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Short-Term Lease vs. Long-Term Lease

by | Apr 28, 2023 | Blog, Homeowners, Homes, Villas and Condos, News, Property Management, Real Estate News, Renters | 0 comments

Short-Term Lease vs. Long-Term Lease

Every landlord needs a lease agreement that clearly outlines the responsibilities and protections of both parties. Lease agreements ensure that everyone is aware of the expectations set during the lease term — especially your tenants.

However, there are different lease term durations a landlord can offer, such as a short-term lease or long-term lease. Both have their pros and cons, so you’ll want to know which one makes the most sense for your rental property.

Keep reading to learn more about how both types of lease agreements differ and when to offer short-term lease agreements to tenants.

What’s the Difference Between Short-Term Leases and Long-Term Leases?

A short-term lease agreement lasts anywhere from three to six months, or can go month-to-month until the tenant decides to move out. Long-term leases are anything longer than six months and can go up to 15 months before needing to make a new lease.

Long-term leases are usually preferred by landlords since they guarantee a longer stream of rent payments, but the lease term duration can vary depending on the goals you’re trying to achieve.

Is It Better to Lease Short-Term or Long-Term?

If you’re looking to establish a longer stream of income through rent payments, then long-term leases may be more suitable for your rental. Short-term leases can be beneficial if you’re looking to sell your property soon, want more flexibility in adjusting the rent price, or plan on not living in the property for three to six months.

During the summer months, there may also be a higher demand for short-term rentals due to tenants seeking temporary housing in new cities for job opportunities or summer classes.

When to Offer Apartment Short-Term Leases

There are certain instances where offering an apartment short-term lease makes the most sense. Here are different types of tenants that may benefit from a short-term lease:

  • Relocating for a job: Some tenants may have had to move to a different area in a short amount of time for a new job. This can result in them needing temporary housing until they purchase a new home or find a long-term apartment.
  • Renovating a primary property: If homeowners are currently in the process of renovating their home, they may need temporary housing for a period of time until the house is complete.
  • Overseas travelers with a short-term visa: Short-term visas are typically active for a maximum of 90 days, which means they’ll need to move again if they’re unable to stay longer.
  • Temporarily visiting the area: With more companies offering fully remote positions, more people have been visiting new areas for short amounts of time. Offering a short-term lease can allow visitors from different cities to rent out your property until they decide to go somewhere else.

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