It’s difficult to find an apartment on its own. It can be even more difficult if you want greater flexibility with your lease period.
What is the best solution for you? A short-term apartment.
A short-term leasing arrangement has several advantages, one of which is that it does not demand a long-term commitment. Short-term rentals, on the other hand, have considerable benefits as well as drawbacks.
That’s why, before committing to a short-term rental, it’s critical to conduct thorough research. Don’t know where to begin? Don’t be concerned! Everything you need to know about short-term rentals is right here.
What Are Short-Term Apartment Rentals?
A short-term rental is an apartment that is leased for less than 12-months. They are designed as an alternative to renters who prefer not to commit to long-term leases.
Wikipedia defines a short-term rental as a furnished self-contained flat rented for short periods, usually by the month instead of annual rents. They’re thought of as a cheaper alternative to hotels. A subset of the corporate housing industry is “Short Stay” rentals. Vacation rental and relocation are two common use.
Three or six months is a common lease period for short-term leases. Month-to-month flats, for example, have even shorter lease lengths.
Although long-term lease agreements provide more stability, many renters prefer more flexible living arrangements. Flexibility, on the other hand, has a cost.
A 12-month lease is usually more expensive than a short-term lease. Consider this: a landlord would prefer 12 months of continuous rent payments to just three months.
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Advantages and Disadvantages of Short-Term Rentals
Short-term rentals certainly have their benefits. However, it’s essential to know what they can offer you and the possible drawbacks you are likely to encounter before making a final decision.
Here’s a breakdown of the pros and cons of short-term rentals.
Pros of Short-Term Rentals
- Added flexibility: Short-term rental offers flexibility to the renter in the form of short-term lease agreements.
- Explore a new area: A short-term rental is a wonderful alternative if you’re moving to a new state and want to get to know the area before making a long-term commitment to a property. It will also provide you with an excellent opportunity to look for jobs in the area. You have the option of attending interviews in person.
- Furnished Apartments: Short-term apartments usually come furnished. This will save you the stress of moving furniture when you move in and when your lease term is up.
Cons of Short-Term Rentals
- More Expensive: Short-term rentals usually have more expensive monthly rent than a 12-month lease. This is because landlords must compensate for the loss of 12 full months of rent as well as the time it takes to find a new tenant if you break your lease. As a result, rent prices for these rentals are likely to rise.
- Short-term leases are more difficult to come by for the same reasons as long-term leases. They don’t pay as well as long-term rentals. Landlords are required to locate new tenants more frequently. On your part, you’ll have to hunt for a short-term rental for a while. It’s possible that they won’t be readily available.
- Moving More Frequently: Shorter leases entail more frequent moves. Moving fees can rapidly pile up, and moving is a stressful event in general. Not to mention the fact that you’ll have to start looking for an apartment all over again.
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Is A Short-Term Rental Right For Me?
For certain instances, short-term rentals make a lot of sense. If you’re going to a new city and want to get a feel for it, a short-term rental will allow you to do so without committing to anything long-term.
Students who attend a university outside of their hometown and who choose to stay close to campus during the days they have lectures can hunt for short-term rentals that will fit their schedule. Even if you don’t fit into any of these categories, a short-term rental may be the best solution for you.
Your circumstances will determine whether or not a short-term rental is appropriate for you. If you require a temporary residence and have the financial means to bear the greater cost of a short-term rental, you’ve already passed the most challenging hurdle.
How to Find a Short-Term Rental
As mentioned earlier, finding a short-term rental doesn’t come easily. You need to have a good search strategy to reduce search time.
You can utilize the following steps during your search, and you’ll be able to find your dream apartment in less time.
1. Call the Leasing Offices
Short-term leases aren’t often prominently shown on a real estate website. A quick contact to a property’s leasing office will disclose whether short-term lease agreements are available.
Inquire about units that have been empty for an extended period. Landlords are currently losing money on these flats. As a result, they may be more willing to contemplate a short-term renting agreement due to this.
Remember that most landlords prefer the security and predictability of a 12-month lease to a shorter-term agreement. As a result, you can have a hard time finding a suitable unit.
2. Look at the Nitty Gritty
Have you found an apartment on the Apartment List that you really like? In the nitty-gritty section, look for information on lease length. This section highlights the crucial lease facts that a potential renter needs to know to make things easy for them. You’ll find specifics on lease duration alternatives, as well as vital points like the application cost and pet policy, in this section.
How To Apply For Short-Term RentalÂ
The application process for short-term rentals is similar to that of long-term rentals. It varies, though, depending on the landlord and the term of the lease.
