When renting a new home in Bonaire, there are many crucial decisions to make. Deciding between a short-term or long-term rental is among the most important considerations. 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 common short-term rental is a month-to-month agreement that renews every month. But short-term rentals come in many forms, including those with weekly terms.
Short-term leases are ideal for renters who need significant flexibility. Such leases usually permit a brief stay or quick move-out if your circumstances change. Short-term rentals often include internet and utilities, but such amenities can vary by location.
However, short-term leases come with some disadvantages. 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. If you live near a popular vacation spot or college town, you might face more competition for short-term rentals, likely raising the rates.
Pros and Cons of A Long-Term Rental
Alternatively, a long-term rental provides stability and predictability. Typically, long-term rental leases are one year, although in some locations, they can be for multiple years.
With a long-term lease, your rental rates and terms are expected to stay 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.
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 can significantly complicate moving 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. Most of the time, you’ll be responsible for the costs of utilities, internet, and necessary furnishings. Some landlords may allow you to sublet or find a replacement tenant, helping to lessen the financial burden of breaking a lease.
Understanding the pros and cons of both rental types allows you to carefully consider your situation and foreseeable future. If you plan to remain in one place for some time, a long-term rental might be the best fit. However, if you’re unsure of your future location in the next few months or years, a short-term rental might be preferable. Knowing your options can make your choice easier.
At Real Property Management Vesta, we recognize that every renter has unique needs. Therefore, we offer a diverse range of rentals that might suit you perfectly. Whether you need a short-term or long-term rental, we may have options to match your lifestyle. Reach out to us today at 478-257-7055 or look at our rental listings for more information.
Originally Published on March 12, 2021
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