Many renters learn to make big decisions when they start renting a new home in Belmont. Choosing between a short-term or a long-term rental is probably the hardest decision to make. There isn’t a single right answer for everyone because each renter’s circumstances are different. Consequently, it’s significant to assess both the pros and cons of each type of rental lease and then go for the one that best fits your situation.
Pros and Cons of a Short-Term Rental
A short-term rental is usually explained as 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. Should your circumstances change, this type of lease gives you the freedom to stay for only a short while or to move out quickly. The rental owner might even include things like internet service and utilities in the short-term rental, although this isn’t a guarantee that all rentals will have this included.
There are some disadvantages to short-term leases, however. Your landlord can actually update the policies and terms of your lease in between renewals. Short-term rentals are generally more expensive than long-term rentals, especially in areas where short-term rentals are in high demand. If your residential area is around a vacation area or college town, you might encounter a lot more competition for 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 a lot of upsides, too! The most common lease length for long-term rentals is one year. Lease length, however, may vary from area to area. As a renter, a 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. Customarily, landlords can’t raise your rent or change the agreement — not 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.
However, long-term leases also have their fair share of problems. A long-term lease is binding, and it’s quite costly to break out of. The terms could vary, but your landlord will generally require two things if you request to end your lease early: an extra month’s rent, and forfeiture to the security deposit. Moving to a new rental home, then, will be a bit more complicated. This might even cause your housing costs to stop declining. A significant piece of information regarding long-term leases is that they generally don’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’re the type to settle and stay in one location, then a long-term rental would be great for you. Nevertheless, if you can’t be sure of where you’re going to be in the next few months, then a short-term rental is the way to go. Whichever you choose, it’s always nice to have options.
Real Property Management Experts offers a variety of rentals that might be a perfect fit for you. Call us today at 704-220-0110 or check out our rental listings for more information.
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