Understanding the short-term and long-term lease is beneficial when considering your next rental. There are pros and cons to both types of leases. Taking into account your needs and plans are important when considering which lease is best for you.
The first thing to consider is how long you intend to stay in your rental. If you are not planning on a long term stay, a short-term lease may be your best option. But the fact that your landlord can increase your rent more rapidly than a long-term lease or change other lease terms can make a short-term lease less desirable.
With a short-term lease, the tenant does not have to worry about being locked into a long-term contract. However, with a short-term lease the landlord can make changes to the lease at more frequent intervals including increased rental rates.
Even though short-term leases might give tenants more flexibility, problematic tenants are more prone to eviction. Landlords are more likely to change the terms of short-term leases more often.
Long-term leases are good for a more stable landlord-tenant relationship. Though the agreement is not as flexible as the short-term lease, there are many advantages to the long-term lease.
The rent for the long-term leases is lower, which is always a money-saver in tenants' accounts. Even more, landlords are not likely to raise their rent until the current arrangement ends.
This more stable long-term lease agreement allows the tenant to better budget for their rent which is an advantage to the tenant. An advantage to the landlord is that a long-term lease generally provides for a lower turnover rate resulting in shorter vacancy periods and less advertising expenses.
Short-term and long-term leases both have advantages and disadvantages to all involved. Considering your needs as the tenant or landlord is important when deciding which lease option is best for you. No matter which you choose, always ensure an agreement is done in writing.
The first thing to consider is how long you intend to stay in your rental. If you are not planning on a long term stay, a short-term lease may be your best option. But the fact that your landlord can increase your rent more rapidly than a long-term lease or change other lease terms can make a short-term lease less desirable.
With a short-term lease, the tenant does not have to worry about being locked into a long-term contract. However, with a short-term lease the landlord can make changes to the lease at more frequent intervals including increased rental rates.
Even though short-term leases might give tenants more flexibility, problematic tenants are more prone to eviction. Landlords are more likely to change the terms of short-term leases more often.
Long-term leases are good for a more stable landlord-tenant relationship. Though the agreement is not as flexible as the short-term lease, there are many advantages to the long-term lease.
The rent for the long-term leases is lower, which is always a money-saver in tenants' accounts. Even more, landlords are not likely to raise their rent until the current arrangement ends.
This more stable long-term lease agreement allows the tenant to better budget for their rent which is an advantage to the tenant. An advantage to the landlord is that a long-term lease generally provides for a lower turnover rate resulting in shorter vacancy periods and less advertising expenses.
Short-term and long-term leases both have advantages and disadvantages to all involved. Considering your needs as the tenant or landlord is important when deciding which lease option is best for you. No matter which you choose, always ensure an agreement is done in writing.
About the Author:
The writer has been providing advice on lease agreements for the last seven years. Moreover, this author likes publishing articles regarding New York neighborhood subjects, such as Fresh Meadows real estate and Astoria NY real estate.
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