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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 Bedford requires making a lot of important decisions. A major consideration is deciding between a short-term or long-term rental. 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 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. There is a broad range of short-term rentals, including some 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. A higher chance exists that short-term rentals will include internet service and utilities, but amenities vary.

Yet, short-term leases have a few drawbacks. 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. Because it’s more cost-effective for landlords to lease properties for longer periods, long-term rentals are generally more affordable than short-term ones.

Still, there are a few downsides to long-term leases. Once signed, breaking a long-term lease can be difficult and expensive. 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 makes moving to a new rental home quite difficult.

Additionally, it can prevent you from reducing your housing costs if needed.

It’s important to note that many long-term rentals do not come with extra services or certain appliances. Most of the time, you’ll be responsible for the costs of utilities, internet, and necessary furnishings. Some landlords might allow subletting or finding a replacement tenant, which can help ease 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 your plans involve staying in one place for a while, a long-term rental might be ideal. If you’re unsure where the next few months or years will take you, a short-term rental might be better. Regardless, understanding your options can simplify your decision.

Real Property Management 360, 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’re looking for short-term or long-term rentals, we may have options that fit your lifestyle. Call us at 817-502-3588 today or check our rental listings for more details.

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