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

Small furnished short-term studio for rent.Moving into a new rental home in Matthews requires making numerous significant decisions. Deciding between a short-term or long-term rental is among the most important considerations. As each renter has different circumstances, there’s no one right answer. Instead, carefully weigh the pros and cons of each rental lease type and choose the one that fits you best.

Pros and Cons of a Short-Term Rental

Short-term rentals have lease agreements lasting six months or less. A common type of short-term rental is a month-to-month lease that renews every month. But short-term rentals come in many forms, including those with weekly terms.

Short-term leases are ideal for renters who need significant flexibility. They generally allow for a short stay or rapid move-out if circumstances change. Short-term rentals often come with internet and utilities, although amenities vary from place to place.

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

Typically, short-term rentals cost more than long-term rentals, especially in high-demand locations. 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

In contrast, long-term rentals provide stability and predictability. Usually, long-term rental leases last one year, but in some areas, they can extend for several years.

In a long-term lease, your rental rates and terms will remain stable. This implies that the landlord can’t raise the rent or change the agreement until the lease renewal. Long-term rentals are usually cheaper than short-term ones because it’s more economical for landlords to lease properties for longer durations.

Nevertheless, long-term leases do have a few cons. Breaking a long-term lease can be complicated and costly once signed. 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 important to note that many long-term rentals do not come with extra services or certain 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.

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 foresee staying in one location for a while, a long-term rental might be suitable. However, if you’re unsure of your future location in the next few months or years, a short-term rental might be preferable. Regardless, understanding your options can simplify your decision.

Real Property Management Value, we understand the unique needs of every renter. This is why we offer a wide range of rentals that might be perfect for you. Whether you seek a short-term or long-term rental, we may have options to suit your lifestyle. Call us at 704-285-2228 today or check our rental listings for more details.

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