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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 Durham requires making numerous significant decisions. One of the key choices to make is whether to opt for a short-term or long-term rental. Because each renter’s situation varies, there isn’t one correct 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

A short-term rental involves a lease agreement of six months or fewer. One frequent short-term rental is a month-to-month lease, renewing monthly. But short-term rentals come in many forms, including those with weekly terms.

Renters who need a high degree of flexibility might find short-term leases ideal. Such leases usually permit a brief stay or quick move-out if your circumstances change. Short-term rentals often include internet and utilities, but such amenities can vary by location.

However, short-term leases do have a few downsides. 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. 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, long-term rentals offer a sense of stability and predictability. Usually, long-term rental leases last one year, but in some areas, they can extend for several years.

A long-term lease means your rental rates and terms will stay the same. This means your landlord can’t raise the rent or change the agreement until renewal. Since it’s more cost-effective for landlords to lease properties for longer periods, long-term rentals are often cheaper than short-term ones.

Still, there are a few downsides to long-term leases. Breaking a long-term lease after signing can be challenging and costly. The specifics can differ, but it’s common for landlords to ask for 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 important to note that many long-term rentals do not come with extra services or certain appliances. Usually, you’ll need to bear 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.

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 foresee staying in one location for a while, a long-term rental might be suitable. On the other hand, if your future location is uncertain, a short-term rental might be more suitable. In any case, knowing your options can help make your choice easier.

Real Property Management Impact, we understand the unique needs of every renter. Therefore, we offer a diverse range of rentals that might suit you perfectly. Whether you seek a short-term or long-term rental, we might have options to fit your lifestyle. Call us today at 919-439-8989 or explore our rental listings for more information.

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