Renting a new home in Jacksonville requires making a lot of important decisions. One of the most important decisions is choosing between a short-term or long-term rental. With each renter’s circumstances being unique, there’s no single correct answer. Instead, it’s essential to weigh the pros and cons of each rental type and choose the one that best suits you.
Pros and Cons of a Short-Term Rental
Short-term rentals are defined by lease agreements of six months or less. A typical short-term rental is a month-to-month agreement, where the lease renews each month. However, short-term rentals vary widely, with some having weekly terms.
For renters needing flexibility, a short-term lease might be perfect. They often allow you to stay for a short time or move out quickly if your situation changes. Short-term rentals are more likely to include internet service and utilities, though these amenities can vary.
Nevertheless, short-term leases have a few drawbacks. Since your lease renews frequently, your landlord can more often raise the rent or update policies and lease terms.
Short-term rentals tend to be pricier than long-term rentals, particularly in high-demand areas. Near popular vacation areas or college towns, you may face more competition for short-term rentals, which can increase rates.
Pros and Cons of A Long-Term Rental
Conversely, a long-term rental offers stability and predictability. Typically, long-term rental leases are one year, although in some locations, they can be for multiple years.
A long-term lease ensures that your rental rates and lease terms will remain the same. This ensures that your landlord cannot raise the rent or alter the agreement until renewal time. Because it’s more cost-effective for landlords to lease properties for longer periods, long-term rentals are generally more affordable than short-term ones.
However, long-term leases do have a few drawbacks. Breaking a long-term lease can be complicated and costly once signed. Terms will differ, but landlords usually require an extra month’s rent and forfeiture of the security deposit to break a lease early. This can make it very difficult to move to a new rental home.
Additionally, it can prevent you from reducing your housing costs if needed.
It’s also crucial to remember that many long-term rentals don’t include extra services or even some appliances. Generally, you can expect to cover the cost of utilities, internet, and necessary furnishings. Some landlords might permit subletting or finding a replacement tenant, which could ease the financial burden of breaking a lease.
Once you understand the pros and cons of short-term and long-term rentals, carefully consider your situation and future plans. If your plans involve staying in one place for a while, a long-term rental might be ideal. Conversely, if you’re uncertain about where the next few months or years might lead, a short-term rental could be a better choice. Either way, being aware of your options can ease your decision.
At Real Property Management First Coast, we know every renter has unique needs. That’s why we provide various rentals that might be perfect for you. Whether you need a short-term or long-term rental, we may have options to match your lifestyle. Contact us today at 904-425-8388 or visit our rental listings for more information.
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