Renting a new home in Palatine requires making a lot of important decisions. One of the most important decisions is choosing between a short-term or long-term rental. As each renter has different circumstances, there’s no one right answer. Weighing the pros and cons of each rental type is essential, and you should choose the one that best meets your needs.
Pros and Cons of a Short-Term Rental
A short-term rental involves a lease agreement of six months or fewer. One popular short-term rental is a month-to-month agreement, with monthly renewals. However, short-term rentals vary widely, with some having weekly terms.
For renters needing flexibility, a short-term lease might be perfect. They generally allow for a short stay or rapid move-out if circumstances change. There is a greater likelihood that short-term rentals will include internet service and utilities, though amenities differ.
Yet, short-term leases have a few drawbacks. With frequent renewals, landlords can raise rent and update policies or lease terms more often.
Short-term rentals are often more expensive than long-term rentals, particularly in high-demand regions. Near popular vacation areas or college towns, you may face more competition for short-term rentals, which can increase rates.
Pros and Cons of A Long-Term Rental
In contrast, long-term rentals provide stability and predictability. Usually, long-term rental leases last one year, but in some areas, they can extend for several years.
In a long-term lease, your rental rates and terms will remain stable. This implies that the landlord can’t raise the rent or change the agreement until the lease renewal. Long-term rentals are often less expensive than short-term rentals because it’s more economical for landlords to lease properties for longer terms.
Nonetheless, long-term leases can have some disadvantages. Breaking a long-term lease after signing can be challenging and costly. Terms will differ, but landlords often require an extra month’s rent and forfeiture of the security deposit to end a lease early. This can make relocating to a new rental home very challenging.
It can also impede your efforts to lower housing costs if necessary.
It’s important to note that many long-term rentals do not come with extra services or certain appliances. Generally, you can expect to cover the cost of utilities, internet, and necessary furnishings. However, some landlords may permit subletting or finding a replacement tenant, reducing the financial burden of breaking a lease.
Once you’re aware of the pros and cons of both rental types, take time to carefully consider your situation and foreseeable future. If your plans involve staying in one place for a while, a long-term rental might be ideal. Conversely, if you’re uncertain about where the next few months or years might lead, a short-term rental could be a better choice. Regardless, understanding your options can simplify your decision.
Real Property Management Chicago Group understands that all renters have 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 might have options to fit your lifestyle. Call us at 312-265-0660 or browse our rental listings for more information.
Originally Published on March 12, 2021
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
