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

Small furnished short-term studio for rent.When renting a new home in Belle Meade, 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. Since every renter’s situation is different, there’s no single correct answer. Weighing the pros and cons of each rental type is essential, and you should choose the one that best meets your needs.

Pros and Cons of a Short-Term Rental

Short-term rentals come with lease agreements of six months or less. A common type of short-term rental is a month-to-month lease that renews every month. However, short-term rentals vary widely, with some having weekly terms.

A short-term lease is perfect for renters requiring a lot of flexibility. These leases usually allow you to stay briefly or move out swiftly if circumstances change. Short-term rentals often include internet and utilities, but such amenities can vary by location.

However, short-term leases come with some disadvantages. With frequent renewals, landlords can raise rent and update policies or lease terms more often.

Short-term rentals are often more expensive than long-term rentals, particularly in high-demand regions. Near popular vacation areas or college towns, you may face more competition for short-term rentals, which can increase rates.

Pros and Cons of A Long-Term Rental

In contrast, long-term rentals provide stability and predictability. Typically, long-term rental leases are one year, although in some locations, they can be for multiple years.

With a long-term lease, your rental rates and terms are expected to stay unchanged. This means your landlord won’t be able to increase rent or modify the agreement until renewal. Long-term rentals are often less expensive than short-term rentals because it’s more economical for landlords to lease properties for longer terms.

However, long-term leases do have a few drawbacks. Once signed, breaking a long-term lease can be difficult and expensive. While terms vary, it’s common for landlords to require an extra month’s rent and forfeiture of the security deposit for early termination. This can complicate relocating to a new rental home.

It can also stop you from lowering your housing costs if necessary.

It’s also crucial to remember that many long-term rentals don’t include extra services or even some appliances. Most of the time, you’ll be responsible for the costs of utilities, internet, and necessary furnishings. Some landlords may allow you to sublet or find a replacement tenant, helping to lessen the financial burden of breaking a lease.

Knowing the advantages and disadvantages of both short-term and long-term rentals, it’s time to thoughtfully evaluate 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. Knowing your options can make your choice easier.

Real Property Management Concordia understands that all renters have unique needs. That’s why we provide various rentals that might be perfect for you. Whether you’re looking for short-term or long-term rentals, we may have options that fit your lifestyle. Call us at 623-217-0413 today or check our rental listings for more details.

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