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

Small furnished short-term studio for rent.When renting a new home in Evansville, you’ll need to make many important decisions. A major consideration is deciding between a short-term or long-term rental. Given the differences in each renter’s circumstances, there’s no one-size-fits-all 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. One frequent short-term rental is a month-to-month lease, renewing monthly. But short-term rentals come in many forms, including those with weekly terms.

Renters needing a lot of flexibility might find short-term leases ideal. They generally allow for a short stay or rapid move-out if circumstances change. There is a greater likelihood that short-term rentals will include internet service and utilities, though amenities differ.

Nevertheless, short-term leases have a few drawbacks. Because the lease renews so often, landlords can raise the rent and change policies or lease terms more frequently.

Short-term rentals are generally more costly than long-term rentals, especially in areas with high demand. If you reside near a popular vacation area or college town, you might face more competition for short-term rentals, likely increasing the rates.

Pros and Cons of A Long-Term Rental

Conversely, long-term rentals offer a sense of stability and predictability. Usually, long-term rental leases last one year, but in some areas, they can extend for several years.

In a long-term lease, your rental rates and terms will remain stable. This means your landlord can’t raise the rent or change 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.

Nonetheless, long-term leases can have some disadvantages. Breaking a long-term lease can be complicated and costly once signed. 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 make it very difficult to move to a new rental home.

Additionally, it can prevent you from reducing your housing costs if needed.

It’s also essential to remember that many long-term rentals don’t provide extra services or some appliances. Generally, you can expect to cover the cost of utilities, internet, and necessary furnishings. Some landlords might allow subletting or finding a replacement tenant, which can help ease the financial burden of breaking a lease.

Once you understand the pros and cons of short-term and long-term rentals, carefully consider your situation and future plans. If you intend to stay in one place for an extended period, a long-term rental may be the best choice. If you’re unsure where the next few months or years will take you, a short-term rental might be better. Either way, understanding your options makes your decision easier.

At Real Property Management Results, we recognize that every renter has unique needs. This is why we offer a wide range of rentals that might be perfect for you. Whether you need a short-term or long-term rental, we may have options to match your lifestyle. Call us today at 812-461-1676 or explore our rental listings for more information.

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