Saturday, February 24, 2024

Property agent to trial scheme to help landlords fill their property during void periods

Property agent

JLL has partnered with Lavanda to trial scheme allowing tenants to sub-let their properties

JLL has partnered with property software provider Lavanda to help tenants avoid “illegitimate Airbnb-ing” and to help landlords fill their property during void periods.

While JLL is an American professional services and investment management company specialising in real estate, Lavanda is a short-term rental platform providing property software to the global real estate industry.

The new platform will allow tenants to sub-let their property when it is not in use, in the same way Airbnb works, but ensuring landlords give permission and even letting them share in the profits.

All short-term rental activity is covered by the Lavanda Home Guarantee, which makes up any shortfall in the existing buildings and contents insurance policies.

In return for allowing tenants to rent out the property, landlords will receive a percentage of the rental income.

Landlords can also use the service to arrange short-term lets for void periods.

The software will be trialled on private rental sector build-to-rent schemes run by JLL and Aberdeen Investment Management in London and Leicester, totalling 470 properties.

It will be rolled out further if successful.

Director of build-to-rent at JLL, Sam Winnard said they recognise that accelerating global demand for short-term rentals and homestays is now fundamentally shaping the long-term rental product.

Sam said Lavanda Residential enables them to embrace this trend with 100% confidence. Together with Aberdeen Standard Investments they are excited to pioneer an industry-defining value proposition for landlords and residents.

Founder of Lavanda, Guy Westlake said short-term rentals are shaping the future of residential property, but to date they have been happening under the radar, causing unnecessary risks for both residents and landlord.

Westlake said Lavanda puts compliant short-term rentals and home sharing at the heart of the PRS communities now springing up across Europe. He added that they are delighted to have JLL and Aberdeen Standard Investments on board and look forward to rolling out their platform more broadly across the UK and European market.

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