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Short-Term Rental or Long-Term Rental: What’s the Best Fit?

Small furnished short-term studio for rent.Renting a new home in Clever involves making several crucial decisions. A major consideration is deciding between a short-term or long-term rental. As each renter has different circumstances, there’s no one right answer. Instead, you should consider the pros and cons of each rental lease type and pick the one that suits you best.

Pros and Cons of a Short-Term Rental

Short-term rentals are defined by lease agreements of six months or less. One frequent short-term rental is a month-to-month lease, renewing monthly. But short-term rentals come in many forms, including those with weekly terms.

Renters needing a lot of flexibility might find short-term leases ideal. They generally allow for a short stay or rapid move-out if circumstances change. Short-term rentals are more likely to include internet service and utilities, though these amenities can vary.

Yet, short-term leases have a few drawbacks. As your lease renews frequently, landlords can raise the rent and change policies or lease terms more regularly.

Short-term rentals are generally more costly than long-term rentals, especially in areas with high demand. If you live near a popular vacation spot or college town, you might face more competition for short-term rentals, likely raising the rates.

Pros and Cons of A Long-Term Rental

On the flip side, a long-term rental brings stability and predictability. Usually, long-term rental leases last one year, but in some areas, they can extend for several years.

A long-term lease means your rental rates and terms will stay the same. This means your landlord can’t raise the rent or change the agreement until renewal. Because it’s more cost-effective for landlords to lease properties for longer periods, long-term rentals are generally more affordable than short-term ones.

Nonetheless, long-term leases can have some disadvantages. Breaking a long-term lease can be both tricky and expensive after signing. The terms can vary, but commonly, landlords require an extra month’s rent and the forfeiture of the security deposit for early lease termination. This can make relocating to a new rental home very challenging.

Additionally, it can prevent you from reducing your housing costs if needed.

It’s also essential to remember that many long-term rentals don’t provide extra services or some appliances. Generally, you can expect to cover the cost of utilities, internet, and necessary furnishings. Some landlords might allow subletting or finding a replacement tenant, which can help ease the financial burden of breaking a lease.

Once you understand the pros and cons of short-term and long-term rentals, carefully consider your situation and future plans. If you plan to stay in one place for a while, a long-term rental might be ideal. If you’re unsure where the next few months or years will take you, a short-term rental might be better. Regardless, understanding your options can simplify your decision.

At Real Property Management Momentum, we recognize that every renter has unique needs. This is why we offer a wide range of rentals that might be perfect for you. Whether you need a short-term or long-term rental, we may have options to match your lifestyle. Call us today at 417-324-7601 or explore our rental listings for more information.


Originally Published on March 12, 2021

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