A short-term apartment rental is one that has a shorter lease than the usual 12-month lease. Short-term rentals are generally a temporary solution for renters who don’t want to sign a long-term contract.
Common lease lengths for short-term rentals are three or six months. However, there are even shorter lease terms, like month-to-month apartments. Best option for everyone is apartments for rent in Campbell.
Long-term lease agreements offer more stability but many renters want more flexibility. Flexibility comes with a cost.
A 12-month lease is typically less expensive than a short-term lease. Consider it: A landlord might prefer to receive consistent rent payments for 12 months rather than just three.
The pros and cons of short-term rentals
The advantages of short-term rentals are undeniable. Before making a decision, you need to be fully informed about what they have to offer.
It is important to be informed about the pros and disadvantages of short-term lease agreements. This will help you avoid living in an unstable housing situation. Below is a breakdown of short-term rentals.
The pros and cons of short-term rentals
Additional FlexibilityYou may be looking for a short-term rent because you need the flexibility of a shorter term. Renters don’t have to sign a long-term lease agreement. Short-term lease agreements are more flexible than a one-year lease.
Discover a new area:If you are looking for a way to make your life easier,Moving to a different stateA short-term rental is an excellent option if you want to get to know the area and make a commitment to a permanent home. You’ll have the opportunity to look for work in the local area. Interviews can be attended in person.
Furnished ApartmentsApartments for short-term are often availableFurnishedThis will save you the hassle of moving furniture. This will help you save time and effort when you move out.
Cons of short-term rentals
More expensive:A 12-month lease will almost always have a higher monthly rent than short-term rentals. Because landlords must compensate for the loss of 12 months of rent as well as the time required to find another renter in the event that your lease is terminated. These rentals will have higher rent prices.
It’s harder to find:For the same reasons, short-term leases may not always be available. These leases aren’t as lucrative than long-term rentals. Landlords need to find more tenants. They must also turn the apartment over. It will take some time to find a short-term rental. They may not be available immediately.
Move More OftenMoving more often is possible with shorter leasesMoving costsMoving can be stressful and expensive. You’ll also have toApartment huntingAll over again.
Is a short-term rental right for me?
For certain situations, short-term rentals can make sense. A short-term rental is a great way to experience a new place without having to commit to long-term living.
Students who are studying at a university far from their home and want to be close to campus can look for short-term rentals that fit their needs. Even if you do not fall within any of these categories, renting a short-term apartment might be the best option.
Your circumstances will determine whether a short-term rental is the right choice. You are already over the most difficult hurdles if you have the finances to pay the higher rental price for a temporary home.
How to find a short-term rental
Finding a short-term rental can be challenging. There aren’t many of them so you will likely encounter competition in your search.
It is essential to have a solid search strategy. These steps will help you find your temporary apartment of dreams in no time.
Call the Leasing Offices
A property website may not always include information about short-term leases. A quick phone call to the property’s leasing office will reveal whether they offer short term lease agreements.
Ask about vacant units. These units are losing income for landlords. This may encourage them to look into a short-term rental agreement.
Most properties would prefer a 12-month lease to avoid the instability and security of a shorter-term agreement. You might not be able to find a unit that is available.
You found an apartment that you love on Apartment List. The nitty gritty section will provide details about the lease length. This section contains important details about a potential renter’s lease to make it easier. Here you’ll find information on lease length options, as well as important details like the application fee and pet policy.
The Short-Term Rental Application Process
The short-term rental application process generally works in the same way as the long-term rental process. It can differ depending on the length of the lease and the landlord.
The landlord might review your application carefully or give you a written lease agreement.
It doesn’t matter what your experience is, it’s essential to understand the basics of traditional rental. Here’s a step-by-step breakdown of the apartment rental process.
Complete the Application
The application form will be provided by your prospective landlord/property manager.
This step is crucial in your rental application process. It provides all information required for the landlord to screen you.
Your application will help your landlord determine if you are a good candidate for an apartment unit.
You should double-check the application before you submit it. An incomplete application may result in your application being rejected.
Pay the Application Fees
You may be required to pay a rental application fee when applying for an apartment. This is particularly common in highly competitive markets.
These fees are usually required by landlords to pay for the costs of screening your tenant application or pulling your credit score.
You can avoid paying rental application fees by looking for units that do not require them. Additionally, you could narrow your search down to include rent specials.
As an incentive to attract more applicants, the fee for a short-term rental unit may be waived if you advertise it as a rent special.
Many places prefer that tenants sign 12-month leases. You might need to convince the landlord. You should not only inquire about long-term vacant units, but also explain your situation to the landlord. A landlord might be willing to rent a unit for a temporary rental if you have a need for a short-term rental.
4. Get Prepared
You should not miss your chance to rent a wonderful apartment through a short-term rental agreement. It is important to be prepared to close the deal.
Fill out your application completely. You should review it carefully for any errors or mistakes. Keep your rental history, pay slips, and bank statements handy for any emergency.
Provide proof of income
Landlords want proof that you are earning enough to cover rent costs.
Landlords are typically looking for applicants with at least 3x the monthly rent in pre-tax earnings.
Proof of income comes in many forms. As proof of income, landlords may require 3 copies of your most recent pay slips.
You may be able provide bank statements to prove that you are earning a living as a freelancer.
To show earnings for the previous tax year, you can also use your 1099 tax forms. Ask your landlord what documents they prefer.
Landlords can’t complete a credit check without your express permission.
You may be asked to sign a waiver, or to include a clause in your application granting permission for them to conduct a credit check.
To get a better understanding about your credit history, and financial habits, they will perform a credit check.
A landlord will generally require a minimum credit score of 650 in order to rent.
Like credit checks, landlords need your permission before they can conduct a background check.
Background checks will provide information about you such as your criminal record, education, addresses, and aliases.
Background checks are designed to verify that you don’t hide any negative information about yourself.
It also gives landlords enough information to decide if they are comfortable renting to you.
You may have to rent with a cosigner if you don’t meet the income requirements of a landlord or have poor credit history.
Generally, a guarantor or cosigner is a close loved-one who agrees to cover the cost of rent in the event that you are unable to pay it. They usually don’t live with you in the apartment.
That said, a lease co-signer can be a roommate with whom you share the rent responsibility, which means that you’ll be on the hook if they can’t pay and vice versa, unless you’ve rented your room alone.
Rental references give your landlord a chance to assess your character and examine your history as a renter.
Your previous landlord or property manager may be able to provide a reference. They will let you know your payment history, habits, and other details.
However, not all prospects have rental history. You can ask your mentor, supervisor, or professor to be a character reference if you are one of those prospects.
Although it won’t have the same impact as an assessment by a landlord or property manager, it may still be sufficient.
Secure a Deposit
Typically, a security deposit is equal to one month’s rent. This can change depending on the laws in your state and the rental unit.
For example, in California, a landlord can charge a security deposit of up to two month’s rent for an unfurnished apartment and up to three month’s rent for a furnished apartment.