When renting a new home in Anthem, you’ll need to make many important decisions. A major consideration is deciding between a short-term or long-term rental. Because each renter’s situation varies, there isn’t one correct answer. It’s important to weigh the advantages and disadvantages of each type of rental lease 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. One popular short-term rental is a month-to-month agreement, with monthly renewals. However, there are many types of short-term rentals, including those 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. A higher chance exists that short-term rentals will include internet service and utilities, but amenities vary.
However, short-term leases do have a few downsides. Because the lease renews so often, landlords can raise the rent and change policies or lease terms more frequently.
Usually, short-term rentals are pricier than long-term ones, especially in areas with high demand. 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 ensures that your landlord cannot raise the rent or alter the agreement until renewal time. Long-term rentals are typically more affordable than short-term ones since it’s more cost-effective for landlords to lease properties for extended periods.
Yet, long-term leases can have certain disadvantages. 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.
Additionally, it can prevent you from reducing your housing costs if needed.
Also, keep in mind that many long-term rentals won’t offer additional services or certain appliances. Usually, you’ll need to bear the cost of utilities, internet, and necessary furnishings. However, some landlords may permit subletting or finding a replacement tenant, reducing 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 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. In any case, knowing your options can help make your choice easier.
Real Property Management Pinnacle Peak understands that each renter has unique needs. That’s why we provide a diverse range of rentals that could be perfect for you. Whether you want a short-term or long-term rental, we might have options to suit your lifestyle. Call us at 480-716-5700 or browse 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.
