Short-term Leases Vs. Long-term Leases

Monday, December 21st, 2020
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Understanding lease terms is one of the most important things a renter can do before signing an agreement. One aspect of a lease is the length of time the tenant will stay. There are short-term and long-term leases to suit the needs of most renters, so you will need to know which is right for you.

Short-term leases

Renting on a shorter lease term has its benefits, but there are a few downsides to consider as well. Here are some things to remember about this option.

You will likely have fewer choices

Most landlords and rental companies prefer to have longer leases. So, finding a rental for six months is difficult because the market is competitive. They are easier to deal with because they don’t take as much work. This is true for renters too.

Moving takes time, money, and a lot of effort. Consider putting your resources into a move, only to have to leave six months later. Also, many landlords won’t let you customize the rent house or apartment. You might not even be able to hang up pictures.

There is a lack of stability

If you don’t have a lot of items or aren’t planning on staying in one area for long, a short-term lease is a great option. But, most renters prefer to have more stability. Landlords also lack certainty, as they may have to scramble to find another tenant.

Rates are almost always more expensive

Renting usually costs more with a short-term lease than renting for a year or more. This is because there are more risks involved and the landlord must cover added administrative costs. If you need the flexibility of a short-term lease, this may not be an issue for you, though.

The benefits of a short-term lease

Even with all of these negatives, there are some positives when it comes to renting for a short amount of time. For those who don’t need to be in one place for long, short-term leases are ideal. Also, some renters want to have a “test” period before they sign on for a longer-term. This may be due to their job or simply because they aren’t sure they like a specific area.

Long-term leases

Long-term rent agreements typically last a year, although you can find some for longer. These aren’t the best for those who don’t plan on sticking around, but they offer many more benefits than short-term leases.

Rent is more affordable

Because this is the most common term for a lease, it is also the most affordable. The more time you spend in a rent house or apartment (as a good tenant), the more likely you will be to easily renew your lease. You may also be able to potentially avoid rent hikes.

You will have more options

In cities like Amarillo, Texas, year-long leases are easy to come by. This means that you will have a great chance of finding the best rent house for your needs. Choosing a long-term lease will give you more time to look around and pick exactly what you want out of a home or apartment.

You will have more stability

Long-term leases give you more time in one place, which provides a greater sense of stability. You won’t have to worry about increased rent halfway through a year. Also, you will likely be able to decorate the rental however you want. Landlords are more apt to let you hang pictures and possibly even paint walls if they know you plan on renting from them for a while.

The downsides of a long-term lease

There are some negatives to renting for a year or more. The biggest of these comes when you realize you can longer stay. Typically, good tenants only need to leave their rental when they are experiencing a negative life event.

Although many landlords will care that you are going through tough times, you must remember that a rent agreement is a contract. They rely on you for their income, so you will likely not be able to pack up and leave whenever you want. That being said, talk to your landlord if you think life events may stop you from sticking to your lease.

Rent houses in Amarillo, Texas

If you are looking for affordable rentals, Highland Park Village in Amarillo has a variety of options available. We offer a unique rental experience because we are more than just a neighborhood: we are a community! Give us a call at (806) 335-1451 to learn more about our Properties and rent Specials.