We are living through an unprecedented time in our lives and the world seems to be changing by the minute.
At Glenham we are, as always, working very hard to continue to manage our client’s assets by reacting to the changing landscape as best we can by keeping abreast of things as they develop and communicating these to our clients and tenants.
Both the long term and short-term rental (STR) markets are going to be impacted by the fallout from Covid-19 but by its nature the short-term rental market is far more at risk from travel disruption and a reduction in visitor numbers and we are already seen significant fallout. This is likely to continue for some time as large events across the world are being cancelled and the Edinburgh Festival must be at risk.
But even before Corona Virus reared its ugly head short term lets had been under the microscope and the Scottish Government recently announced that regulation will come into force next year. Added to this there has been a vast increase in Airbnb style properties across the city hence competition has risen dramatically which of course has affected the market. Incomes and occupancy rates have dropped off and in a lot of cases, once the high costs associated with STR have been removed, the actual income generated is comparable and sometimes less than what can be achieved in the long-term market.
The long-term market is less hassle and has a lower risk profile than the STR model. Covid-19 will certainly have an impact but we do not believe this will be as significant as what we have seen happen to STR. The long-term market in Edinburgh has proven to be remarkably resilient in the face of wider socio-economic and political turmoil and we believe it is well placed to continue to operate during these trying times and in the months ahead.
As a proactive asset management company Glenham is focused on helping landlords navigate through difficult times. We are still seeing demand for properties for people to live in as a home for the long term. We are also well used to helping landlords move from STR to long term rental. We can help with all aspects of setting up a property for a long-term tenancy and can act fast to try and mitigate risk and minimise the financial impact of Covid-19.
We are still at work and have put in measures to ensure we can continue to operate as best as we can and help protect our client’s assets during these challenging times.
So, if you want to get in touch just for chat we can set up time for a Zoom call, Skype of Facetime or even an old-fashioned phone call.
If you would like to give us a tour of the property that’s also easy just click here and tell us a time that suits and we can give an accurate rental valuation.
If you are not in Edinburgh but might have a key safe let us know the code. We can then arrange to zip round and take a look. We can also do a video call from the property and go over anything that might need to be done to ensure it meets minimum regulations and maximise the possible income for a long-term rental.
Finally, if you would like us to take on the management of the property, we can complete the application process remotely and can start getting the flat marketed.