Your prospective landlord may exhaustively scrutinize your application or skip the process altogether and hand you a lease agreement.
It’s crucial to know what to expect during the standard renting procedure. The following is a step-by-step guide to the apartment rental process.
1. Fill out the application
You will be given an application to fill out by your prospective landlord or property management.
This is one of the most significant elements in the rental application process since it gives your prospective landlord all the information he or she needs to screen you.
Your prospective landlord will decide whether you are a good fit for the apartment unit based on the information you submit in your application.
Make sure your application is complete before submitting it, as an incomplete application may exclude you from consideration.
2. Pay the Application Fees
Next on the list is the payment of the application fees. Here, you must pay a rental application fee when applying for an apartment. This is especially common in competitive markets.
Landlords often charge these fees to cover the cost of screening your application using tenant screening software or retrieving your credit record.
Keep an eye out for units that don’t charge application fees if you want to avoid paying them. You might also limit your search to only include rent specials.
If you find a short-term rental unit that is marketed as a rent special, the rental application cost may be waived to encourage additional applicants.
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3. Define your Situation
Many short-term rentals prefer having tenants sign 12-month leases. So, you might have to do some convincing. Beyond asking about units with lengthy vacancies, carefully explain your situation to the landlord. If you need a short-term rental for work, you might be able to convince a landlord.
4. Come Prepared
Once you have found an apartment you are willing to pay for, the next step to take is to make payment as soon as possible.
When it comes to your filling out the application, ensure it’s done completely. Afterward, review it for any mistakes or errors. Have rental history, pay stubs, and bank statements ready to go for when you need them.
5. Provide Proof of Income
Landlords want to make sure you make enough money to afford the rent, so they’ll ask for evidence of income. They often want tenants with pre-tax earnings of at least three times the monthly rent.
There are a variety of ways to show proof of income. As evidence of income, landlords typically require up to three of your most recent pay stubs.
If you work as a freelancer or don’t get paid traditionally, you may be able to establish that you are gainfully employed by providing bank account statements.
You can also utilize your 1099 tax form to indicate your previous tax year earnings. Inquire with your landlord about whatever documents he or she prefers.
6. Consent to a Credit Check
Landlords can’t run a credit check on you unless you give them permission.
They may ask you to sign a waiver or insert a provision in your application authorizing them to do a credit check.
They’ll do a credit check on you to learn more about your credit history and spending habits.
To rent, a landlord will typically want a credit score of at least 650.
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7. Grant your approval for a background check
A background check will include several details about you, such as criminal records, education, addresses, aliases, and more.
It is meant to ensure that you are not hiding any negative details about yourself.
Additionally, it gives a landlord enough information to determine whether they will lease the apartment to you.
8. Find a Cosigner (If Needed)
You may need to rent with a cosigner if you do not fulfill a landlord’s income standards or poor credit history.
A guarantor, also known as a cosigner, is a close relative who agrees to cover the cost of rent if you cannot pay it. They don’t usually live in the same apartment as you.
However, a lease co-signer can be a roommate with whom you share rent responsibilities, which means that unless you’ve rented your room alone, you’ll be on the hook if they can’t pay.
9. Provide References
Rental references give your landlord a chance to assess your character and examine your history as a renter.
You may ask your previous landlord or property manager to serve as a reference. They’ll let your prospective landlord know about your habits, payment reliability, and more.
10. Pay a Security Deposit
A security deposit is usually equal to one month’s rent. This, however, varies depending on the rules in your state and the unit you want to rent.
In California, for example, a landlord can require a security deposit equal to two months’ rent for an unfurnished apartment and three months’ rent for a furnished apartment.
Should difficulties emerge after you move out, your security deposit will be utilized to pay the cost of repairs and cleaning. Otherwise, after your lease term expires, your security deposit will be reimbursed.
FAQs On Short Term Apartment
What is the shortest time you can rent for?
As a general rule of thumb, a short-term tenancy is usually a rental property that is being offered to the market for six months or less
What is the minimum tenancy period?
It is perfectly legal to let your property for less than 6 months. In fact, there is no minimum period for an AST
Is a short term let the same as a holiday let?
A short-term let is similar to a ‘holiday let’, where a property or room in a property is let for a short period of time,
Do I need to show proof of income during short-term lease application process?
Landlords want to make sure you make enough money to afford the rent, so they’ll ask for evidence of income.
How long can you stay in a short-term rental?
Every city has different rules. Some areas restrict stays to less than 30 days, while others allow stays that are several months long. It also depends on the kind of property; multi-family properties can fall under different rules than single-family homes.
