Renting a new home in Mount Sterling is a tricky ride of important decisions. One of the essential choices is between a short-term or a long-term rental. With each renter’s circumstances special and unique, there’s no typical answer. It’s definitely all about weighing the pros and cons of each lease type and ascertaining the one that best suits your needs, giving you the power to figure out and shape your living situation.
Pros and Cons of a Short-Term Rental
A short-term rental generally has a lease agreement of six months or less. One common short-term rental is a month-to-month agreement, in which the contract renews monthly. However, there are many short-term rentals, even quite a lot of them with terms that continue weekly. A short-term lease is ideal for renters who need a lot of flexibility. They mostly allow you to stay only a short while or move out quickly, should your status change unexpectedly. There is likewise a good chance that a short-term rental will include internet service and utilities, though such amenities vary from place to place.
Although, take note, there are certain drawbacks to short-term leases. Given that your lease renews so very often, your landlord can raise the rent, improve or change their policies or lease terms, and some more often. Short-term rentals are definitely likely to be a little more expensive than long-term rentals, specifically in sites where short-term rentals are in high demand. If you live in the surrounding area of a popular vacation area or college town, you might face up to more competition for short-term rentals than long-term rentals, which normally drives the rates up.
Pros and Cons of a Long-Term Rental
You can simply avoid the downsides of a short-term rental by opting for a long-term one. And there are multiple perks to doing so. The most common lease length for long-term rentals is one year, however, in several areas, 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. Since you’ve signed a long-term lease, the terms of that lease commonly don’t change. In the majority of cases, the landlord won’t be able to raise your rent or cause other changes to the agreement up to it’s time to renew. Long-term rentals are usually more affordable than short-term rentals solely because it is more cost-effective for a landlord to lease their property for years at a time.
But take careful note, long-term leases can have a small number of drawbacks. If you’ve signed a long-term lease, violating it can be stressful and uneconomical. The terms may be different, but typically, it is common for landlords to demand for an extra month’s rent plus forfeiture of their security deposit if you opt to end your lease early. That can make moving to a new rental home very hard. It can further prevent you from lowering your housing costs, should you want to do so. It’s also crucial to take into consideration that some long-term rentals will not provide extra services or, at times, even appliances. In the majority of cases, you can just expect to bear the cost of utilities, internet, and desirable furnishings.
Loaded up with a full insight into the pros and cons of both short-term and long-term rentals, it’s time to thoroughly consider your situation and the expected future. If your plans include staying in one place for a while, a long-term rental might be the better match. However, short-term rentals are typically the best alternative if you are quite uncertain regarding your future location. Either way, ascertaining your options can make your choice easier and you, well-informed.
Real Property Management Bluegrass offers a variation of rentals in Mount Sterling and nearby. Conditional on your needs, we may have a suitable fit for you. Call us today at 859-684-2054 or try our rental listings for more information.
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