We all require a little flexibility in life. That’s why committing yourself to a year long lease isn’t always ideal, especially if you only need to rent briefly. But no matter your temporary housing requirements, a traditional 12-month lease won’t be a perfect fit for your needs. You’ll want to be checking for short term lease apartments near me, instead. So, if you’re looking for an apartment and considering a month to month lease, you’re at the right place.
Apart from providing flexibility, short term rentals might just be your next right move. Even so, not all temporary housing deals are the same. Plus, month to month leases don’t always work exactly like traditional rentals. Therefore, while short term rental products could provide a solution, it requires an understanding of the entire leasing process. If you are thinking of leasing a month to month apartment, we’ve compiled the perfect guide on short term rentals and how to find them.
In this post, we’ll be covering:
- What is a short term apartment lease?
- How do short term apartment leases work?
- Advantages of short term apartment leasing
- Disadvantages to short term apartment leasing
- How to find the best short term apartment leases for you
What is a Short Term Apartment Lease
It’s an apartment or rental property lease with a six month term or less.
Prior to moving into an apartment, you’ll be asked to sign a lease. It is a legally binding agreement between you and the landlord. Your roommate will also sign the same contract if you have one. But before signing the lease, you must decide if you want a short or long term rental agreement. This will narrow down your choices because some apartments don’t offer both options.
Traditional or long term rental leases come with a standard 12-month term. In contrast, a typical short term lease apartment near me is often for six months or less. And they’ll vary by duration, from monthly to quarterly to bi-annually. It means your pact with the landlord could range from one month at a time, three months, or six months.
When Would You Require Short Term Housing
Short term rentals are the answer to flexibility, particularly when in need of somewhere to stay in between moves. Maybe you want time to get a place to live or are waiting for your custom built home to be complete. If the move involves staying briefly in a new neighborhood, you’ll probably want to find temporary housing solutions.
With a surge in online rental companies like Airbnb, finding the right rental properties has never been as stress free as now. Many of these sites are pre-built with search features and dedicated tools for short term lease apartments near me. With these resources, you can have exactly what you need at your fingertips. Getting a rental space that seems more of a home but more economical than a hotel is easier now than ever before.
How Do Short Term Apartment Leases Work
A short term apartment lease is similar to a traditional year long lease in various ways. For instance, it is valid for the duration specified in the contract.
Let’s say you have a month to month lease agreement. It will only cover 30 days. Besides, it’s automatically renewed at lease end, unless you or the landlord terminates the contract. Signing a month to month house rental agreement allows you to cancel your tenancy with a month’s notice. But it gives the property owner more flexibility about when to raise your rent or end your lease.
Assuming you sign a quarterly apartment lease, it’s renewable every 90 days. It means you only get to terminate the agreement with a three months’ notice. Thankfully, your landlord has less flexibility concerning when they can increase your rent or terminate your tenancy.
A bi-annual property lease isn’t any different, covering only 180 days. It renews automatically every six months except when the tenant or property owner ends the contract. It offers your landlord the least flexibility as to when they get to add your rent or terminate your accord.
Advantages of Short Term Apartment Leasing
The best short term lease apartments near me make for a great temporary housing solution. If you’re debating between short term and long term leasing, weigh the advantages and disadvantages properly.
Your lease agreement will often outline many of the factors that influence these pros and cons. Therefore, be sure to read it carefully.
Here are some perks that come with short term apartment leasing:
1. Increased Flexibility
The primary benefit of a short term lease is the flexibility it provides. You can move out at any time, on a month to month lease, provided you give the necessary notice. In this case, the landlord requires a 30 days notice.
2. No early termination charges
Since a short term lease is renewed monthly, quarterly, or bi-annually, there are no charges if you move out before living somewhere for one year. Only ensure to issue the proper notice as stipulated in your lease agreement.
3. Easy to upgrade to a long term lease
If you choose to extend your stay, short term leases are easy to convert into a full time rental agreement. This may even give you discounted rates if not stabilizing rent prices for the 12 months.
Disadvantages of Short Term Apartment Leasing
Although the perks might sound amazing, you should be familiar with the cons too.
