Short Term Leases

Short term leases are great for students, executives in town for a short contract, people having their houses renovated etc. But getting one is a little difficult and here’s why. Landlords prefer to have a known long term source of income. So they are happier with a two year lease or more but will settle for at least a one year lease.

Short term leases are typically six months in length. Sometimes they may be a little longer but they will always be less than one year. Getting a tenant on a short term lease means that the landlord has to go through the vetting process fairly quickly and this is something they do not like. So when someone approaches them about a short term lease, they immediately increase the rent in order to discourage them.

If you are looking for a place on short term lease, then you should do a little investigating and short list the locations that have a high turnover rate. These places are more conducive to short term lease and will not charge you as much as others could. One trick you can use in your negotiating process is to offer to pay the deposit and perhaps a few months’ rent, as well, in advance. Also, offering to take the premises “as is”, meaning that the landlord does not have to fix anything will go in your favor. But when you do these things, be aware of what you are getting into. You have an immediate dent in your reserves and you have a bit of renovating to in your new place (if it requires it). But other than that, short term leases are a great solution for those who are regularly on the move.