With the rise of the Short Term Rental trend, many are asking about the advantages they hold over long term residential leases. At the same time, questions about situational practicality are also surfacing. Who should take advantages of a certain option between the two? What are the usual things to consider in choosing one over the other? Here is a guide about some aspects one must take into account before sealing a deal.
Short Term Rentals
Usually, short term rentals, or medium lets as known to others, are picked by people who are only meant to stay for a brief period of time. Most of the time they are graduating students in need of a place for a semester, travelers staying for a week or two, or businessmen spending the weekend for a company conference. Short term rentals are appealing because they are usually equipped with standard household items and utilities, which would mean that rental guests have the luxury to pack light as they expect to be in a place similar to their own.
The rent is more negotiable, and the rules are also more flexible. Usually, medium lets are more affordable than your average hotel accommodation, and the added space and privacy will also be enticing. Most of the time these rentals are near the city’s tourist destinations, commercial areas, and attractions as guests are more likely there to experience the best things the place has to offer.
Long Term Rentals
Long term rentals, on the other hand, are much more advantageous for people looking to build a life in the city. They are nearer to facilities and city features that are necessary for life-building like schools, hospitals, marketplaces, or parks. These would allow them to have easy access and connection to the basic human needs.
Most of the time, long term rentals are subject to rent control, meaning the government protects the tenants from being taken advantage of, or ripped off, by the landlords. They are safeguarded from sudden rent surges, are assured of building maintenance, and owners are legally obliged to give the tenants a certain time period (usually 30 days) if the contract is not renewed.
Long term rentals are for people that are planning to start a family, or individuals looking for a steady residential place in the particular area.
As you can see, picking a short term rental varies from choosing a long term lease on a residence depending on the duration and reason for moving into a selected place. For people who likes to move around or for students who wants to be near their schools, short term rental apartments would be the best pick in terms of access to facilities and rental fees. For the owners, renting out a place for a weekend can give them a chance to keep the fees higher or lower depending only on their discretion. However, business can be quite unpredictable. With long term contracts, owners can only collect a standard payment, but are assured of a steady income for the coming months.
These are the most important things to consider in renting a place. With these things in mind, pack your bags now and find the right apartment for you!