Just like anything in life, there are pros and cons to both short-term and long-term leases. If you are thinking about your future and doing some research first, you are well on your way to making a wise and informed decision. Sometimes we don’t have the luxury of choosing between a short-term or a long-term lease when we need to secure housing for ourselves. But if you have the opportunity to look into things, think about what will fit best, explore your options, and plan your next move, you will be well-served by taking your time and gathering as much information as you can so that you can compare your options. Sometimes, a short-term lease is best for a temporary residential situation, such as those needed by students, people who travel for work, or people who are going through a major life transition. However, sometimes a long-term lease is the better option for someone who wants to remain in place for a year or more or someone who wants to save money and avoid the headache of moving often. When doing your research, keep in mind your specific needs and goals. These are the most important factors to include when deciding what type of lease is best for your situation and current place in life.
How do the pros & cons of short-term and long-term leases stack up? What are the benefits and downsides of these two different types of leases? Let’s look into these topics further.
Pros of a short-term lease:
There are many benefits that a renter may gain from signing a short-term lease. These include having more control over your move-out date than you might have with a long-term lease. You are also more likely to be able to change the terms of your lease or negotiate for certain things such as pets or parking accommodations. Short-term leases are also perfect for vacation rentals and can be more affordable than nightly accommodations for a traveler who wants to stay in the area for several weeks or months.
Cons of a short-term lease:
Because short-term leases usually entail more work for landlords, as well as higher risks of damages caused by frequent tenancy turnovers, short-term lease agreements tend to have higher rental costs. Also, landlords tend to be able to terminate a short-term lease more quickly than a long-term lease, which can be stressful for you to deal with on short notice. They can also raise the rent more frequently and sooner.
Pros of a long-term lease:
A long-term lease allows you to plan your cost of living for a longer length of time, which is likely to bring stability to your life. Long-term leases tend to cost less per month than short-term leases, which is always helpful to any budget. And a landlord won’t be able to raise your rent as quickly in a long-term lease as he would be able to during a shorter term.
Cons of a long-term lease:
If anything in your life changes and you find yourself needing to relocate during a long-term lease, this can prove to be a problem and you may have to pay rent in two places for several months. Long-term leases lack the flexibility that short-term leases typically allow.
Arkansas Suites will help you consider your needs and decide whether a short-term or long-term lease would be best for your situation. Contact us today with any questions you may have; we are ready to help you find the best place to live for your next chapter in life.