Holyrood has now published its policy regarding AirBnB and serviced accommodation in response to concerns that the balance between Community and property as a commodity is out of equilibrium.
A licensing system will be introduced for renting out either a room , your own home or a secondary property and for those who run units as a business the costs will be significant. A list of fees can be provided on request.
As part of the policy , units within Tenement / Shared main door accommodation will be deemed unsuitable due to their character , location and risk of nuisance. This of course is going to affect a very high percentage of the available units with the City and in addition to the requirement to self certify that a diverse range of certificates and tests are held for the property , the exemption criteria is so specific that it almost entirely rules out any possibility of being able to continue to rent out such properties as serviced lets.
That said , there is an acute shortage of good quality rental property in the long term rental market and there is a case for considering moving into this before October 2024. The diminished accommodation supply does mean that rents are on the increase and this trend is likely to continue for the foreseeable future.
AirBnB typically lets a property fewer than three nights a month and generates about £6000 for the owner. Long term rental lets a property on average for 12 months and generates £18000 of income before deductions. In that context and given that many owners are dependant on this revenue stream , placing the property with an Agent and becoming part of the traditional rental sector could be the solution.
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Greetings! Very helpful advice in this particular article! It is the little changes that will make the largest changes. Many thanks for sharing!