Want adaptability? The solution might be short-term rentals.
Life doesn't always fall neatly into 12-month periods. Whatever your motivations, renting a short-term home offers flexibility and may be the best course of action for you. What you need to know about short term rentals is that they don't always operate exactly like conventional rentals.
What is a short term rental?
A short-term rental is an apartment or other type of rental property with a lease that is typically six months or less in length, as opposed to the standard 12-month lease. Short-term renting flexibility is frequently mitigated by increased rent or other unusual lease provisions, such as automatic renewal at the conclusion of each lease cycle (common with month-to-month leases).
How to locate a short-term rental is as follows:
1. Refine your search for rentals.
You can conduct a targeted search for short-term rentals when looking for an apartment. Simply enter "short term rental" into the "More" search filter on Trulia. Try using the search phrases "corporate housing," "furnished apartments," or "month-to-month lease" as well.
You can also utilize a short-term rental service or a real estate agent who is certified and focuses on such rentals.
2. Choose which amenities are important.
Three months of apartment living is quite different from a year or more of apartment living. Different factors may affect how much you decide to spend on various facilities. It might be more cost-effective to simply rent a furnished house rather than paying to have a lot of stuff moved in and out again. Paying for a place close to work with utilities included and a gym could prevent you from having to sign up for services you're not yet ready to commit to if you're living somewhere on a month-to-month basis while determining whether a new city is the best choice for you.
3. Research the area's legal standing.
Residents in some regions have resisted the growth of internet vacation rental businesses. Some localities have created ordinances governing short-term rentals, outlining standards for things like noise, trash, and parking, as well as imposing fines for violations. Additionally, some jurisdictions have much stricter regulations. Since co-ops are not allowed to provide short-term leases, whole-apartment rentals of fewer than 30 days are prohibited in New York City, where many apartments are also co-ops.
Make sure you do some research before renting. Make sure the place you want to live complies with any applicable local laws regarding short-term rentals by doing some research on them. Another way to identify a rental scam is to be aware of the local legislation.
4. Modify your spending plan to account for a temporary lease.
Like any other rental, you should be ready to provide references, have your credit checked, and pay the first and last months' rent upfront along with the security deposit and cleaning expenses. Even though there are common situations while renting an apartment, completing them all on a monthly, quarterly, or annual basis adds up. Make sure your spending plan is prepared for the adjustment.
Prepare your budget accordingly as well, as longer-term rentals may result in higher monthly rents than you may be used to. Since you're not signing a lease for a longer period of time, short-term rentals can include extra charges. When determining how much rent you can afford, take into account these factors.
Flexibility is another another factor to factor into your budget. A landlord may alter the conditions of a short-term lease when it expires. In order to be ready for any changes, such as a rental increase, check ahead of time if you decide to stay.
Rent-controlled flats are at the other end of the spectrum from short-term rentals, which are at one end.
