Moving into a new rental home in Alpharetta requires making numerous significant decisions. One of the key choices to make is whether to opt for a short-term or long-term rental. 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
Short-term rentals have lease agreements lasting six months or less. A common type of short-term rental is a month-to-month lease that renews every month. Yet, short-term rentals can vary greatly, with some even having weekly terms.
Renters needing a lot of flexibility might find short-term leases ideal. These leases usually allow you to stay briefly or move out swiftly if circumstances change. Short-term rentals are more likely to include internet service and utilities, though these amenities can vary.
Still, there are some drawbacks to short-term leases. Since your lease renews frequently, your landlord can more often raise the rent or update policies and lease terms.
Short-term rentals tend to be pricier than long-term rentals, particularly in high-demand areas. 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. Long-term rental leases are most often one year, but in some areas, they can be for several years.
A long-term lease means your rental rates and terms will stay the same. This means your landlord can’t raise the rent or change the agreement until 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.
Nevertheless, long-term leases do have a few cons. Breaking a long-term lease can be complicated and costly once signed. Terms will differ, but landlords usually require an extra month’s rent and forfeiture of the security deposit to break a lease early. This makes moving to a new rental home quite difficult.
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. In most situations, you can expect to bear 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.
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 foresee staying in one location for a while, a long-term rental might be suitable. On the other hand, if your future location is uncertain, a short-term rental might be more suitable. In any case, knowing your options can help make your choice easier.
Real Property Management North Point, we understand the unique needs of every renter. That’s why we provide various rentals that might be perfect for you. Whether you seek a short-term or long-term rental, we may have options to suit your lifestyle. Call us at 404-905-9455 today or check our rental listings for more details.
Originally Published on March 12, 2021
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