Renting a new home in Mesa involves numerous important decisions. One of the most important decisions is between a short-term or a long-term rental. Every renter’s circumstance is different, so there’s no universal solution. By weighing the pros and cons of each lease type, you can take charge of your living situation and choose the one that best suits your needs.
Pros and Cons of a Short-Term Rental
A short-term rental typically has a lease agreement of six months or less. One typical short-term rental is a month-to-month agreement, in which the contract renews monthly. On the other hand, you can find a broad range of short-term rentals, including those with terms that continue weekly. A short-term lease is ideal for renters who need a lot of flexibility. Typically, they allow you to stay only a short while or move out quickly if your situation changes. There is also a higher chance that a short-term rental will include internet service and utilities, although these amenities vary from place to place.
Yet, there are some drawbacks to short-term leases. Since your lease renews so often, your landlord can raise the rent, alter their policies or lease terms, and much more often. Short-term rentals also tend to be a bit more expensive than long-term rentals, especially in areas where short-term rentals are in high demand. If you live near a popular vacation area or college town, you might face more competition for short-term rentals compared to long-term rentals, which commonly drive the rates up.
Pros and Cons of a Long-Term Rental
Opting for a long-term one allows you to effortlessly avoid the downsides of a short-term rental. Plus, it has a ton of benefits. The most common lease length for long-term rentals is one year, although, in certain regions, leases can be for multiple years at a time. As a renter, long-term rentals can offer more stability in your monthly rates and lease terms. Once you’ve signed a long-term lease, the terms of that lease normally don’t modify. Frequently, the landlord won’t be able to raise your rent or make any other modifications to the contract until it’s time to renew. Long-term rentals are generally more affordable than short-term rentals simply because it is more cost-effective for a landlord to lease their property for longer periods of time.
Yet, long-term leases can have a couple of negative aspects. Breaking a long-term lease can be tricky and costly once you’ve signed it. The conditions will differ, but it is common for landlords to demand an extra month’s rent plus forfeiture of their security deposit if you wish to end your lease early. That can make moving to a new rental home quite complicated. It can also prevent you from lowering your housing costs if you need to do so. It’s also worth bearing in mind that many long-term rentals fail to offer additional services or sometimes even appliances. In general, you can expect to bear the cost of utilities, internet, and necessary furnishings.
Armed with a comprehensive understanding of the pros and cons of both short-term and long-term rentals, it’s time to carefully consider your situation and the foreseeable future. If your plans involve staying in one place for a while, a long-term rental might be the best fit. On the other hand, short-term rentals are often the better option if you are uncertain about your future location. Either way, knowing your options can make your choice easier and you more informed.
Rentals from Real Property Management Copper State are available in Mesa and the surrounding area. We could have the ideal solution for you, all depending on what you require. Call us today at 480-681-7709 or check out our rental listings for further details.
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