Leases come in all shapes and sizes, usually full of legal jargon and phrases you don’t quite understand. While many rental leases are typically for 12 months, you’re likely to come across a few short-term leases out there as well. Depending on your situation, a short-term rental may work better than a long-term rental.
Not sure what you’re looking for? Follow along for the pros and cons of long- and short-term leases:
- Flexibility – a short term lease offers flexibility and is a great option if you’re testing out an area, or are house hunting for the long-haul.
- Furnished – in my experience, there’s a better chance of the rental unit being furnished in short term leases. Some renters come with their own stuff and this is a drawback, but if you are looking for a furnished rental – short term is typically the way to go.
- Easy to extend to long-term – depending on your landlord’s situation, they’re usually open to changing the terms to a long-term agreement (this means they don’t have to find new tenants).
- Price – since short term leases leave landlords searching for renters more often, they often charge more money for rent to make up for the event when they might not have a renter.
- Rent can change – when your lease agreement spans from month-to-month, or for three months, this leaves room for change ($$) after each segment.
- Expense to move frequently – aside from a higher cost of rent, moving adds up! Between setting up utilities, renting a truck and getting the right furnishings for each place, moving is not cheap.