Long and Short Lets in Malta: All You Need To Know
When searching for a property to rent in Malta, one of the first questions to be answered is what kind of rental agreement you’d like. More specifically, do you want a long let or a short let?
Naturally, that answer will be affected by a number of considerations. These include your reasons for renting, the lifestyle you’re after and what you’d ultimately like to achieve from this experience. We’ve broken down what it means to short let and long let in Malta, to help you make a decision more easily.
Long Lets, Short Lets - What’s the difference?
A great place to start is by taking a look at the difference between short lets and long lets. By law, a long let agreement is at least a year in duration. In practise however, any tenancy agreement that is over six months long is considered to be a long let.
Why Short Lets?
Many people assume that short lets are simply for tourists. That might have some truth to it. After all, it is in many cases cheaper and offers more privacy than staying at a hotel. Also, how often have you asked the front desk for some amenity or a room with a view only to be told there are none available in the hotel?
Short lets bypass all that by offering you the option of choosing exactly what you want out of the property, whilst also allowing you to have a more authentic local experience by living in the community.
However, short lets are not just for visiting tourists. As we shall see, there are many other reasons why you might want to consider a short let.
Short lets offer flexibility
In this digital age, when you can work from laptop from just about anywhere, the number of travelling workers is on the increase. From consultants on a short-term contract to free spirited digital entrepreneurs who move around from country to country, short term lets offer the flexibility of moving on when and as required.
This also applies to visiting interns and students who are only studying in Malta for a single semester or for a limited amount of time.
Short lets as a transitional home
It can happen sometimes that you sell your property but have to wait a couple of months before moving in to your new home. This could be for any number of reasons, not least if there is an element of construction or renovation going on in the new property. A short let allows you the option of living somewhere comfortable whilst your new home is being finished.
Short lets as a seasonal or temporary home
Malta is blessed with hot, sunny summers and beautiful beaches. Renting a summer home is especially popular with expats.
Short lets can also be useful when moving to Malta and wanting to try out a new district or town before committing to a long let in that area. You can move into your short let and use that as a base to search for your longer-term residence.
So what about Long Lets?
Long lets are obviously more preferable to locals and those wanting to spend a longer amount of time living in Malta. Let’s take a look at why you might want to consider taking a long let on a property.
Long lets as a first home
A long let is a great option for those wanting to live alone for the first time, but who can’t afford to buy a property yet. It’s a great way for young people to experience the responsibility of going it alone, whilst working towards being able to afford that all-important bank loan for a deposit on their own home.
An alternative to buying a home
A long let can actually be a better choice in some cases, rather than buying a home. The monthly rent can be less than a mortgage rate, and the tenant does not need to worry about maintenance costs, all of which are paid for by the landlord.
Long lets have benefits
Let’s start with monthly rental price, which is lower for long lets when compared to short lets. A long let also gives you the security of a having a place to call your own for at least a year.
You’ll also have a longer list of rental properties to choose from, as there is a larger selection of long let properties on the market than there is short let.
Comparing short lets vs long lets
Anyone looking to rent a property in Malta will naturally already have an inkling as to what kind of let they need, be it long let or short let.
Whilst long lets are comparatively cheaper rent wise, they do not include utility bills (such as water, electricity, and internet) all of which need to be paid by the tenant in addition to the monthly rent. Short lets are usually all inclusive, which may account for their higher comparative rent.
Short let accommodation might have some cleaning expenses attached to it, although this would be clearly outlined in the letting agreement.
The long and the short of it (excuse the pun!) is that you need to decide which type of lease best suits your lifestyle. Your lettings agent at RE/MAX will then be able to help you find the right rental property with that lifestyle in mind.
Don’t be afraid to ask questions, or check out the options available for both long and short lets. Our lettings team has access to Malta’s largest database of rental accommodation.
All our lettings agents are experts in their field and will be happy to guide you in choosing the property that is right for you.