In an uncertain market, it can be genuinely difficult to know exactly when your property will sell. Yet there’s a solution many sellers still overlook. If you’re not living in the property, or you have alternative accommodation lined up, letting it out as a short-term let while it’s on the market can be a genuinely effective option. We continue to place a good number of these properties with excellent short-term tenants — lets that run longer than an Airbnb-style stay, but shorter than a standard tenancy.
Who Actually Looks for a Short-Term Let
Demand for this type of letting has, if anything, grown since 2019. The Isle of Man’s labour market remains exceptionally tight — unemployment sits close to record lows and vacancies continue to outnumber jobseekers — which keeps a steady flow of relocating professionals arriving on Island who need to move quickly but haven’t yet settled on a property to buy (some go on to buy the very property they’re renting). Beyond that, likely tenants include:
- People needing somewhere to stay during building works at their own property, often following a fire or flood.
- Corporate clients wanting a serviced property for a relocating employee or colleague.
- Production companies seeking a location for film or television work — an increasingly active market on the Island.
- Sellers who have already sold their own property and want somewhere to rent for a while, so they can go on to buy from a position of strength.
Why It’s Worth Considering
It’s always preferable to have your property occupied while it’s on the market. An occupied home is more secure, and it’s more likely to feel like a home to prospective buyers, which in turn makes it more saleable. Short-term rental returns also tend to run considerably higher than those from a standard long-term let, so the arrangement can help cover your mortgage while you wait for the right buyer to come along — and who knows, that buyer may already be living there.
What to Check Before You Commit
You’ll need to seek consent from your current lender before letting, and there are a few other practical points worth covering off. The right tenancy agreement is essential — one specifically suited to short-term lets, so there’s no difficulty in regaining full possession when the time comes.
If you’d like more information on how to position your property for a short-term let, please feel free to contact us on 01624 645555 (Douglas) or 01624 845696 (Peel), or email hello@blackgracecowley.com for an initial, no-obligation conversation