How Long is a Short Term Let? (And What Are the Benefits?)
February 15, 2019
A short term let covers renting a property for a period of less than 6 months, but it can actually be a lot shorter than that. This kind of property renting can offer more flexibility than traditional, longer letting arrangements, and as a result they are increasingly popular. They are possible for both domestic and commercial properties.
Why Choose a Short Term Let?
Short term commercial lets can be useful in lots of different situations and are well suited to the modern business world.
You may require a temporary premise for your business when you are between properties, perhaps while purchasing a new, permanent space. This type of renting gives you all the required amenities that you need to continue business as usual and so reduces the pressure on you and your business.
In other cases, your business may have grown and you might be considering moving into a commercial property for the first time, but don’t want to be tied into a long contract.
Additionally if you need a work space for only a few months, to cover a specific project, or an influx of work that is tied to a specific part of the calendar, the short term let would provide better value to you. You can rent for the time you need only and end the agreement once the project ends.
What are the Benefits of a Short Term Let?
In general, short term leases allow you to access commercial properties with more flexibility than a traditional, long term lease would require. This is great for startups and small businesses who may want to try out a property, or businesses that have changing needs throughout the year. If you need something dynamic where you have more control over the length of your stay, it might be perfect for you.
One important thing to bear in mind is that the rates are usually more expensive than long term lets, to cover the wear and tear that a property may undertake between tenants, and the time that the property is vacant since letting periods rarely match up. While this may seem off putting, it’s worth remembering that although the rates themselves are higher, the overall cost is cheaper as the tenancy is shorter. Compared to a longer lease that you are tied into for a set period, a short term lease can actually save you money.
Ready For Your Next Move?
When taking out a lease it’s important to always involve an estate agent so that you can make sure the terms are suitable for you, and you understand exactly what your rights are. Some landlords will offer even more flexibility with weekly or monthly lease extensions, on a case by case basis.
If you think a short term let could be a good option for your business, get in touch with Liverpool Lets today. We have a variety of offices and industrial units for workshops or trade counters, and have units available on popular business parks such as Champions Business Park and 66 Long Lane, so call on 0845 872 6334 or email firstname.lastname@example.org today to discuss your requirements.