Moving into a new rental home in Belmont requires making numerous significant decisions. One of the most important decisions is choosing between a short-term or long-term rental. With each renter’s circumstances being unique, there’s no single correct answer. Instead, it’s essential to weigh the pros and cons of each rental type and choose the one that best suits you.
Pros and Cons of a Short-Term Rental
Short-term rentals have lease agreements lasting six months or less. A typical short-term rental is a month-to-month agreement, where the lease renews each month. However, there are many types of short-term rentals, including those with weekly terms.
For renters needing flexibility, a short-term lease might be perfect. Such leases usually permit a brief stay or quick move-out if your circumstances change. There is a greater likelihood that short-term rentals will include internet service and utilities, though amenities differ.
However, short-term leases do have a few downsides. Because the lease renews so often, landlords can raise the rent and change policies or lease terms more frequently.
Short-term rentals tend to be pricier than long-term rentals, particularly in high-demand areas. Living near a popular vacation spot or college town might mean more competition for short-term rentals, likely driving up rates.
Pros and Cons of A Long-Term Rental
Conversely, a long-term rental offers stability and predictability. The standard lease length for long-term rentals is one year, but in some places, leases can last multiple years.
With a long-term lease, rental rates and terms typically remain unchanged. This implies that the landlord can’t raise the rent or change the agreement until the lease renewal. Long-term rentals are typically more affordable than short-term ones since it’s more cost-effective for landlords to lease properties for extended periods.
Yet, long-term leases can have certain disadvantages. Breaking a long-term lease after signing can be challenging and costly. The specifics can differ, but it’s common for landlords to ask for an extra month’s rent and forfeiture of the security deposit to break a lease early. This can make it very difficult to move to a new rental home.
It can also impede your efforts to lower housing costs if necessary.
It’s also important to note that many long-term rentals do not offer extra services or certain appliances. Usually, you’ll need to bear the cost of utilities, internet, and necessary furnishings. However, some landlords may let you sublet the property or find a replacement tenant, which can mitigate the financial burden of breaking a lease.
Understanding the pros and cons of both rental types allows you to carefully consider your situation and foreseeable future. If you foresee staying in one location for a while, a long-term rental might be suitable. Conversely, if you’re uncertain about where the next few months or years might lead, a short-term rental could be a better choice. Either way, being aware of your options can ease your decision.
At Real Property Management Experts, we know every renter has unique needs. This is why we offer a diverse range of rentals that could be ideal for you. Whether you seek a short-term or long-term rental, we may have options to suit your lifestyle. Contact us today at 704-220-0110 or visit our rental listings for more information.
Originally Published on March 12, 2021
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