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

Small furnished short-term studio for rent.Moving into a new rental home in Winter Haven requires making numerous significant decisions. One of the crucial things to decide is whether to go for a short-term or long-term rental. With each renter’s circumstances being unique, there’s no single correct answer. Weighing the pros and cons of each rental type is essential, and you should choose the one that best meets your needs.

Pros and Cons of a Short-Term Rental

A short-term rental involves a lease agreement of six months or fewer. A common type of short-term rental is a month-to-month lease that renews every month. However, short-term rentals vary widely, with some having weekly terms.

A short-term lease is perfect for renters requiring a lot of flexibility. These leases usually allow you to stay briefly or move out swiftly if circumstances change. A higher chance exists that short-term rentals will include internet service and utilities, but amenities vary.

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.

Short-term rentals are often more expensive than long-term rentals, particularly in high-demand regions. Living near a popular vacation spot or college town might mean more competition for short-term rentals, likely driving up rates.

Pros and Cons of A Long-Term Rental

In contrast, long-term rentals provide stability and predictability. Typically, long-term rental leases are one year, although in some locations, they can be for multiple years.

A long-term lease means your rental rates and terms will stay the same. This means your landlord won’t be able to increase rent or modify the agreement until renewal. Long-term rentals are often less expensive than short-term rentals because it’s more economical for landlords to lease properties for longer terms.

However, long-term leases do have a few drawbacks. Once signed, breaking a long-term lease can be difficult and expensive. While terms vary, it’s common for landlords to require an extra month’s rent and forfeiture of the security deposit for early termination. This can make relocating to a new rental home very challenging.

It can also stop you from lowering your housing costs if necessary.

It’s also important to note that many long-term rentals do not offer extra services or certain appliances. Usually, you’ll need to bear the cost 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.

Knowing the advantages and disadvantages of both short-term and long-term rentals, it’s time to thoughtfully evaluate your situation and future plans. If you foresee staying in one location for a while, a long-term rental might be suitable. Conversely, if your future plans are unclear, a short-term rental might be the better option. Either way, being aware of your options can ease your decision.

Real Property Management Lakeside understands that all renters have unique needs. That’s why we provide various rentals that might be perfect for you. Whether you seek a short-term or long-term rental, we might have options to fit your lifestyle. Call us at 863-877-1078 today or check our rental listings for more details.

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