Rental property insurance holders may be interested to hear some recent advice from a national landlords’ body, on how to maximise the benefits of short-term lettings this summer.

The Association of Residential Letting Agents (ARLA) has issued some top tips for landlords aiming to let out their properties on a short-term basis over the summer months.

With summer events like the Henley Regatta, music festivals and Wimbledon coming up, now is an ideal time to think about short term lets for the coming months.

Ian Potter, operations manager ARLA said, “Short term lets, if managed correctly, can be a great opportunity for both tenant and landlord to benefit from a let that is simple to set up”.

Mr Potter also remarks that such a set-up is suited to short periods of increased demand.

A full list of ARLA’s hints and tips for landlord insurance holders looking to profit from short-term lettings can be found on the organisation’s website.

And ARLA reminds landlords insurance holders that as well as these immediate opportunities, landlords in London are already aware of the likely increase in demand ahead of next year’s Olympics.

Short-term lets usually last between one week and one month and can be useful for filling rental voids, or making use of vacant property.

Ian Potter notes that “if these tips are followed, it should be possible to strike a balance between remaining flexible with your rental offering
and being a responsible short-term let landlord.

“As the tenancy is unlikely to be an Assured Shorthold Tenancy, tenants will not benefit from Tenancy Deposit Protection.”

“In areas that are particularly competitive around seasonal events, it is often the small details that will allow your property to stand out from the crowd. Preparing a schedule of your property with good photographs, which can be downloaded from the internet, can be key in securing a good deal.”

There’s also some good news for landlords that are using rental income to cover their mortgage payments.

That’s because the interest rate is “very unlikely” to change in the next few months, provided inflation naturally falls, Alexander Hall has said.

Andy Pratt, chief operating officer at the company, said that the Bank of England is unlikely to increase the base rate if many forecasters are correct in predicting that inflation will steadily fall.

Lloyds TSB reported last week that if history repeats itself, then once the interest rate begins to rise, it can be expected to increase several times over a short space of time.