Renting a new home in Syracuse is a trip through important decisions. Whether you opt for a short-term or a long-term rental is one of the important decisions. Given the particular renter’s circumstances, there’s no one-size-fits-all answer. It’s about weighing the pros and cons of each lease type and selecting the one that best suits your needs, enabling you to control your living situation.
Pros and Cons of a Short-Term Rental
A short-term rental normally has a lease agreement of six months or less. One usual short-term rental is a month-to-month agreement, in which the contract renews monthly. Still, there are a lot of short-term rentals, even some with terms that continue weekly. A short-term lease is ideal for renters who need a lot of flexibility. Should your situation change, they typically allow you to stay only a short while or move out quickly. Though such amenities vary from place to place, there is also a greater chance that a short-term rental will include internet service and utilities.
However, there are a few drawbacks to short-term leases. Because your lease renews so frequently, your landlord can raise the rent, alter their plans 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 encounter more competition for short-term rentals than long-term rentals, which usually drives the rates up.
Pros and Cons of a Long-Term Rental
Choosing a long-term one can help you to avoid the downsides of a short-term rental. And there are plenty of benefits as well. Though in some places, leases can be for multiple years at a time, the most common lease length for long-term rentals is one year. 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 typically remain the same. Usually, the landlord won’t be able to raise your rent or alter the agreement until it’s time to renew. Long-term rentals are frequently more affordable than short-term rentals simply because it is more cost-effective for a landlord to lease their property for years at a time.
However, long-term leases can have certain downsides. Breaking a long-term lease once you’ve signed it might be difficult and costly. Although the terms will change, it is common for landlords to request 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 pretty hard. It can also prevent you from lowering your housing costs, should you need to do so. In addition, don’t forget that many long-term rentals will not provide additional services or sometimes even appliances. Usually, you should anticipate bearing the cost of utilities, internet, and necessary furnishings.
Equipped with a solid understanding of the pros and cons of both short-term and long-term rentals, it is advisable to consider your situation and the expected future. If your plans involve staying in one place for a while, a long-term rental can be a good choice. However, short-term rentals are usually preferable choice if your future location is unknown. In any case, recognizing your alternatives can make your choice easier and you more informed.
Real Property Management Upstate has several rentals in Syracuse and surrounding areas. Your needs will determine whether we have the ideal fit for you. For additional details, call us today at 315-498-1235 or check out our rental listings.
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