Short-term rentals provide you with a place to stay in short-term, providing you a home-like environment, and costing less than a hotel. It is a great option for people on vacation. For landlords, short-term rentals allow them to charge higher than they would on a long-term lease, offering lucrative source of income. Finding short-term rentals has become difficult in recent years. The reasons behind it are the state laws and community rules. Still, it is possible to find short-term rentals easily. Let’s explore some way in which you can find short-term rentals.
- You can often find number of ads for short-term rentals on craigslist. You can choose any apartment that you find suitable. However, you should be careful of scammers on any of the online site.
- Airbnb is another option to find short-term rentals. Airbnb is usually more trustable than ads on craigslist.
- Another option for short-term rental is to consult specialized companies who specifically work to offer short-term rentals to their clients.
Now that we have discussed some ways to acquire short-term rentals, let’s discuss the difference between short-term rentals and long-term rentals and some pros and cons of short-term rentals.
Difference between short-term rentals and long-term rentals:
Short-term rentals as the name indicate are short-term lasting from few weeks to few months. On the other hand, the duration for long-term rentals can run into number of years. The rent charged in case of short-term rentals is higher than long-term rentals; however, the income stream is more predictable in case of long-term rentals than short-term rentals. Now that we have clarified the difference between short-term rentals and long-term rentals, let’s discuss the pros and cons of short-term rentals.
Pros and Cons of Short-term rentals:
- Short-term rentals allow the guests to acquire a living place with environment similar to home, without any enduring commitments.
- Short-term rentals allow the landlords, who travel often but return to their homes in few days, to earn handsome income.
- Short-term rentals offer advantage of flexibility and simplicity to both the tenant and the landlords. There are no long-term contracts involved.
- Similarly, short-term rentals allow the people, who are seeking for a job in any other area, the flexibility to calmly focus on job search. Similarly, those who are sent on a short-assignment to another city can also benefit from short-term rentals.
- For tenants, short-term rentals are a relatively expensive option as compared to long-term rentals.
- For landlords, short-term rentals can become a little annoying because of all the formalities involved in renting out property that would have to be repeated every few days.
- Short-term rental demand can be unpredictable and seasonal. So, the landlords, who are looking for a constant income stream, should focus on long-term rentals.
These were some of the pros and cons of short-term rentals. Short-term rentals come with a flexibility that is not part of long-term rentals, and in that respect, offer an additional option for people who are traveling or visiting any city for short period.