How London homeowners are turning to short-term rentals for extra income
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Whether you’re going on holiday or managing a diverse portfolio of properties, holiday home rental sites are an easy way to earn extra income when your home is empty for short periods.
“I rent out my home because the extra income has allowed us to travel and do things we probably wouldn't have been able to do otherwise,” says Patricia, a Kensington homeowner, pictured. For 15 years, she’s used HomeAway to make money by welcoming holidaymakers into her home.
HomeAway short-term rentals have been helping homeowners like Patricia get more out of their property and reach their financial goals, whether that means paying off the mortgage early, helping with property maintenance costs, or simply banking it for a rainy day.
The potential returns are exciting for anyone, but first take into account these considerations before choosing a holiday rental company.
Earning potential
As a popular tourist destination, demand for holiday homes in London is high year-round. Homeowners are in an ideal position to maximise earnings from short-term rentals during the entire year.
HomeAway reports that the average earnings per booking can be as high as £897 in Camden and up to £1,022 in Westminster. While these figures may vary across the city, HomeAway’s calculator tool can give you a more precise estimate of your home’s earning potential in minutes.
Stay in control of your listing
Extra income is one of the biggest motivators for short-term renting, but control and security are also major factors to consider when choosing an online platform.
“I rent with HomeAway because I appreciate the flexibility,” says Patricia. “For instance, I can block the calendar whenever our friends and family want to come stay. More importantly, we can set our rates, and the HomeAway website gives us feedback whether our rates are competitive.”
It’s your home, so be sure to choose a company that lets you rent the way you want. That means not only making the process as easy as possible, but also giving you control over pricing, calendar availability, and who stays at your place.
High-value bookings
The quality and reputation of the company can also be a reflection of the types of client you can expect. A safe, secure and reputable platform such as HomeAway, which is part of Expedia Group, primarily attracts families and friends groups who tend to stay for longer periods and book well in advance. With some restrictions in London about the number of nights you are able to rent your property, it pays to be with the company that can deliver the highest value bookings per night. Visit the owner responsibility page to see the rules for renting in London.
“We have never had any problems with any of the guests from HomeAway,” Patricia says, “and we've been doing this for 15 years. We found that they were looking after the property as well as if it was their own.”
Try it once, then decide
For peace of mind, HomeAway provides liability protection and round-the-clock support for all its homeowners. And after the first time renting, if you decide it’s not for you, that’s no problem either. There’s no commitment, so you can simply take your property off the marketplace and carry on as before.
The bottom line is that it’s your home, and your financial goals. HomeAway is a holiday rental company that helps you rent your home your way.
To find out how easy it is to list your property and how much you might earn this year, visit HomeAway.co.uk