Short-term rental market in Manchester is largely unregulated with few regulations for the hosts and the guests. The sports, universities and tourist destinations attract a number of tourists towards this location year-round. So, short-term rentals have grown in recent years despite all the clamour by the Member of Parliaments (MPs) and the relevant authorities.
Nevertheless, the short-term accommodation is increasing more rapidly than ever. In this blog, we will discuss the short-term letting in Manchester along with whatever regulations it has enforced. Moreover. We will discuss how Houst can help you in this regard.
So, let’s dive into each of these details!
Table of Contents
Short-Term Letting in Manchester
Short-term rental or stays in Manchester has created a number of problems for the long-term residents who fail to find a home themselves on rent due to the landlord’s inclination towards short-term lets. As a result, short-term letting has created a wide gap in the rental market.
The authorities are seeking to regulate the rental market to create a balance between short-term and long-term rentals. Undoubtedly, short-term stays have become more attractive due to the online platforms but long-term tenancies are losing ground for the same reason.
In that case, the short-term letting won’t become less attractive but this industry will become more regulated after the suggestions are approved. So, there’s still an opportunity for the new landlords to generate additional income from short-term accommodation business in Manchester.
An Airbtics report explained that short-term letting is quite profitable in Manchester. With an occupancy rate of 46%, a two-bedroom apartment can earn up to £36,144 each year.
Regulations of Short-Term Letting in Manchester.
After the housing crunch in Manchester, there has been greater hype among the UK and Manchester authorities for restraining the short-term staying. A hot debate is being carried out for carrying out strict and draconian laws for making room for the long-term rentals in Manchester.
The short-term letting market is not much regulated in Manchester, so the general UK rules will apply there.
- Limit on the Number of Nights
Manchester and the UK allow only 90 nights for which a place can be rented out in a year. According to UK law, a single stay should not exceed the limit of 31 days. If it does, this stay will be considered as a long stay. For stays less than 30 days, the rental days allowed to be available are 105 days. Similarly, the place can be made available for only 210 days in a year.
- Holiday Let Insurance
The landlords are required to insure their property. It will save a lot of cost to the landlord for any potential damage to the property.
- Guest Registry
Maintaining a guest registry is significant and required by the authorities to organise the records of all the guests, including their name, contact details, staying details etc.
- Home Safety Regulations
Home Safety Regulations in Manchester should be followed by the landlord and the guest should be given proper instructions on these fire safety, smoke and heat alarm systems.
- Anti-Social Behaviour Regulations
Any kind of untidiness or loss to amenities by the short-term letting in Manchester may cause heavy fines and penalties by the Manchester City Council.
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Is Subletting Legal in Manchester?
Subletting is legal in Manchester. The tenant needs to acquire the consent of the landlord for this. Otherwise, the penalty will be charged for violating the subletting regulation. The Ministry of Housing, Communities & Local Government has set the subletting regulations guideline to help landlords understand the subletting in Manchester and seek help if there’s any unlawful subletting by any tenant.
Registration Fee and Penalties For Short-Term lets Regulations
Short-Term Paying Guest Bylaw specifies a fine of $300 for violating the terms and conditions of it. Under this law, the initial registration fee of $100 will be required for the registration of short-term rental accommodations in Manchester.
Taxes on Short-Term Letting in Manchester
Under Rent a Room Scheme, a property rent of up to £7,500 is free of any taxation in Manchester. To enjoy the tax benefits under this scheme, the landlord must be the resident of the place and use it as Bread & Breakfast or guest house business. The residency may or may not be owned by the landlord.
If rental income exceeds this threshold of tax-free income, the landlord must file a tax return and mention his rental income. The UK law also offers a tax-free allowance of £1,000 for the Airbnb hosts. However, the above tax-free income and tax-free allowance cannot be claimed simultaneously on the same rental income.
The business rates will also apply for the rentals where the landlord allows accommodation of more than six guests at a time under Bread & Breakfast (B&B) and guest houses. Moreover, the property should be let for 70 or more days in the previous year to qualify for the business rates.
Houst – A platform for all the Hosts
Houst is a company with the best management personnels, tech savvy people and professional law experts. This highly skilled team manages the business of short-term renters or hosts by offering the most compatible and smart solutions. Houst aims to maximise the earning potential of short-term rental business by managing everything from guest vetting, hosting, listing of property to short-term lets management.
Let’s discuss Houst’s impeccable and professional service to grow your letting business in Manchester.
- Increased Property Exposure
Houst lists the business on multiple platforms to increase the exposure of your letting space on online platforms. Boosting the presence of your lets on different platforms increases the probability of getting found by the guests easily. As a result, your letting space will always have a guest which is good for your business.
- Make Your Letting Space Look Professional
Houst knows the pulse of the guests and the experts in photography who provide the best photos of your rental space. You don’t need to invest heavily on the property to make it look like a Hollywood luxury apartment. Instead, Houst’s photographers manage to provide professional photography services. As a result, the comfortable aroma created by photography increased the chances of renting out more frequently than ever.
- Listing Creation
Listing Creation is based on the tips for increasing the visibility of your business at different platforms by writing about your business. With this, the booking rate of short-term accommodation increases manifold. As a result, the revenues also go up with the increased occupancy rate.
- Get Your Property Covered
Across multiple listing and booking platforms, the insurance of the short-term lets is the prerequisite requirement. Houst suggests the suitable and reasonable property insurance for your business after proper research on these platforms.
- Promised Rents and Higher Income
Houst offers the guaranteed returns and assured higher income which will grow three times in a short span of time. As a result, the Houst offer the best compatible solutions for upgrading the short-term rentals management strategies to enjoy the most out of it.
The Bottom Line
In the end, we wrap up the discussion by recommending the start of your short-term rental business in Manchester as there are opportunities for earning a passive income. Although the maintenance cost is higher, the business is likely to flourish if it is well managed.
Houst can help you in this regard by managing your business and you can see your rental revenues shoot instantly with the Host’s professional services. So, it’s essential to start your journey with the most competent and dedicated property management company in Manchester.