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Short-Term Rental or Long-Term Rental: What’s the Best Fit?

Small furnished short-term studio for rent.Renting a new home in Portland involves making several crucial decisions. One of the crucial things to decide is whether to go for a short-term or long-term rental. With each renter’s circumstances being unique, there’s no single correct 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

Short-term rentals have lease agreements lasting six months or less. One frequent short-term rental is a month-to-month lease, renewing monthly. Yet, short-term rentals can vary greatly, with some even having weekly terms.

Short-term leases are ideal for renters who need significant flexibility. Such leases usually permit a brief stay or quick move-out if your circumstances change. A higher chance exists that short-term rentals will include internet service and utilities, but amenities vary.

However, short-term leases come with some disadvantages. Since your lease renews frequently, your landlord can more often raise the rent or update policies and lease terms.

Short-term rentals are generally more costly than long-term rentals, especially in areas with high demand. If you reside near a popular vacation area or college town, you might face more competition for short-term rentals, likely increasing the rates.

Pros and Cons of A Long-Term Rental

Alternatively, a long-term rental provides 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, your rental rates and terms are expected to stay unchanged. This means your landlord can’t raise 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.

Yet, long-term leases can have certain disadvantages. After signing, breaking a long-term lease can be both tricky and costly. The terms can vary, but commonly, landlords require an extra month’s rent and the forfeiture of the security deposit for early lease termination. This can significantly complicate moving to a new rental home.

It can also stop you from lowering your housing costs if necessary.

It’s important to note that many long-term rentals do not come with extra services or certain appliances. In most situations, you can expect to bear 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.

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 stay in one place for a while, a long-term rental might be ideal. Conversely, if your future plans are unclear, a short-term rental might be the better option. Either way, being aware of your options can ease your decision.

Real Property Management Assurance understands that all renters have unique needs. This is why we offer a wide range of rentals that might be perfect for you. Whether you seek a short-term or long-term rental, we may have options to suit your lifestyle. Call us today at 971-270-2600 or explore our rental listings for more information.

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