Lease agreements are tricky. You want to take the best possible lease for your current situation, but sometimes it’s not that easy. For example, if you know you won’t be staying in your current apartment for too long, should you just go for a short term lease, or would a long term lease be better? This article will help you decide which lease is best for your situation, especially if you’re looking for corporate accommodation.
Short Term Lease
If you know you’re only going to be staying in your new apartment for around six months, then a short-term lease is probably the best option.
A short term lease usually lasts anywhere from 3 to 6 months but can also be month to month. If it’s just a single month of rent, then it’s not worth paying for that many months of rent when a portion of them could go unused.
It is important to ask and apartment leasing company what their lease renewal policy is when you first sign your lease agreement. If it’s a high-end apartment with a clause like “the entirety of your rent will be due yearly,” then that’s probably not such a good idea.
Pros of Short Term Lease
There are many advantages to using a short-term apartment lease. Here are some of the most notable ones.
If you’re in college or you travel often for work, a short-term lease is great because you’ll have a lot of flexibility. Rather than being tied in for a year, you can simply move out whenever your lease runs out. You’ll have a lot more flexibility and not feel too tethered down by your apartment agreement.
2. Furniture Can Be Included
A lot of times, you can get furniture and other essential items included with a short-term lease, which can make moving and traveling for work an easier and more seamless process.
3. Fast Process
Another thing that makes a short-term lease easier is that it’s usually a faster process. Especially for workers that travel, the entire apartment search process can take way too long, so it’s really nice to have that fast process with a short term lease.
4. Freedom To Move On Short Notice
With a short term lease you may only need to give a 30 day notice or less to move out, whereas long term leases often require 60 to 90 days.
Cons of Short Term Lease
There are some drawbacks to a short term lease as well, so here are a few of them.
1. High Rent
A short-term lease usually has a higher rent than a long term lease because of the short commitment time. Apartment leasing companies like to encourage long term leases, and in turn give a better rate the longer the lease agreement.
2. Lack of Stability
With a short-term lease, you don’t have much stability. If you’re looking at a short term lease, double check if the monthly price is fixed or variable.
3. More Competition
Landlords will usually want long-term tenants as it saves them money and time. So, with a short-term lease, there will be more competition.
Long Term Lease
If you plan to stay in your current apartment for a while, then a long term lease would probably be the best option.
A long-term lease will last somewhere from 1 to 5 years. Apartment leasing companies like the security of long term renters, so they can keep more of their units occupied on a consistent basis.
Pros of Long Term Lease
There are many benefits to a long term lease as well, so here are some of the most notable ones.
1. Increased Stability
With a longer term lease, you’ll have more stability. Sure, it’s only for X amount of time, but with a longer lease, you have a higher chance of getting the apartment for your next year as well.
2. More Affordable
Because long-term leases spread out the rental cost over several years, they’re usually a lot more affordable than short term leases.
3. Freedom to Customize
Long term leases allow you to customize your apartment exactly how you want it. You can buy furniture and other items and have them there for the long run.
4. Feel Like Home
When you are in one place for a longer period of time, you’re able to make it feel more like home. You can get to know your neighbors and the area better, making a lot of people feel more settled.
Cons of Long Term Lease
There are also some disadvantages to using a long term lease as well. Here are some of the biggest ones.
1. You’re Locked In
With a long-term lease, you’re locked in for at least six months, and often a year. If you travel often for work, or you like to move around frequently, then a long term lease may not be the best fit for you.
2. Lengthy Process
Long-term leases usually come with a lot of paperwork and background checks. Because you’ll be signing a long-term agreement, landlords will want to make sure that it’s exactly what they want.
Trying To Choose Between Long Term Vs Short Term Lease?
It’s impossible to say which is best because you have to take into account everything that’s included in both long and short term leases, and which works best for you. At Corporate Accommodations we can help you find the right short term furnished apartment across North Carolina. For more information, call us at (336) 299-1312 or fill out the form below.