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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 Boise, you’ll need to make many important decisions. Deciding between a short-term or long-term rental is among the most important considerations. Because each renter’s situation varies, there isn’t one correct answer. Instead, carefully weigh the pros and cons of each rental lease type and choose the one that fits you best.

Pros and Cons of a Short-Term Rental

A lease agreement of six months or less defines a short-term rental. A common short-term rental is a month-to-month agreement that renews every month. There is a broad range of short-term rentals, including some with weekly terms.

Renters who need a high degree of flexibility might find short-term leases ideal. They often allow you to stay for a short time or move out quickly if your situation changes. Short-term rentals often come with internet and utilities, although amenities vary from place to place.

Nevertheless, short-term leases have a few drawbacks. 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

Conversely, long-term rentals offer a sense of stability and predictability. The typical lease length for long-term rentals is one year, though in some regions, leases can span multiple years.

A long-term lease means your rental rates and terms will stay the same. This implies that the landlord can’t raise the rent or change the agreement until the lease renewal. Since it’s more cost-effective for landlords to lease properties for longer periods, long-term rentals are often cheaper than short-term ones.

Still, there are a few downsides to long-term leases. Breaking a long-term lease can be complicated and costly once signed. Terms will differ, but landlords often require an extra month’s rent and forfeiture of the security deposit to end a lease early. This can make it very difficult to move to a new rental home.

It can also impede your efforts to lower housing costs if necessary.

Also, keep in mind that many long-term rentals won’t offer additional services or certain appliances. Generally, you can expect to cover the cost of utilities, internet, and necessary furnishings. However, some landlords may let you sublet the property or find a replacement tenant, which can mitigate the financial burden of breaking a lease.

After knowing the pros and cons of short-term and long-term rentals, it’s important to consider your situation and foreseeable future carefully. If you intend to stay in one place for an extended period, a long-term rental may be the best choice. However, if you’re unsure of your future location in the next few months or years, a short-term rental might be preferable. In any case, knowing your options can help make your choice easier.

Real Property Management Boise, we understand the unique needs of every renter. This is why we offer a diverse range of rentals that could be ideal for you. Whether you want a short-term or long-term rental, we might have options to suit your lifestyle. Reach out to us today at 208-494-1800 or look at our rental listings for more information.

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