When renting a new home in Ventura, there are many crucial decisions to make. Deciding between a short-term or long-term rental is among the most important considerations. As each renter has different circumstances, there’s no one right answer. Instead, you should consider the pros and cons of each rental lease type and pick the one that suits you best.
Pros and Cons of a Short-Term Rental
Short-term rentals have lease agreements lasting six months or less. A common type of short-term rental is a month-to-month lease that renews every month. There is a broad range of short-term rentals, including some with weekly terms.
Short-term leases are ideal for renters who need significant flexibility. They generally allow for a short stay or rapid move-out if circumstances change. A higher chance exists that short-term rentals will include internet service and utilities, but amenities vary.
Yet, short-term leases have a few drawbacks. Because the lease renews so often, landlords can raise the rent and change policies or lease terms more frequently.
Typically, short-term rentals cost more than long-term rentals, especially in high-demand locations. If you live near a popular vacation spot or college town, you might face more competition for short-term rentals, likely raising the rates.
Pros and Cons of A Long-Term Rental
On the flip side, a long-term rental brings stability and predictability. The standard lease length for long-term rentals is one year, but in some places, leases can last multiple years.
With a long-term lease, rental rates and terms typically remain unchanged. Therefore, your landlord cannot increase the rent or change the agreement until renewal. Long-term rentals are usually cheaper than short-term ones because it’s more economical for landlords to lease properties for longer durations.
Nonetheless, long-term leases can have some disadvantages. After signing, breaking a long-term lease can be both tricky and costly. While terms vary, it’s common for landlords to require an extra month’s rent and forfeiture of the security deposit for early termination. This can complicate relocating to a new rental home.
It can also impede your efforts to lower housing costs if necessary.
It’s also important to note that many long-term rentals do not offer extra services or certain appliances. Most of the time, you’ll be responsible for the costs of utilities, internet, and necessary furnishings. Some landlords may allow you to sublet or find a replacement tenant, helping to lessen the financial burden of breaking a lease.
Knowing the advantages and disadvantages of both short-term and long-term rentals, it’s time to thoughtfully evaluate your situation and future plans. If you plan to remain in one place for some time, a long-term rental might be the best fit. However, if you’re unsure of your future location in the next few months or years, a short-term rental might be preferable. Regardless, understanding your options can simplify your decision.
At Real Property Management Limitless, we recognize that every renter has unique needs. That’s why we provide a diverse range of rentals that could be perfect for you. Whether you seek a short-term or long-term rental, we may have options to suit your lifestyle. Call us at 805-702-7800 today or check our rental listings for more details.
Originally Published on March 12, 2021
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