subject: Long-term And Short-term Leases - Important Information To Know [print this page] Often when you are looking at house to rent you will have to decide between a short and a long-term lease. Naturally, both have their good points and both have their downsides, so it is important that you keep these all in mind before you sign.
A short-term leasing agreement can offer more flexibility, since you are not tied into the agreement for a long period of time. However, rent rates are customarily higher for short-term leases.
In the end you may pay more for the same place as you would of if you had taken a long-term lease. The other problem is you may find that the rent is put up without much notice as they do not have much time between lease renewals.
Another drawback with a short-term lease is that you have less security and the property-owner can get rid of you quite easily. The thing is that the freedom the lease gives you, also gives the landlord a lot more room to move.
In terms of long-term leases, these are usually more stable and common amongst the renter-landlord relationship. The cost of rent is usually significantly lower than short-term leases, so you will be saving money.
Many renters find it easier to budget with a long-term lease arrangement. This is because the landlord does not have the freedom of increasing the rent as frequently. There isn't much flexibility, but long-term leases are much more stable and promote a mutual respect for each party.
The long-term lease is also good for property-owners as the will have less need to advertise for new tenants, less time where the rental is empty and not making them money, and better long term financial knowledge. This is why they are usually happy to give the tenant some of the savings as well for a long-term lease.
Either way, make sure you have a written document signed by both parties. This should clearly explain what is expected from each party, and will be used in the event of a dispute, so go through it thoroughly.
