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Short-Term Rental or Long-Term Rental: What’s the Best Fit?

Happy Family Walking into Suburban Home with For Rent Sign in YardWhen renting a new home in Bonaire, renters may discover that they will have to make a lot of big decisions. Maybe one of the most crucial of these is picking between a short-term or a long-term rental. However, because one renter’s circumstances could be wildly different from another renter’s, there is no one right answer for all. For that reason, it’s imperative to reflect on both the pros and cons of each type of rental lease and then wisely decide which one is the best fit for you.

Pros and Cons of a Short-Term Rental

A short-term rental usually means it is a rental with a lease agreement of six months or less. One common short-term rental is a month-to-month agreement, where the contract renews each month. There are numerous types of short-term rentals, with even some that occur weekly. For some renters who may need a lot of flexibility, a short-term lease might be the perfect answer. This type of lease is beneficial because it allows you to stay for a short while or to move out hurriedly if your situation changes. Some short-term rentals will even add bonuses like internet service and utilities, however, not all short-term rentals provide these extras.

However, short-term leases aren’t always the solution. They do still have some disadvantages. As a result of frequent renewals, your lease can be updated with new policies, and your landlord can even increase rent. Short-term rentals also often tend to be a bit more expensive than long-term rentals, especially if they are in areas where short-term rentals are in high demand. If your residence is near a well-known vacation area or college town, there might be more short-term rentals than long-term rentals, which will usually drive the rates for short-term rentals up.

Pros and Cons of A Long-Term Rental

Simply put; go with a long-term rental if you would rather not deal with the downsides of a short-term rental. Going long-term can also be quite advantageous. The most common lease length for long-term rentals is one year, but it can be longer — it all depends on the area. As a renter, a long-term rental can offer more stability in your rental rates and lease terms. A long-term lease offers some stability because its terms don’t commonly change over time. Normally, landlords won’t want to raise your rent or do anything to change the agreement unless it’s time to renew. Long-term rentals are often 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.

Nevertheless, long-term leases also have their own disadvantages. After signing a long-term lease, it will be very difficult to go back on it. An extra month’s rent, plus forfeiture of the security deposit — that’s what the landlord will most likely ask if you end your lease early. It will be, then, quite tough to move to a new rental home. It might prohibit you from decreasing your housing costs, too. A significant piece of information regarding long-term leases is that they generally don’t come with extra services and appliances. Therefore, you will most likely end up paying for utilities, internet, and other furnishings.

It’s a wise idea to weigh all of the pros and cons of both short-term and long-term rentals. This will inform your decision, allowing you to go with what’s best for you. If you see yourself staying in one location for the next year or so, a long-term rental might be your best option. But, if you want to have the option to just pack up and leave, then perhaps a short-term rental is better for you. In any case, knowing these things can really guide the decisions that you make.

Real Property Management Vesta offers a variety of rentals that might be a perfect fit for you. Call us today at 478-257-7055 or check out our rental listings for more information.

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