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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 Argyle requires making a lot of important decisions. One of the most important decisions is choosing between a short-term or long-term rental. Because each renter’s situation varies, there isn’t one correct answer. It’s important to weigh the advantages and disadvantages of each type of rental lease 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 short-term rental is a month-to-month agreement 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 typically let you stay for a brief period or move out quickly if your situation changes. Short-term rentals are more likely to include internet service and utilities, though these amenities can vary.

Yet, 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.

Typically, short-term rentals cost more than long-term rentals, especially in high-demand locations. 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, a long-term rental offers stability and predictability. Long-term rental leases are most often one year, but in some areas, they can be for several years.

With a long-term lease, rental rates and terms typically remain unchanged. This ensures that your landlord cannot raise the rent or alter the agreement until renewal time. Long-term rentals are usually cheaper than short-term ones because it’s more economical for landlords to lease properties for longer durations.

Nevertheless, long-term leases do have a few cons. 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 makes moving to a new rental home quite difficult.

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

It’s also crucial to remember that many long-term rentals don’t include extra services or even some appliances. Typically, you’ll be responsible for 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. In any case, knowing your options can help make your choice easier.

Real Property Management Lakeview understands that each 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 940-323-0505 or look at our rental listings for more information.

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