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. A month-to-month agreement, in which the contract renews every month, is one common short-term rental that many people are familiar with. But there are many kinds of short-term rentals. Some terms are as short as a week-to-week basis. A short-term lease might be what renters, who need a lot of flexibility, are looking for. Should your circumstances change, this type of lease gives you the freedom to stay for only a short while or to move out quickly. 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.
There are some disadvantages to short-term leases, however. Due to the fact that your lease has to be renewed every so often, your landlord can actually raise rent with updated policies or terms. Short-term rentals are generally more expensive than long-term rentals, especially 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
Go for a long-term rental if a short-term one is something you can’t be bothered with. 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, the 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. For the most part, your landlord won’t raise your rent or make changes to the agreement 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.
Anyhow, long-term leases have their own cons. After signing a long-term lease, it can be quite difficult to revoke it. Though the terms could vary, it’s typical that a landlord will ask for an extra month’s rent, and forfeiture of a security deposit if you want to end your lease early. This makes moving to a new rental home quite difficult. It might even prevent your housing costs from going down. Be advised, though, that most long-term rentals do not come with extra services or appliances. You must anticipate paying for utilities, internet, and other necessary furnishings.
When you’re done going through the pros and cons of short-term and long-term rentals, you should consider which one will serve your interests best. 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. Still, having both options will be beneficial for you.
Real Property Management Prestige offers a variety of rentals that might be a perfect fit for you. Call us today at 281-984-7463 or check out our rental listings for more information.