What is short term rental?

For some apartment renters, signing an annual lease can seem daunting and too permanent. What happens if you don't like the neighborhood, the commute, or if you find that you like the living conditions better?

If you've recently moved to a new city, have a career that keeps you moving, or aren't comfortable being tied down long-term, renting an apartment may be the perfect option.

Content

A short-term lease is a rental agreement for a period of less than twelve months. Short term rentals have the same responsibilities and requirements as annual rentals, with the same standard and reasonable terms, security deposits, fees and notice to move out procedures. It simply covers a shorter period of time.

So how long do short term rentals last? It's up to you and the property manager. It could be nine months, six months, three months, or even month after month.

Pros and cons of short-term rentals

Signing a short-term lease has a number of benefits.

pros

Flexibility . The main advantage of short-term rentals over long-term rentals is that you can move out sooner if you want. If you've moved to a new city and aren't familiar with the area, short-term rentals give you the opportunity to get to know your new area before you put down roots. Plus, if you're only in town for temporary work, short-term rentals give you maximum mobility.
Facilities : Short-term rental apartments typically offer partially or fully furnished options, making it easy to move in and out. They can also offer many community amenities that you are unlikely to find in temporary, corporate, or long-stay housing. Think swimming pools, state-of-the-art gyms, community gardens or co-working spaces. Apartment communities are also more pet-friendly than some other temporary alternatives.
Adaptation of conditions : Signing a short-term lease allows you to try out the apartment and the community. After a shorter rental period, you can renegotiate the terms of the contract. So if you want to renew your lease or move to another property that wasn't initially available, you don't have to wait a whole year to do so.
Easy renewal : In many cases, short-term rentals will automatically renew unless the property manager is formally notified of your move. Additionally, if you decide to stay, you can usually sign a new contract for at least 12 months.