Short-Term Apartment Rentals

Have you ever thought about renting a short-term apartment? Whether you’re seeking short-term accommodation for business or pleasure, here’s what you need to know.

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When
If you’re on the road for work frequently or just love to travel for personal reasons, it may be worth it to you to look into staying at a short-term corporate or vacation rental rather than a hotel. Or, if your situation requires that your living arrangements stay flexible (like if you’re a student, are in between leases or are planning to purchase a house in the near future, etc.) renting a short-term apartment may make sense for you.

Why
While you may not be offered a free continental breakfast or other amenities like housekeeping or room service, the benefits and added perks can often give the advantage to staying in a short-term apartment when you’re vacationing. And, if you’re a business traveler relocating for a few weeks or a few months, the flexibility of staying in a short-term apartment can be worth it.

What You Get

• The extras. We’re not talking about stale bagels and subpar coffee. Perks like a personal washer and dryer, hot tubs, a luxury fitness center and extra space may not be available in a hotel but can be common in an apartment. When you’re traveling on a budget, having a fully equipped kitchen is a great way to save some money while staying in and cooking a meal. Outdoor amenities like a front porch, balcony or patio can be a nice perk and allow for some fresh air that you might not get in a hotel room.
• Price is right. If you’re staying for an extended amount of time at your destination, hotel fees can be pricey. Even for the most budget-friendly hotels, you can expect to pay up to $800-$1,000 a week. A short-term apartment, however, may charge a similar price for a month’s stay, allowing you to save or spend your money on other things during your trip.
• Location, location, location. Staying in a hotel when you’re traveling may mean you’re relegated to a being in a commercial area rife with chain restaurants and fast food joints. To really immerse yourself in the city, choose a short-term apartment in a neighborhood that is known for its cool location and environment. You’ll have access to public parks, trendy restaurants and unique retail shops that will give you a better sense of the personality of the city while you’re there.

What to Look Out For

• The fine print. Make sure to familiarize yourself with the policies before you sign on the dotted line. Cancellation policies will likely vary by rental, so be aware of the potential penalties for canceling or changing the dates of your visit. If you have young children or pets traveling with you, check ahead of time to ensure they can be accommodated. Smoking is not generally allowed in most apartments, so smokers may need to seek out alternate accommodations.
• Know the details. One of the benefits of staying in a hotel is having access to a concierge desk that is open round-the-clock. In a short-term apartment, that convenience may not be available, so make sure you have the details squared away before arriving. When and where will you pick up the keys? When can you check in? Who is your contact in case your flight is delayed or plans change? Knowing before you go can save you the headache.

Month-to-Month Rents: What Do You Need To Understand

Feeling a bit fluid and spontaneous when it comes to your living situation? If your needs dictate, you may wish to explore lease options other than the typical 12- to 18-month rental period.

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Whether you’ve taken a temporary job, plan to travel for an extended period, or simply don’t know where you’ll choose to live in the near future, you may enjoy the flexibility that a month-to-month lease offers.

It’s important to note, however, that a month-to-month rental agreement isn’t for everyone. Read on to consider your options before you commit.Benefit: more flexibility for the renterThe single biggest benefit of a month-to-month lease is the flexibility to move — without penalty — almost as soon as you want. With a typical 12- to 18-month rental agreement, lease terms usually dictate that residents who break a lease earlier than the contract allows must pay early termination fees. Keep in mind that the legal expectation is for the renter to pay for the full 12-month period.

Not so with month-to-month agreements, which are kind of like signing a new lease every month. Typically, the lease is set to renew automatically for another 30 days, until the renter gives a 30-day notice of intent to move out.Drawback: property management has more flexibility, tooBecause month-to-month agreements offer greater flexibility for renters, it’s only fair that they also offer more flexibility for landlords. Because property owners prefer stable, long-term residents, they may charge more for short-term leases. Before you balk, consider that it’s fairly expensive to repair and prep a unit, plus advertise to find a new renter each time a resident moves out. Because a short-term rental represents more work (and more money) for management, they have to factor in these costs when they set short-term rental rates.

Month-to-month leases also allow property managers to raise rents with only 30 days notice, meaning that if you stay in a month-to-month agreement for several months, your rent could change. Property managers may also terminate month-to-month leases whenever they choose, after giving the appropriate, typical 30-day notice.

Even with higher rents, if you anticipate needing to leave your apartment before a year-long agreement expires, it may be more cost-effective to pay the higher month-to-month rent than to break a year-long lease.

Time offers its rewards
When you’re ready to go from spontaneous to stable, the good news about a month-to-month lease is that most property managers are happy to convert short-term leases into standard 12- to 18-month leases. Making the switch from month-to-month renter to long-term resident means you get to lock in a rental rate for that period, as well.

Thinking about renewing your lease?