Property rental can be apportioned into both long-term as well as short-term leasing options. There are various disadvantages and advantages for a landlord when they rent out their properties under a temporary rental contract. As a prospective renter, there are also applicable disadvantages and advantages. To learn more, you can keep on reading this article.
The Length Of The Rental Contract
Short-term property leasing is moderately variable when it comes to the period of time that defines it. If you are planning a trip where you will be renting for your vacation, then it is more likely that you will be opting for short-term rental.
It could be as short-lived as a weekend or for some people it may be for a few months. This doesn’t necessarily entail a motel or hotel stay since you are only leasing the room and not the entire property per se.
However, some hotels do provide options for an extended stay. They will necessitate a more comprehensive contractual arrangement than an archetypal hotel, and they would fall into the category of short-term properties. A prolonged rental is generally viewed as anything exceeding a period of six months.
Benefits To The Landlord
When you are a landlord who has a short-term lease property, you are not restricted to any prolonged contractual responsibilities. This can be advantageous, particularly for seasonal rental increments and charging higher fees in general. It is also less problematic to get rid of a problem tenant if there is no contract in place.
All that will be required from your side is a 30-day written notice giving the tenant notice of ending the contract instead of a costly eviction procedure. The owner can also change the terms of a lease agreement for short term accommodation in Sydney monthly, permitted that the tenant receives a notification.
Disadvantages To The Landlord
As a property owner, the possibility exists that you may go through months with an empty short-term rental agreement with no rental income. With tenants that have a contract, it is not necessary to go through a continuous effort of advertising the property and ensuring your property is rented out like the case is with a short-term rental property.
More tenants also mean more repairs due to more wear and tear.
Benefits To The Tenant
When you are renting a property, it may be easier to have a short-term lease. Whether being for travel purposes, going on vacation, a short rental offers more flexibility, plus you won’t be obligated to anything over the level you prefer.
With numerous such properties which come furnished, it will be more probable to find a place that can accommodate a more comfortable stay. This generally includes an advanced level of comfort as opposed to a hotel stay, with the same amenities that you would expect to have when at home.
Disadvantages To The Tenant
The landlord can end your short-term lease at any time after giving 30-day written notice. These properties are typically rented at much higher rental charges than properties that come with a long-term leasing contract.