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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 Lake Mary requires making a lot of important decisions. One of the most important decisions is choosing between a short-term or long-term rental. Since every renter’s situation is different, there’s no single correct answer. Instead, you should consider the pros and cons of each rental lease type and pick the one that suits you best.

Pros and Cons of a Short-Term Rental

Short-term rentals are defined by lease agreements of six months or less. A typical short-term rental is a month-to-month agreement, where the lease renews each month. There is a broad range of short-term rentals, including some with weekly terms.

A short-term lease is perfect for renters requiring a lot of flexibility. They typically let you stay for a brief period or move out quickly if your situation changes. Short-term rentals often include internet and utilities, but such amenities can vary by location.

Nevertheless, short-term leases have a few drawbacks. Since your lease renews frequently, your landlord can more often raise the rent or update policies and lease terms.

Short-term rentals tend to be pricier than long-term rentals, particularly in high-demand areas. 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

Conversely, a long-term rental offers stability and predictability. The typical lease length for long-term rentals is one year, though in some regions, leases can span multiple years.

With a long-term lease, rental rates and terms typically remain unchanged. This means your landlord won’t be able to increase rent or modify the agreement until 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.

Nonetheless, long-term leases can have some disadvantages. Breaking a long-term lease can be both tricky and expensive after signing. The terms can vary, but commonly, landlords require an extra month’s rent and the forfeiture of the security deposit for early lease termination. This can make it very difficult to move to a new rental home.

This can also prevent you from cutting your housing costs if needed.

It’s also essential to remember that many long-term rentals don’t provide extra services or some appliances. Generally, you can expect to cover the cost of utilities, internet, and necessary furnishings. Some landlords might permit subletting or finding a replacement tenant, which could ease the financial burden of breaking a lease.

Once you’re aware of the pros and cons of both rental types, take time to carefully consider your situation and foreseeable future. If your plans involve staying in one place for a while, a long-term rental might be ideal. Conversely, if you’re uncertain about where the next few months or years might lead, a short-term rental could be a better choice. Knowing your options can make your choice easier.

At Real Property Management Alliances, we recognize that every renter has unique needs. This is why we offer a diverse range of rentals that could be ideal for you. Whether you need a short-term or long-term rental, we may have options to match your lifestyle. Contact us today at 407-378-7611 or visit our rental listings for more information.

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