Many renters learn to make big decisions when they start renting a new home in Clever. In fact, the most important decision to make is selecting between a short-term or a long-term rental. However, because one renter’s circumstances could be wildly different from another renter’s, there is no one right answer for all. For that reason, it’s imperative to reflect on both the pros and cons of each type of rental lease and then wisely decide which one is the best fit for you.
Pros and Cons of a Short-Term Rental
A short-term rental is classified as being a rental with a lease agreement of six months or less. A month-to-month agreement, in which the contract renews every month, is one common short-term rental that many people are familiar with. However, there are plenty of short-term rentals, with even some as short as terms occurring weekly. A short-term lease might be what renters, who need a lot of flexibility, are looking for. This option allows you to stay for a short amount of time or be able to move out hurriedly if ever your circumstances change. You may be pleasantly surprised to find out that the short-term rental will include utilities and internet service, however, such amenities could be different from place to place and owner to owner.
However, short-term leases aren’t all perfect. They do have a few drawbacks. As a result of frequent renewals, your lease can be updated with new policies, and your landlord can even increase rent. Short-term rentals are typically more expensive than long-term rentals, particularly if they are in areas where short-term rentals are in high demand. If your residence is near a well-known vacation area or college town, there might be 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 the hassle of a short-term rental is what turns you off, you can choose to go with a long-term rental, instead. Long-term rentals have their share of advantages, too. The most common lease length for long-term rentals is one year, but it can always be the difference per case. As a renter, a long-term rental can offer more stability in your rental rates and lease terms. Even after being signed, a long-term lease’s terms don’t get updated easily or quickly over the course of the next few months. More often than not, the rent and all of the lease’s agreements stay virtually the same — unless, of course, 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.
Nonetheless, long-term leases have their drawbacks. After signing a long-term lease, it can be quite difficult to revoke it. If you want to end your lease early, your landlord will probably ask you to pay an extra month’s rent, and forfeiture of their security deposit. This makes moving to a new rental home quite difficult. It could also stop you from reducing your housing costs. One thing to take note of, too, is that most long-term rentals won’t come with extra services and appliances. You must anticipate paying for utilities, internet, and other necessary furnishings.
Make sure that you go through the pros and cons of both short-term and long-term rentals. Afterward, consider both options and decide on what suits you. If you have intentions of staying in a specific location for about a year or so, then a long-term rental seems wise. But, if you want to have the option to just pack up and leave, then perhaps a short-term rental is better for you. In any case, knowing these things can really guide the decisions that you make.
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