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

Small furnished short-term studio for rent.Renting a new home in Avon involves making several crucial 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. 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 come with lease agreements of six months or less. A common short-term rental is a month-to-month agreement that renews every month. However, short-term rentals vary widely, with some having weekly terms.

Renters needing a lot of flexibility might find short-term leases ideal. 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.

Yet, 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.

Short-term rentals are generally more costly than long-term rentals, especially in areas with high demand. In a popular vacation area or college town, you may find more competition for short-term rentals, leading to higher rates.

Pros and Cons of A Long-Term Rental

Conversely, long-term rentals offer a sense of stability and predictability. Long-term rental leases are most often one year, but in some areas, they can be for several years.

A long-term lease means your rental rates and terms will stay the same. Therefore, your landlord cannot increase the rent or change 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.

Still, there are a few downsides to long-term leases. Breaking a long-term lease after signing can be challenging and costly. Terms will differ, but landlords usually require an extra month’s rent and forfeiture of the security deposit to break a lease early. This can make relocating to a new rental home very challenging.

It can also hinder your ability to reduce housing costs if necessary.

It’s also important to note that many long-term rentals do not offer extra services or certain 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.

After knowing the pros and cons of short-term and long-term rentals, it’s important to consider your situation and foreseeable future carefully. If you plan to stay in one place for a while, a long-term rental might be ideal. 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.

At Real Property Management Crossroads, we know every renter has unique needs. Therefore, we offer a diverse range of rentals that might suit you perfectly. Whether you’re looking for short-term or long-term rentals, we may have options that fit your lifestyle. Reach out to us today at 317-218-7800 or look at our rental listings for more information.

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