Pros and Cons of Short-Term Apartment Leases
A short-term lease is typically anywhere from 3-6 months. It’s great for people who are transient and need to get to know the area quickly without feeling trapped. When the housing marketing is doing well, you’ll see more options for short-term lease agreements. Before you agree to one, read over this list to make sure it’s what you want.
- You have the flexibility to relocate sooner if your plans change. Often times, we don’t like signing a year long contract because we don’t know what the future could hold. If you recently applied to a new job, or are crossing your fingers for a promotion, you may be hesitant on commiting to a full year lease. With a short-term lease you have the best of both worlds. You secure a place to live without the fear of paying fees for having to cancel early.
- You can get to know the city before you buy. If you have recently relocated to a new city, it can be difficult to know exactly what part of town you want to live in. If you rent for a few months, you can get your bearings and understand how the city flows before you commit. This way, you can find your favorite restaurants, learn the traffic patterns to and from work, and figure out where the best school zones are without locking yourself into a long term lease agreement. You’ll want to know where you spend the majority of your time around town so you know where to look when you start house shopping.
- All the perks of apartment living. Short-term leases let you have all of the fun amenities and worry-free lawn care during your stay. It makes life easier by not having to worry about those small chores that can get in the way of daily life. Not to mention, that having a maintenance-free pool in your backyard during those summer months is a dream come true!
- Typically more expensive. The downside to the short-term lease is that it’s typically more expensive per month for the renter. From a landlord’s perspective, you are a higher risk tenant to them. The rent is usually higher to account for the cost of searching for a new tenant more often through the year.
- Short-term leases are hard to come by. You won’t see these lease agreements very often because they are so taxing on the landlords. They don’t like having the uncertainty of having a tenant leave in the middle of the year. It’s more effort and money on their end to keep that space rented out, which means that fewer landlords will offer shorter lease agreements.
- Having to move again. Let’s face it–no one likes the actual moving process. You have to box everything up, and you don’t know where anything is. You have to lift it all, and haul it across town to the new spot, just to do it all again. Then the unpacking that seems to last a lifetime. Of course, there’s always the struggle of trying to make everything fit in the new space. Moving is a hassle that most of us don’t want to do. Not to mention the hassle of getting the utilities switched over, the post office address change, and all of the other technicalities that go along with moving. Yuck.
Consider all of your options carefully before you decide to go with a long-term or a short-term lease. There are pros and cons to each. Depending on what you need out of your living arrangements will best determine which option is better for you. If you know that you are going to be in one area for over a year, then the long-term is the way to go and save some money. But, if you’re unsure of what the next few months hold, it could save you money in the long run by opting for the short-term. Either way, you’ll be able to enjoy all of the benefit of apartment living.