When families and individuals are looking to rent a property in the New Year, there are a lot of factors that they need to consider so they can pick the option that is best for them. Tripps Travel Network, a real estate expert in San Francisco, knows that one of the most vital pieces of information that renters should keep in mind is the difference between long and short term leases. Knowing the difference and the factors of both can help renters make the right decisions about where there will live. Here the expert shares factors of each that should be considered.
Short term leases are usually no longer than 6 months, and may even be on a month to month period of time. These types of leases tend to be more expensive each month for a tenant than a long term lease would be, however, they do not require as much commitment on the part of the tenant. Tripps Travel Network points out that these types of leases are more common when the pool of renters is higher than the number of spaces to be rented. Landlords do this because they know that there is potential out there to rent the space if the renter does not renew the lease. Short term leases also make it easier to change the terms of the lease each time that the lease is renewed.
Tripps Travel Network shares that long term leases are over 6 months, and lock in both lease conditions and pricing for a longer time. These are more secure for landlords in less favorable markets because the tenant has been contracted for a decent amount of time. These leases are usually less expensive on a month to many bases but require a long term commitment from the renter.
The question of which lease is better is an individual one that depends on the needs of both the landlord and the tenant. Tripps Travel Network shares that the needs of one tenant may make a short term lease more desirable while the needs of another may mean that they would like to stay committed to space for a long time. Each renter should carefully consider their options before they make their decision so that they can find the right choice for their needs.