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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 YardRenting a new home in Tucker will often mean that you will need to make a lot of crucial decisions. One such important decision is choosing between a short-term or a long-term rental. And so, there isn’t a uniform answer for everyone because each renter’s situation may be different. This is why it’s important to consider both the pros and cons of each kind of rental lease and then pick the one that fits you best.

Pros and Cons of a Short-Term Rental

A short-term rental is usually explained as a rental with a lease agreement of six months or less. A common short-term rental that most people are familiar with is the month-to-month agreement. With this type of rental, the contract renews every month. However, there are plenty of short-term rentals, with even some as short as terms occurring weekly. For those renters whose situation requires a lot of flexibility, a short-term lease might be what they need. This way you have the option to stay only a short while or move out swiftly if circumstances in your life change. The rental owner might even include things like internet service and utilities in the short-term rental, although this isn’t a guarantee that all rentals will have this included.

However, short-term leases aren’t all perfect. They do have a few drawbacks. Your landlord can actually update the policies and terms of your lease in between renewals. Short-term rentals are usually more expensive than long-term rentals, specifically in areas where short-term rentals are in high demand. If your house is around a vacation area or college town, you might find a lot 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

It’s simple: if you don’t want the cons that come with a short-term rental, go with a rental that’s long-term. Going for a long-term rental has its own merits. The most common lease length for long-term rentals is one year. Lease length, however, may vary from area to area. As a renter, a long-term rental can offer more stability in your rental rates and lease terms. A long-term lease, even after being signed, generally doesn’t change over time. Customarily, landlords can’t raise your rent or change the agreement — not 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.

Nonetheless, long-term leases have their drawbacks. After it’s signed, a long-term lease is not something you can simply get out of. If you want to end your lease early, your landlord will probably ask you to pay an extra month’s rent, and forfeiture of their security deposit. Thus, relocating to a new rental home will be quite a challenge. This could potentially affect your housing costs, too — stopping them from going down. One thing to take note of, too, is that most long-term rentals won’t come with extra services and appliances. Utilities, internet, and furnishings — these are all costs that you should expect to bear.

After going through the pros and cons of both short-term and long-term rentals, you can start to weigh out which one will benefit you the most. If you’re thinking of settling down for a longer period of time, then a long-term rental might be best for you. On the other hand, if you feel like you’d be better off with something less binding, then a short-term rental is what you might be looking for. Regardless, having options will allow you to make a more informed decision.

Real Property Management Citywide offers a variety of rentals that might be a perfect fit for you. Call us today at 770-733-1848 or check out our rental listings for more information.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.