Scheme guarantees rent for Edinburgh holiday-let landlords
New measures to regulate Airbnb-style short-term holiday lets in Edinburgh – due to be implemented this year – mean owners will need a licence to let their property. Local councils will also have the power to restrict numbers of short-term lets in popular areas.
These changes, alongside reduced rental income during the coronavirus outbreak, mean short-term letting may no longer be viable for property owners.
The City of Edinburgh Council’s Private Sector Leasing (PSL) scheme, managed by Link Housing Association, provides guaranteed rent for Edinburgh landlords, and homes for households experiencing homelessness.
The City of Edinburgh Council funds the management cost, so landlords benefit for free whilst helping those in need.
Benefits include:
- Guaranteed rent paid quarterly in advance
- No void periods
- No letting agency fees
- Tenant damage covered
- Regular property visits
- 3, 5 or 10-year lease
- Optional repairs service
“Amazing service”
Jay, a landlord with Link PSL, said: “Having leased properties for many years in Edinburgh, letting agency fees had become extortionate, agency service levels decreased, and vacancy rates increased... I joined PSL with one property in 2015 and haven't looked back.
“I now have seven properties with PSL and it’s been a great journey... properties are regularly inspected, no worries about rental payments and the maintenance and repair team deal with issues quickly and efficiently. Amazing service and it’s so personally rewarding to know that I am helping folk who have faced a hard time and need somewhere safe and warm to stay to get life back on track.”
“Enhanced rental values”
Link Group Commercial Director Colin Culross said: “During the coronavirus outbreak, many people are feeling the financial burden of empty homes that may otherwise be available through a letting agent or Airbnb-style holiday let. The PSL scheme is a welcome solution for Edinburgh landlords with buy to let mortgages currently seeking financial support or mortgage payment holidays due to a lack of rental income.
“More than 1,000 landlords are already receiving guaranteed rent with PSL, which has been operating successfully for over a decade and now with enhanced rental values and the introduction of Link’s ISO-accredited maintenance service– as a one stop shop approach to property management.
“I would urge any landlords, investors or property owners to get in touch to find out how the scheme could help them, now or in the future.”
Link is also looking to purchase empty homes from landlords or property owners.
Find out more at www.linkhousing.org.uk/PSL or email [email protected].
Link also offers quality build to rent portfolio management and affordable factoring services.
Link PSL is accredited with Landlord Accreditation Scotland and a registered Letting Agent under the Letting Agent Registration (Scotland) Regulations 2016 (Registration Number LARN1907019).