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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 St Louis, there are many crucial decisions to make. One of the crucial things to decide is whether to go for a short-term or long-term rental. Since every renter’s situation is different, there’s no single correct answer. Instead, you should consider the pros and cons of each rental lease type and pick the one that suits you best.

Pros and Cons of a Short-Term Rental

A lease agreement of six months or less defines a short-term rental. A typical short-term rental is a month-to-month agreement, where the lease renews each month. However, short-term rentals vary widely, with some having weekly terms.

For renters needing flexibility, a short-term lease might be perfect. They typically let you stay for a brief period 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. 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. Near popular vacation areas or college towns, you may face more competition for short-term rentals, which can increase rates.

Pros and Cons of A Long-Term Rental

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

With a long-term lease, rental rates and terms typically remain unchanged. This means your landlord won’t be able to increase rent or modify the agreement until renewal. 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.

However, long-term leases do have a few drawbacks. Breaking a long-term lease can be both tricky and expensive after signing. The terms can vary, but commonly, landlords require an extra month’s rent and the forfeiture of the security deposit for early lease termination. This can make relocating to a new rental home very challenging.

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. In most situations, you can expect to bear 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.

Once you’re aware of the pros and cons of both rental types, take time to carefully consider your situation and foreseeable future. If you plan to remain in one place for some time, a long-term rental might be the best fit. Conversely, if your future plans are unclear, a short-term rental might be the better option. Knowing your options can make your choice easier.

At Real Property Management Three Bridges, we recognize that every renter has unique needs. That’s why we provide various rentals that might be perfect for you. Whether you want a short-term or long-term rental, we might have options to suit your lifestyle. Contact us today at 636-542-8852 or visit our rental listings for more information.

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