Differences Between Getting a Long and Short-Term Lease

Differences Between Getting a Long and Short-Term LeaseFor many folk these days, they would rather lease than own their own apartment, often because they move to often or don’t want the hassle. Usually, they have a choice between getting a short – or long-term lease.

The short-term lease general covers rental arrangements that last for less than twelve months. Other short-term arrangements focused on more transient tenants will be on a month by month basis that instantly renews unless notice is given, in which case the tenant has to pay an extra month when they leave if they do not give 30 days’ written notice.

Most people who go for short-term leases do so because they like the freedom that not being stuck in one place implies. The freedom is particularly useful if your job means that you move around a lot.

This freedom is not cheap, the usual issue with these leases is that they cost more in rent. Also, they usually mean that the landlord is able to change the terms of the arrangement more often, like hiking the rent each month or not renewing it with little notice.

In contrast, a long-term lease is generally set for periods over twelve months. This is generally for folk who are more settled and want cheaper rent.

By taking one of these leases, you get more permanence, a secure home, cheaper rental, and a guarantee. Also, it means that you are able to build a better professional relationship with your property owner, as you will get to know each other.

Usually, the big problem with this type of lease is that you do not have the same freedom as the short-term lease. This means that if something unforeseeable occurs, then breaking your lease will cost you big bucks.

Thus each has it good and bad sides, therefore, it is best for you to decide which one will best match your way of living and needs for the next twelve months or so. Or you could get a long-term with a reasonable early release clause in the contract.