Making important decisions often happens when renting a new home in Alpharetta. Maybe one of the most crucial of these is picking between a short-term or a long-term rental. Due to the fact that one renter’s situation may be different from another’s, that means the same answer will not work for everyone. For that reason, it’s imperative to reflect on both the pros and cons of each type of rental lease and then wisely decide which one is the best fit for you.
Pros and Cons of a Short-Term Rental
A short-term rental is classified as being a rental with a lease agreement of six months or less. A month-to-month agreement, wherein the contract renews each month, is a short-term rental that most people use. Since not all people need a month-to-month contract, there are even some contracts that are renewed weekly. For some renters who may need a lot of flexibility, a short-term lease might be the perfect answer. This type of lease is beneficial because it allows you to stay for a short while or to move out hurriedly if your situation changes. There’s even the possibility that a short-term rental will include extras like internet service and utilities, but keep in mind that such extras will differ from area to area
However, short-term leases aren’t always the solution. They do still have some disadvantages. Since your lease has to be renewed every so often, your landlord can actually raise rent with updated policies or terms. Short-term rentals are typically more expensive than long-term rentals, particularly if they are in areas where short-term rentals are in high demand. If your house is around a vacation area or college town, you might find a lot more short-term rentals than long-term rentals, which will usually drive the rates for short-term rentals up.
Pros and Cons of A Long-Term Rental
If you don’t want the downsides of a short-term rental, then go for a long-term rental. Going for a long-term rental has its own merits. The most common lease length for long-term rentals is one year; however, it can be longer for other areas. As a renter, the long-term rental can offer more stability in your rental rates and lease terms. Even after being signed, a long-term lease’s terms don’t get updated easily or quickly over the course of the next few months. More often than not, the rent and all of the lease’s agreements stay virtually the same — unless, of course, it’s time to renew. Long-term rentals are often more affordable than short-term rentals simply because it is more cost-effective for a landlord to lease their property for years at a time.
Nonetheless, long-term leases have their drawbacks. After it’s signed, a long-term lease is not something you can simply get out of. Though the terms could vary, it’s typical that a landlord will ask for an extra month’s rent, and forfeiture of a security deposit if you want to end your lease early. This makes moving to a new rental home quite difficult. It could also stop you from reducing your housing costs. A very important detail is that most long-term rentals do not come with extra services and appliances. So, it’s safe to assume that you will be paying for your own utilities, internet, and other furnishings.
When you’ve gone through the different pros and cons of both short-term and long-term rentals, you can proceed by carefully assessing your own situation. If you see yourself staying in one location for the next year or so, a long-term rental might be your best option. But, if you still have plans that involve moving around frequently, then a short-term rental is definitely what you need. In any case, knowing these things can guide the decisions that you make.
Real Property Management North Point offers a variety of rentals that might be a perfect fit for you. Call us today at 404-341-2102 or check out our rental listings for more information.
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