‘Short-term lettings’ – The long-term future of renting?

A recent report commissioned by estate agency Knight Frank highlights that almost one in four households in Britain will be renting privately by the end of 2021. Soaring house prices and stagnant wages are putting home ownership out of the reach of growing numbers of people.

In addition to the growing number of tenants, PropTech Communicator – James Dearsley indicates a shift towards a greater need for short-term lets: “We have an increasingly transient population and long-term accommodation does not fit into the lifestyles of many.”

“The sharing economy of our transient population cannot be ignored by the property industry. It is leading to the biggest lifestyle shift we have seen in generations, and the way people are choosing to put roofs over their heads is a key part of this.”

Our lifestyles are changing significantly with an increasing focus on maintaining an equal work/life balance, where flexible and remote working is key. At the Global Leadership Summit, 34% of business leaders communicated that more than 50% of their company’s full-time workforce would be working remotely by 2020.

Taking all of these factors into consideration, we no longer have an explicit need for long-term residence and the younger generations will continue to become ever-more transient.

This focus towards short-term lettings throws a spotlight on the importance of agents/landlords completing detailed inventories and carrying out periodic inspections on their rental properties, so they are always on top of their reporting and paperwork. These regular reports will determine any maintenance issues, ensure tenant safety and keep properties in prime condition. The benefits of compiling these property reports digitally will not only mean agents are using a lot less paper, but the speed at which a property can be turned around between tenancies will greatly improve. It will enhance existing property management processes, and lead to better communication between agents, landlords and tenants.

Trial TouchRight ‘free’ for 30-days to take advantage of our range of quick-start property report templates, including inventories, mid-term’s, check-in and check-outs.

We’re sure you’ll never look back! #PropTech

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