NAA President and CEO explores the differences of short-term and long-term leases in the Washington Post.
There are numerous factors that go into a prospective resident’s decision to sign a short-term or long-term apartment lease. Apartment communities typically offer both time periods, but the decision comes down to the renter and what fits their lifestyle. NAA President and CEO Bob Pinnegar reviews both short-term and long-term leases in his latest Washington Post article, “Factors to help you determine if a long- or short-term apartment lease is best for you.”
A 12-month lease is the most common long-term contract, but long-term usually refers to leases more than six months in length. These are beneficial for residents looking for “stability over flexibility,” and allows for a more constant financial monthly obligation. Residents can put down roots, but like any legally binding contract, there are penalties with breaking them. This is why residents must fully understand the commitment that comes with signing a long-term rental contract.
Oppositely, short-term leases last six months or less, and can be as short as month-to-month living. “Flexibility is key when it comes to short-term leases,” according to Pinnegar. This allows the ability to move on short notice or become acclimated to a new area if moving to a short-term contract in a new market. However, while convenient for some, short-term leases usually come with higher rents.
Read “Factors to help you determine if a long- or short-term apartment lease is best for you” in its entirety on the Washington Post website.