apartment with hotel-like amenities. They're particularly popular among business travellers seeking more home-like amenities during extended stays.
  • Hotels: While traditionally for shorter stays, some hotels cater to long-term guests by offering tailored amenities and workspaces, making them suitable for business travellers.

Pet-Friendly Options

  • The search for pet-friendly accommodations can be challenging. However, platforms like Pets Lets are revolutionising this space by focusing solely on properties that welcome pets, making it easier for pet owners to find a suitable home without the hassle.

Temporary Long Term Accommodations

  • Temporary accommodations serve as a bridge for those in transition, whether waiting for permanent housing or in need of an immediate place to stay. These can range from emergency accommodations provided by councils to longer-term temporary stays that might require moving several times before securing a final home.

The Appeal of Long-Term Accommodation

Benefits for Tenants

Long-term accommodation isn't just a place to stay; it's a lifestyle choice that brings numerous benefits to tenants. It offers unparalleled flexibility, allowing individuals to find a space that feels like home, tailored to their needs and preferences. The Rent a Room scheme sweetens the deal further, enabling tenants to earn up to £7,500 annually tax-free from subletting, providing a financial cushion or extra income. For those requiring additional support, long-term supported housing offers a sanctuary, ensuring people with enduring health conditions or disabilities have access to necessary care and support, enhancing their quality of life and independence.

Advantages for Landlords and Property Owners

From a business perspective, long-term accommodation is a goldmine for landlords and property owners. It promises a stable income stream, fewer regulatory hurdles, and a significantly reduced workload, making it an attractive investment avenue. Longer leases translate into committed tenants who are more likely to care for the property, thereby reducing maintenance and turnover costs. This arrangement not only guarantees financial predictability but also simplifies property management, making it an appealing option for landlords seeking to diversify their portfolio while keeping risks and vacancies low.

The Role of Holiday Lettings Agents and Agencies

Holiday lettings agents and agencies stand as pivotal connectors in the realm of long-term accommodation, skillfully bridging the gap between landlords eager to lease their properties and tenants in search of extended stays. These agents are not just facilitators; they are the orchestrators behind the scenes, ensuring every aspect of the holiday let process operates seamlessly. From setting competitive rental prices and crafting compelling property listings to executing targeted marketing strategies, they ensure properties attract the right audience. Furthermore, they manage the entire booking process, coordinate check-ins and check-outs, and handle any emergencies, offering landlords peace of mind and tenants a hassle-free experience.

Beyond the basics, these agencies offer comprehensive property management services, including meticulous cleaning, routine maintenance, and round-the-clock customer support, ensuring every stay exceeds expectations. Their expertise not only enhances the property’s appeal but also maximises occupancy rates and, by extension, the landlord's revenue. For tenants, the involvement of a holiday lettings agent means access to quality, well-maintained properties and a reliable point of contact throughout their stay. By leveraging their extensive network, in-depth market knowledge, and marketing prowess, holiday lettings agents and agencies effectively close the loop between property owners and those seeking the comforts of home for longer durations.

Read more: Top 15 Holiday Lettings Agencies in the UK

Choosing the Right Long-Term Accommodation

When embarking on the journey to find the perfect long-term accommodation, several critical factors come into play. Location takes precedence, with proximity to work, educational institutions, or essential services being paramount. The essence of location also extends to the desire for a particular setting, whether it's the bustling heart of the city or a tranquil suburb. The availability and type of amenities significantly influence decision-making; from ensuite facilities and communal living spaces to leisure facilities, the specifics can vastly differ based on personal preferences and lifestyle requirements.

Budgeting is equally vital. Establishing a clear financial boundary early on aids in narrowing down choices to those that align with your financial constraints without compromising on essential criteria. Understanding lease terms is crucial for a harmonious landlord-tenant relationship, ensuring clarity on commitments and obligations from both parties.

