Depending on your needs and future plans, every time you rent a new place, you need to decide between short- or long-term leases. They both have advantages and drawbacks, so you might need a detailed perspective on both.
To begin with, a short-term lease is a contract, whether oral or written, which gives a tenant the right to use and enjoy the leased premises for a short period of time. Because of their flexibility, short-term leases are more suitable to tenants who are always on the move or plan to stay in the leased premises for only a few days or weeks at a time.
In other words, the tenant doesn’t have to worry about any long-term agreements. On the other hand, the landlord can decide on higher rent rates and he can choose to make these alterations more frequently.
A short-term lease gives both the tenant and landlord flexibilities. The tenant has the ability to move whenever they want or need. Conversely, the landlord has the flexibility to change the leasing terms 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.
In long-term leases, the landlord’s hands are tied and he is bound by the provisions in the agreement. Thus, long-term leases come out cheaper for the tenant because the landlord cannot just unilaterally increase the rental rate until after the agreement ends.
Under these circumstances, tenants are better capable of budgeting, and this is always a big plus. Landlords also get lower turnover rates, they don’t have to advertise as often and their vacancy periods are fewer, so they afford to offer tenants lower rates of rent.
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.
This writer has been blogging about leases for the past four years. Additionally, this individual takes pleasure in blogging regarding NYC neighborhoods, such as Fresh Meadows real estate in addition to Astoria apartments.