When renting a new home in Orangetown, you’ll need to make many important decisions. One of the crucial things to decide is whether to go for a short-term or long-term rental. Given the differences in each renter’s circumstances, there’s no one-size-fits-all answer. It’s important to weigh the advantages and disadvantages of each type of rental lease and choose the one that fits you best.
Pros and Cons of a Short-Term Rental
A lease agreement of six months or less defines a short-term rental. A typical short-term rental is a month-to-month agreement, where the lease renews each month. There is a broad range of short-term rentals, including some with weekly terms.
Renters who need a high degree of flexibility might find short-term leases ideal. They often allow you to stay for a short time or move out quickly if your situation changes. Short-term rentals often come with internet and utilities, although amenities vary from place to place.
Nevertheless, 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.
Usually, short-term rentals are pricier than long-term ones, especially in areas with high demand. If you reside near a popular vacation area or college town, you might face more competition for short-term rentals, likely increasing the rates.
Pros and Cons of A Long-Term Rental
Conversely, a long-term rental offers stability and predictability. The typical lease length for long-term rentals is one year, though in some regions, leases can span multiple years.
With a long-term lease, rental rates and terms typically remain unchanged. This ensures that your landlord cannot raise the rent or alter the agreement until renewal time. Long-term rentals are usually cheaper than short-term ones because it’s more economical for landlords to lease properties for longer durations.
However, long-term leases do have a few drawbacks. 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 complicate relocating to a new rental home.
Additionally, it can prevent you from reducing your housing costs if needed.
It’s also crucial to remember that many long-term rentals don’t include extra services or even some appliances. Typically, you’ll be responsible for 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.
Once you understand the pros and cons of short-term and long-term rentals, carefully consider your situation and future plans. If you intend to stay in one place for an extended period, a long-term rental may be the best choice. Conversely, if your future plans are unclear, a short-term rental might be the better option. Either way, understanding your options makes your decision easier.
Real Property Management DePenn understands that each renter has unique needs. This is why we offer a diverse range of rentals that could be ideal for you. Whether you want a short-term or long-term rental, we might have options to suit your lifestyle. Contact us today at 866-820-9913 or visit our rental listings for more information.
Originally Published on March 12, 2021
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