For tenants in search of their ideal long-term accommodation, a methodical approach is recommended. Utilise online property search platforms for a broad overview of available options, but also consider engaging with local estate agents for a more personalised service. Safety should never be compromised; always visit properties with a companion for both security and second opinions. Stay vigilant against scams by insisting on seeing properties in person before any financial transactions. Lastly, align your accommodation choices with your long-term goals and lifestyle needs, ensuring it supports not just your immediate requirements but also your future aspirations. This holistic approach to selecting long-term accommodation ensures a match that is not just practical but also enriches your daily living experience.

Legal and Contractual Considerations in Long-Term Accommodation

Navigating the legalities and contractual obligations of long-term accommodation agreements is pivotal for both landlords and tenants. The UK Government outlines specific regulations ensuring that landlords provide a safe, well-maintained living environment and guarantee the return of deposits post-tenancy. It's a two-way street, where both parties are bestowed with rights and responsibilities under the law. Interestingly, any tenancy agreement cannot undermine statutory rights; if it attempts to do so, those terms are deemed unenforceable.

The essence of understanding lease terms, rights, and responsibilities cannot be overstated. These agreements lay the groundwork for a transparent, conflict-free relationship between tenant and landlord, setting clear expectations from the outset. For landlords, it secures a predictable income stream, vital for financial planning and stability. It's crucial that these lease agreements are documented in writing, especially for tenures extending beyond a year, to ensure they're legally binding.

This mutual comprehension of lease terms not only fortifies the landlord-tenant relationship but also upholds professionalism and respect on both ends. By being well-informed about one's legal rights and obligations, both parties can navigate the long-term accommodation landscape with confidence and assurance, fostering a positive and constructive living arrangement.

Long-Term Hotel Accommodation: A Growing Trend

The hospitality landscape has witnessed a remarkable shift towards long-term stays in hotels, a trend significantly propelled by the pandemic and the rise of hybrid work models. This evolution has spotlighted extended-stay hotels as a cost-effective solution for longer durations, marking them as one of the hospitality sector's fastest-growing segments. Over the last four years, the supply of extended-stay accommodations surged by 17%, starkly contrasting the modest 2% growth seen in other hotel categories. Despite a general decline in revenue per available room across all hotels, extended-stay options have seen a year-to-date increase of 1.6%, highlighting their resilience and growing appeal.

Comparing Long Term Hotel Stays to Traditional Housing and Serviced Apartments

When juxtaposed with traditional housing and serviced apartments, long-term hotel accommodation carves out its unique niche. Serviced apartments bridge the gap between hotels and traditional leases by offering the best of both worlds: the comfort and amenities of an apartment (including fully equipped kitchens and ensuite facilities) with the added convenience of hotel-like services (such as reception, concierge, and housekeeping). This hybrid model presents a compelling alternative for travellers seeking the comforts of home alongside the luxuries of hotel living.

In contrast, long-term hotel stays cater to those seeking the ultimate in flexibility and convenience, without the commitment of a fixed lease. These accommodations offer a solution that's not only more affordable than equivalent hotel rooms but also provides greater space and privacy. As the boundaries between traditional housing, serviced apartments, and hotel accommodations continue to blur, the choice increasingly hinges on personal preferences for convenience, amenities, and the type of experience one seeks from long-term accommodation.

Managing Long-Term Accommodations: A Guide for Landlords

Managing long-term rental properties requires a blend of strategic planning and attentive care to ensure both profitability and tenant satisfaction. Successful landlords are those who engage in meticulous research and planning, thoroughly understanding their financial landscape and target market. Investing wisely in properties that meet the needs of your target demographic can significantly enhance your success rate. Key to this success is also the rigorous management of finances, including savvy tax planning and a comprehensive tenant screening process, ensuring that you attract and retain reliable tenants.

At the heart of effective long-term accommodation management is the maintenance of positive relationships with tenants. This includes ensuring that properties are not only safe and habitable but also comply with all necessary safety regulations. Installing smoke alarms, carbon monoxide detectors, and ensuring that electrical systems are regularly inspected can prevent potential hazards, showcasing your commitment to tenant safety.

