If you’re moving out on your own for the first time, going on a long-term business trip, or just looking into different housing options, you may be curious about whether you should go with a short-term or a long-term rental. Depending on your needs and preferences, you may find that one will provide you with more of what you desire in a living situation over the other.
In this guide, we are going to review short-term and long-term rental options in-depth to help you decide which one is right for you. If you are looking for a living option in the NY Capital Region, start by viewing our apartment communities.
Short-Term Rentals
The term “short-term rentals” usually refers to any rental agreement that is shorter than a standard 12-month lease. These rentals are typically offered in a shorter time span (i.e., 3 months or 6 months).
Short-term rentals are popular among renters that are not planning to stay in an area for a long period of time. People on extended business trips, transitioning from one permanent residence to another, or students, are some examples of common renters that are usually seeking a short-term option.
Popular Uses for Short-Term Rentals
Academic
Students that attend local colleges and universities that wish to live off campus can rent a fully furnished apartment near their school for the duration of the school year. This option allows for more privacy, space, and amenities than a college dorm where many of the facilities are shared among large groups of students. In addition, splitting a multi-room rental property among students may even prove more affordable than on-campus housing.
Business
Professionals that are taking extended business trips can benefit from the flexibility that a short-term lease offers. Some apartment complexes also offer corporate housing options for companies that need to house visiting employees from other locations or for important guests and VIPs.
Short-term rentals provide a comfortable, private place to live with more room and amenities than a standard hotel room. These rentals can also save on housing costs compared to hotels. Where hotels may cost over one hundred dollars per night, rent for an $1800 per month apartment only costs 60$ each day over a period of 30 days.
Transitional
If you are moving to a new area, you may find yourself in a situation where you have to leave your previous home before you’re able to find a new one.
A short-term lease grants you the comforts of home, flexibility, and low commitment that you need while searching for your permanent living space. Many apartments offer short-term pre-furnished options with more than one bedroom which can be especially helpful for households with children.
Long-Term Rentals
Long-term rentals are typically defined as periods of 12 months or more. These are intended for people who wish to remain in an apartment for an extended period of time or to live there permanently.
These rentals are renewed with the property manager usually the month before the end of the current lease agreement if the tenant wishes to remain there. Long-term rentals are perfect for people looking to downsize from their current home, move out to their own place for the first time, or want a space with amenities, some utilities, and on-site maintenance included as ongoing lifestyle benefits.
Renting an apartment long-term also spares you from the traditional overhead costs of homeownership. You’ll save money in the long run by not having to pay out of pocket for maintenance, repairs, renovations, all utilities, and property taxes.
Get Luxurious Short and Long-Term Rentals in the NY Capital Region
When you are deciding which type of rental structure is right for you, there are a wide range of benefits that come with each one. While a short-term rental may be the right choice for someone like a student or someone on a business trip, a long-term rental may be more fitting for someone that’s looking for a more permanent living option.
Whether you are looking for a short or long-term rental option, our team at Burns Management can help you find the place you will love to live in the NY Capital Region. We manage over 20 luxurious communities within the area, and many of them feature fully furnished short-term, long-term, and corporate housing options.
To learn more or to schedule a tour of any of our properties, contact us today.