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There are advantages and disadvantages to both short-term and long-term leases. Knowing what these advantages and disadvantages are is important because it can help you decide which option is right for you.
To begin with, a short-term lease is a contract, either oral or written, that gives the tenant the right to use and enjoy the leased premises for a short period of time. Due to their flexibility, short-term leases are best suited for tenants who are always on the go or plan to stay in rented premises for only a few days or weeks at a time.
However, the downside to a short-term lease is that it is often more expensive. Landlords can adjust and increase the rental rate or make additional provisions that may be onerous for the tenant.
In such an arrangement, a landlord is not bound by any agreement and can easily evict any tenant they find troublesome. These leases can also become a problem for tenants who want to use and enjoy the property for a longer period of time.
The other option is the long-term lease. Due to their nature, these leases offer more security to both the owner and the tenant.
In long-term leases, the landlord has his hands tied and is bound by the provisions of the contract. Therefore, long-term agreements are cheaper for the tenant because the landlord cannot just unilaterally increase the rental rate until after the agreement ends.
Because there are lower turnover rates with long-term contracts, owners don’t have to advertise vacancies as much. The owners can then afford to offer the rented premises at lower rates than the preferential rates, which translates into savings for the tenant as well.
Both short-term and long-term agreements have their advantages, but it will really be up to you to decide which one is best for you. Whatever you decide, remember that it is always best to have the agreement in writing to protect your interests.