Pros and Cons of a Short-Term Rental
A short-term rental generally has a lease agreement of six months or less. A typical short-term rental is a month-to-month agreement in which the contract renews monthly. There is a great selection of short-term rentals, including some with terms that continue weekly. A short-term lease is ideal for renters who need a lot of flexibility. They normally allow you to stay only a short while or move out quickly in case your situation changes. There is also a higher chance that a short-term rental will include internet service and utilities, although the availability of these amenities varies depending on the location.
However, there are a few drawbacks to short-term leases. Due to the frequent lease renewals, your landlord can raise the rent, modify their procedures or lease terms, and much more often. Short-term rentals also tend to be a bit more expensive than long-term rentals, mainly in places where short-term rentals are in high demand. In areas with high demand like popular vacation area or college town, you might experience more competition for short-term rentals than long-term rentals, which usually drives the rates up.
Pros and Cons of a Long-Term Rental
Choosing a long-term one is a great way to avoid the downsides of a short-term rental. And there are numerous perks to doing so. The most common lease length for long-term rentals is one year; however, in certain areas, leases can be for multiple years at a time. As a renter, long-term rentals can offer more stability in your monthly rates and lease terms. Once you’ve signed a long-term lease, the terms of that lease generally remain unchanged. In general, the landlord won’t be able to raise your rent or implement any additional amendments to the agreement until it’s time to renew. Long-term rentals are usually more affordable than short-term rentals simply because it is more cost-effective for a landlord to lease their property for years at a time.
Nonetheless, long-term leases can have a few shortcomings. Once you’ve signed a long-term lease, breaking it can be challenging and expensive. The terms will vary, but it is common for landlords to require an extra month’s rent plus forfeiture of their security deposit if you want to end your lease early. That can make moving to a new rental home very difficult. It can also prevent you from lowering your housing costs, should you need to do so. It’s also important to keep in mind that many long-term rentals will not offer extra services or sometimes even appliances. In most cases, you can expect to bear the cost of utilities, internet, and necessary furnishings.
With a thorough grasp of the pros and cons of both short-term and long-term rentals, it’s important to cautiously consider your situation and what lies ahead. If you’re thinking about staying in one place for a while, a long-term rental could be the perfect option. Alternatively, short-term rentals can be a more suitable choice if you are not sure about your future location. Either way, understanding your options can make your choice easier and increase your knowledge.
At Real Property Management Partners, we have a wide range of rental options available in Wyoming and nearby. We might have just what you’re looking for, depending on your needs. Call us today at 616-808-3088 or check out our rental listings to find out more.