The short term rental refers to leasing an apartment or another rental property for a shorter period than the traditional 12 months – typically for six months or less. Depending on the rental location, owner, and other factors, the property may be rented by a few nights, weeks, or months.
There are 5 times where a short term rental is more suitable than a full tenancy, and you can check if that’s your case in the list below:
1. Flexibility while selling a house.
Are you selling your house but are not ready to buy another one yet? Then the short term rental might be the best option. You may want to rent a place while you wait for the contract to be ready or while you are looking for a new property. If the period is meant to be inferior to 12 months, it’s best then to be tied up to a full tenancy contract.
2. Having works carried out on your home
If your house is going through some renovation or restoration that doesn’t allow you and your family to stay there, renting short-term is the right choice – even if it is for just a few weeks. You can’t live in a place where the kitchen is completely unusable, or the bedrooms smell like paint. Staying in a hotel is more expensive (and tumultuous with the whole family), and going for a full tenancy makes no sense – after all, you already have a house, right?
3. Relocation for work
The company you work for has relocated you. Until you know the area or find a place to buy/rent long-term if needed, the best choice may be a short-term rental (especially in case you are unsure how long you will be at the location). This is because committing to a full tenancy is a lengthy, time-consuming process that is better done with certainty.
4. Working away (from home)
The same thing goes for those working away but not permanently. If you need a place to stay for multiple nights per week for only a few weeks or months, the best thing to do is not commit to a full tenancy. But staying in a hotel can also be very expensive in the long term. In this case, you might also consider if the short term rental is more suitable than a full tenancy, and then choose the best for your pocket and situation.
5. Issues at home
Everybody can face home issues like a trial for moving out, or a marital separation (in which case you don’t know if you will return). As we mentioned, committing to a full new contract is a serious decision, best made with certainty. If you do not know whether you are coming back to your house or not, a short term rental can be the solution.
Is a Short Term Rental Suitable for you?
These are the 5 times a short term rental is more suitable than a full tenancy. If your situation is not portrayed there, think of the time you are willing to commit to the contract: if it is 6 months or less, then the best choice for you is the short term rental.