Beyond the basics of safety and compliance, fostering tenant satisfaction is pivotal. This involves understanding and anticipating tenant needs, providing prompt responses to maintenance requests, and maintaining open lines of communication. Regular property inspections and upkeep play a crucial role in this, as a well-maintained property is more likely to keep tenants happy and reduce turnover rates.

Moreover, strategies such as fostering a sense of community among tenants, offering incentives for long-term stays, and ensuring that every interaction reflects a professional yet personal approach can significantly elevate the tenant experience. By adopting these best practices, landlords can create a welcoming and satisfying environment for tenants, leading to higher retention rates and a more rewarding investment in the long-term accommodation sector.

Final Thoughts: Embracing Long-Term Accommodation Opportunities

We've journeyed through the essentials of long-term accommodation, highlighting its various forms, from serviced apartments to hotel stays, and the unique advantages for both tenants and landlords. Key considerations such as legal obligations, the pivotal role of lettings agents, and factors influencing selection underscore the importance of making informed decisions. The evolving trend towards hotel-based long stays offers new avenues for flexibility and service.

Landlords, property owners, realtors, and tenants are encouraged to explore long-term accommodation as a viable, beneficial option. By focusing on effective management, understanding tenant needs, and navigating legalities wisely, stakeholders can tap into the significant potential for stable income, satisfaction, and portfolio diversification. Long-term accommodation stands out as a promising solution for contemporary housing needs.

The Insider @ Houst

The Insider @ Houst

The Insider team at Houst is dedicated to providing up-to-date and relevant information on short-term rentals. If you have hosting inquiries, please write to us at expert@houst.com. For guest inquiries, reach out at guest@houst.com. We are here to help you navigate the world of short lets and look forward to assisting you with your needs.

The Insider @ Houst

The Insider @ Houst

The Insider team at Houst is dedicated to providing up-to-date and relevant information on short-term rentals. If you have hosting inquiries, please write to us at expert@houst.com. For guest inquiries, reach out at guest@houst.com. We are here to help you navigate the world of short lets and look forward to assisting you with your needs.

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David
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"I have a philosophy in life called keep it simple. I don't live to work, I work to live. This is the first time I've leased this property on Airbnb. A house allows me to have vision of all the revenue and all the expenses associated with the apartment. They work as a well-oiled machine. They strive very hard to keep both myself and the tenants happy."

Jules
Sales Director

"Honestly, if I didn't have Houst, I don't think I'd have this house anymore. With Houst's help, I can focus on my busy life while they manage my Airbnb listing. Guests call this place the 'magic cottage', and Houst makes it possible to share its special charm without any stress."

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David
Account Manager

"I have a philosophy in life called keep it simple. I don't live to work, I work to live. This is the first time I've leased this property on Airbnb. A house allows me to have vision of all the revenue and all the expenses associated with the apartment. They work as a well-oiled machine. They strive very hard to keep both myself and the tenants happy."

Jules
Professional Landlord

"Honestly, if I didn't have Houst, I don't think I'd have this house anymore. With Houst's help, I can focus on my busy life while they manage my Airbnb listing. Guests call this place the 'magic cottage', and Houst makes it possible to share its special charm without any stress."

David
Account Manager

"I have a philosophy in life called keep it simple. I don't live to work, I work to live. This is the first time I've leased this property on Airbnb. A house allows me to have vision of all the revenue and all the expenses associated with the apartment. They work as a well-oiled machine. They strive very hard to keep both myself and the tenants happy."

Jules
Sales Director

"Honestly, if I didn't have Houst, I don't think I'd have this house anymore. With Houst's help, I can focus on my busy life while they manage my Airbnb listing. Guests call this place the 'magic cottage', and Houst makes it possible to share its special charm without any stress."

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