Depending on your reasoning, it can be hard to determine if a short-term or long-term rental would be more suitable for you. Each offers unique advantages that are counterbalanced with considerations and risks. Let’s explore the differences between each rental from the perspective of both a tenant and landlord to determine which option is best for you.
What Is a Short-Term Rental?
A short-term rental ranges from a few days to a few months, depending on the area you are renting in. These are often used as temporary housing solutions while you’re in school, searching for a new job or trying to find the perfect neighbourhood. Short-term rentals are very flexible for tenants and landlords, allowing for quick location changes and price adjustments depending on demand and trends respectively.
While short-term rentals offer a convenient solution, they have some challenges worth pointing out. Short-term rentals can be more expensive as they have recurring fees per night, week or month. They also lack the feeling of stability. For landlords, short-term rentals come with higher operating costs and specific rules and regulations. There is also a greater risk of vacancy. Finally, with quick turnover rates comes more maintenance and cleaning.
What is a Long-Term Rental?
Long-term rental agreements usually span for a year or more. These are more so for residential purposes, creating a stable living arrangement for the foreseeable future. This leads to lower fees for tenants and less management for landlords. The stability long-term rentals provide – in terms of housing for residents and income for property managers – create peace of mind, leading to a more reliable experience overall.
However, there is less flexibility for landlords with long-term rentals. Rental agreements set in place things like costs, rules, terms and more.
Short- or Long-Term: Which is Best for You?
There are many things to keep in mind when considering how long to rent. Are you moving to a new area and looking to explore your options? Does your job require you to relocate often? At the end of the day, you want to pick the rental duration that will best fit your habits and lifestyle.
Landlords also need to consider their property type and location when choosing if their rental is best for short- or long-term agreements. For example, are there any schools nearby – especially post-secondary institutions? Key landmarks like these can have a huge impact on the desirability of your property.
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