Pros and Cons of a Short-Term Rental
A rental with a lease agreement of six months or less is usually identified as a short-term rental. One common short-term rental is a month-to-month agreement, where the contract renews each month. But not all short-term rentals are month-to-month, some are even weekly. For some renters who may need a lot of flexibility, a short-term lease might be the perfect answer. This way you have the option to stay only a short while or move out swiftly if circumstances in your life change. You might even discover that your short-term rental will include bonuses like internet service and utilities, but these amenities may vary from location to location.
However, short-term leases aren’t always the solution. They do still have some disadvantages. Since your lease has to be renewed more often, your landlord can increase rent and update policies and lease terms. Short-term rentals also often tend to be a bit more expensive than long-term rentals, especially if they are in areas where short-term rentals are in high demand. If you are a resident of a vacation area or college town, you might find more short-term rentals than long-term rentals, which will usually drive the rates for short-term rentals up.
Pros and Cons of A Long-Term Rental
If you don’t want the downsides of a short-term rental, then go for a long-term rental. Going long-term can also be quite advantageous. The most common lease length for long-term rentals is one year, but it can be longer — it all depends on the area. As a renter, the long-term rental can offer more stability in your rental rates and lease terms. There’s security in a long-term lease because the terms usually don’t change over time. Commonly, raising the rent or changing term agreements is not something a landlord would do unless it’s time to renew. Long-term rentals are often more affordable than short-term rentals simply because it is more cost-effective for a landlord to lease their property for years at a time.
Regardless, long-term leases also have their downsides. After it’s signed, a long-term lease is not something you can simply get out of. Should you wish to end your lease early, your landlord will typically require you to pay an extra month’s rent, and a forfeiture of the security deposit. Hence, moving to a new rental home will be quite tricky. It might prohibit you from decreasing your housing costs, too. Be advised, though, that most long-term rentals do not come with extra services or appliances. So, you should be willing to shoulder the costs of utilities, internet, and other furnishings.
It’s a wise idea to weigh all of the pros and cons of both short-term and long-term rentals. This will inform your decision, allowing you to go with what’s best for you. If settling down is something that’s just around the corner, then maybe a long-term rental is the best choice for you. But, if you still have plans that involve moving around frequently, then a short-term rental is definitely what you need. Nonetheless, knowing your options is always a good thing when you make decisions.
Real Property Management United offers a variety of rentals that might be a perfect fit for you. Call us today at 973-747-5629 or check out our rental listings for more information.