Short-Term vs. Long-Term Leases: Which is Right for Me?
Short- and long-term lease agreements suit different living situations. There are pros and cons associated with both depending on your immediate and future housing needs.
What is a Short-Term Lease?
A short-term lease lasts for six months or less. Six- and three-month contracts are common for short-term apartment leases, but one of the benefits of onsite property management is that they also offer month-by-month agreements.
Advantages of Short-Term Leases
Flexibility: You can define the length of your lease and renegotiate terms every month.
Easy moving: You only have to have a few essentials in your apartment if you’re renting on a short-term lease. That makes it easy to move in and out of your space.
Lenient contract terms: Property managers and landlords may be more willing to negotiate the specifics of your short-term lease to ensure apartments are filled.
Suitable for transient renters: Short-term leasing provides a temporary solution while you look for permanent housing. You can also rent an apartment for a few months if you’re building or renovating your home. And you’ll need a place to live if you temporarily relocate for work or an internship.
Less maintenance: Short-term lease apartments can come fully furnished. Maintenance techs are available for indoor repairs and groundskeepers handle yardwork.
Included utilities: Property managers need to turn apartments efficiently for short-term renters. They may not turn off utilities between tenants, so they include those expenses. They can cover your utilities in your rent so it’s a single easy payment.
What is a Long-Term Lease?
A long-term lease is a rental agreement that lasts six to 15 months. It’s the most common type of apartment lease as it provides property managers and landlords with consistent revenue for an extended period.
Advantages of a Long-Term Lease
A sense of home: Consider a long-term apartment lease if you plan to stay in an area for longer than a year. Living in the same place for several months allows you to get used to your surroundings and feel comfortable in your new home.
Stable rent terms: Locking into a long-term lease means you’ll pay the same amount on rent each month and don’t have to worry about increases.
Personalize your space: You can bring your belongings and decorate your apartment to suit your preferences. That could include hanging items on the walls or adding a coat of paint.
Save money and establish good credit: Long-term leases reflect better on your credit history than short-term agreements. You’ll also save on moving expenses incurred from relocating frequently.
Rental agreement protections: Your property manager or landlord must acknowledge certain terms that can’t be altered or eliminated. You have rights as a renter and are guaranteed advance notice for rent increases, property sales and eviction.
Apartments with Short-Term and Long-Term Leases in Columbus, Ohio
Ardent Communities offers flexible short-term leases on our apartments, townhouses and homes. Contact us to learn more about our apartments if you’re considering moving to Columbus, Ohio.