1. Costlier rent prices
Short term apartment leases are nearly always costlier than long term rental contracts. That’s partly because it can be costly for a property owner to replace a tenant. So, landlords usually charge a higher monthly rate to cover the uncertainty of a temporary renter. You pay more for the flexibility of a short term apartment rental.
2. Lease termination risk
Much as a short term lease provides flexibility, it also poses the risk of lease termination. Just as you can issue a thirty days lease termination notice to your landlord, they can do the same to you. Some states allow property owners to give only 1 to 2 weeks’ notice. Be sure to confirm what the termination clause in a short term lease says.
3. Unpredictable rent charges
A short term lease also allows the property owner to adjust your rent as per the market rate. This could potentially increase your rent, especially for the month to month leases.
How to Find the Best Short Term Apartment Leases
One of the challenges of securing short term housing arrangements is they are not always offered as an option. Only a few online rental companies provide short term lease apartments near me. Landing a three or six month lease can be difficult too. That’s mainly because of the uncertainty posed by a temporary renter and the added costs of replacing a tenant. The two factors create a volatile business environment that scares landlords off from offering short term apartment rentals.
If you want short term housing options, begin by searching on the internet. Include phrases like “short term rentals” or “temporary housing” in the search. Using the new city, town, or neighborhood you’re moving to is also important. You’ll discover a host of local businesses that specialize in offering this type of housing. Similarly are brokers who may help you in securing the perfect place.
Below are more tips to help you find the best short term housing leases near your area.
1. Begin Your Apartment Search Early
Ensure to begin searching for an apartment as early as possible. This will help you secure a place that works for you. Starting early gives you plenty of time to talk to property managers and landlords. You can discuss your situation to see if you can make a short term lease work.
2. Know Your Ideal Apartment
Determine what you’re looking for in an apartment before you begin the search. Take the time to list exactly what you need. Be sure to consider the following points while at that:
- How much rent you can afford
- Your ideal neighborhood
- Whether or not you want to live with roommates
- Your must have amenities
- Whether or not you need a furnished apartment
- Nearby transport options
Because short term property rentals can hard to find, it’s vital to know exactly what your needs are in an apartment. This will ensure you strike fast. Also, watch out for apartment deals in specials that can earn you a discount.
3. Search Lease Options Online
Most apartments publish their lease options on the internet. So, their websites should be the first places to look. Keep in mind that the majority of multi family properties do not provide month to month leases. However, they may allow short term leasing such as three or six months.
Landlords prefer long term leases as they’re less involving than temporary leases. That’s why you need to check their website in advance to see what they offer. Some online rental businesses like Airbnb will give you lots of choices at a glance.
4. Contact the Leasing Office
It is a good idea to get in touch with the leasing office to see their short term lease offers. This will be a quick conversation. Plus, the worst they can do is say no, meaning you have nothing to lose. However, they may still not direct you towards apartments that provide the lease type you need.
5. Browse Sublets
Tenants subleasing or subletting their apartments are commonplace today. It means the leased tenant is adding getting another tenant to help pay monthly rent.
Usually, renters sublease their apartments short term if they are leaving town for a few weeks or months. It could be for work or any circumstance that prevents them from living in the apartment. Oftentimes, they’ll allow month to month leases since they are only doing it for a short duration.
6. Talk to Friends
Do any of your friends live in the area you want to move to? Find out if they could leverage an extra roommate. Apart from helping reduce their rent, you could also lend them a hand for chores. So, reach out to people in your network to see if they’d be willing to accommodate you briefly.
7. Discuss Your Situation With the Landlord
Some landlords won’t disclose that they offer short term leases unless you inquire. If you locate a place you like but need a temporary lease, tell your landlord why. Discussing your situation is one way to build trust between you and the property owner. They’re more likely to allow you to demonstrate you’re a good tenant. So, you may still secure a month to month lease if you are candid.
Renting short term apartments can be an excellent idea if you usually relocate for work or if you’re new to a place. It gives you the flexibility to cancel your lease with a month’s notice. But it might cost you more. That’s why short term lease apartments near me are not as common as long term leases.