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If you want to avoid the hassle of a long-term lease or want more flexibility, then renting apartments for short leases in New York may be a great option. Here are a few of the top advantages of doing so.
Renting is also a great option if the housing market turns downward, which can significantly impact homeowners.
No Long-Term Commitment
Short-term rentals are perfect for those that need temporary housing because of their job. These apartments typically come fully furnished, which removes the hassle and cost of buying or renting furniture. This type of lease is especially suited to those that work in industries and jobs that require frequent travel.
A six-month lease apartment is great for testing out a neighborhood or city before buying a home or signing a long-term lease. It’s also an excellent option if you’re moving to a new city for work or school and want to see how you like it before settling there permanently.
While short-term leases do offer flexibility, they also come with some downsides. For example, frequent rental applications can result in a hard inquiry on your credit report, which will negatively impact your score for two years.
Often when someone rents apartments in Latham NY, for a short term, they do so because they will be traveling extensively for work. Renting apartments for a short lease while traveling is the perfect solution to this dilemma.
Finding a decent, furnished apartment in NYC can be difficult. If you find one, a security deposit is usually attached to the contract, guaranteeing the landlord that you won’t cause major damage or skip out on rent.
A new breed of third-party start-up companies now offer no-deposit apartment rental options. Rhino, for example, charges less than 1 percent of your monthly rent to cover damage to the apartment. Compared to the typical security deposit, that’s quite a bargain.
No Upfront Costs
The broker fee is one of the biggest upfront costs you can expect to pay for a rental in NYC. This can cost up to one month but is typically around 15 percent of the annual rent.
New York City, landlords can ask for application fees to cover cleaning, credit checks, and background reports. And then, you’ll need to set aside money for your security deposit and first month’s rent.
You can avoid these upfront costs when renting an apartment for a short lease. You can use online search tools to filter apartments for specific lease lengths or speak with a licensed real estate agent that can help you find what you’re looking for. Licensed professionals understand the market and can often see listings before they are broadly posted online.
Short-term rental options can be great for deciding whether to commit to a full-year lease. However, it’s important to consider the pros and cons of renting an apartment with a shorter-term lease before signing.
In general, short-term apartments have more restrictions and rules than long-term apartments. For example, you typically won’t be able to make major changes to the apartment, like hanging pictures or painting.
Additionally, landlords usually prioritize longer apartment leases over short-term ones. It can be harder to find an apartment for a short lease in high demand.
While it may seem counterintuitive, landlords typically charge higher rent for short-term leases. This is because more expenses are associated with leasing apartments to short-term tenants.
Landlords also often include utility costs in the rental rent for short-term tenants, which helps reduce overhead. Plus, many landlords give perks and incentives to long-term tenants, such as one month of free rent. A year-long lease can help build a strong rental history and make you more attractive to future landlords.
If you’re ready to commit to a long-term lease, you’ll find it easier to find apartments for sale in New York. This is because most landlords prefer to offer yearly contracts. However, if you need more time to commit to a yearly lease, you can still find an apartment for rent by signing a shorter-term contract.