Long term leases are pretty common, but you won’t always be looking for one. While the idea of staying in a hotel sounds heavenly, the bills can pile up even if it’s just a month’s time.
Rental websites also prove to be tedious because it’s difficult to come by short term housing options. So what do you do in times like these when you’re short on time and options?
We’ve got your back! Keep reading for tips on finding short term housing options. But first, let’s take a look at some reasons why people choose to get into short term leases.
Reasons For Finding Short Term Rentals
There are a large number of reasons why someone might look for short-term rentals and these rentals are more common than you think! One of the most common reasons why people look for short-term rentals is if their lease is ending and they haven’t been able to find an appropriate home in an area that they’ve been looking at.
It’s also possible that they’ve found a home of their choice and signed the lease, but they can only move in a month or two later, so they need a place to stay. Professionals who travel for work also usually look for short-term rentals, especially if their projects might last for a duration where hotel stays might get too expensive.
It is also common to look for short-term rentals if you want to spend the summer somewhere, visit family or just spend some time in a particular area to study. Whatever the case, signing the lease for a long-term rental is not feasible, nor is staying in a hotel, so short-term rentals pave the way forward!
A short-term rental might sound awesome, but before you even start your search, here’s what you must do:
Make A List Of What You Want
Knowing what you want will always be beneficial because you can then narrow down your search by a significant number. Before you start looking for a short-term rental, we strongly suggest that you make a list of everything you want and don’t want the rental to have.
You can use the pointers below to make a list of what you want and don’t want in your new rental.
Don’t forget to keep a cost bracket ready for how much you’re ready to pay for rent and utilities when you start looking for a rental. This is the first thing that you’ll be asked irrespective of whether you contact a broker for your search or ask your friends and family.
You can also do your research on what housing typically costs in the areas that you’re looking at and use that as a yardstick to come up with your own cost bracket.
Location like cost is a very important aspect of finding a rental because based on the location, you can have a cost bracket or vice versa. You must ask yourself if you would like to live closer to your workplace or university, or you would opt to live farther away from it because the rent might be lower.
If you have a family, you might want to consider if you want to live in a location that has better facilities like parks and schools which might cost more, or if you’d be okay with compromising that for something else like a supermarket or hospital close by.
If you have to commute to work, it’s important that you figure out how much time you’re ready to spend commuting. You can ask yourself questions on whether or not you want public transport facilities or if you’ll drive to work. Do you prefer to have well-connected highways close by or prefer living in a place that doesn’t have too much traffic that comes with busy roads? Answer these questions and you’ll know where you’d want to find a short-term rental.
Hear us out here, roommates can help bring down your rent significantly if you’re looking to save money. It can also be a great way to save money for a future house or apartment and can give you the experience of a lifetime. So ask yourself if you’d be okay with living with roommates because that can open a higher number of doors for you.
Decide if you want the house you’re renting to be furnished or if you want to do that yourself. In a scenario where you already have all the furniture, it might be best to go with a house that’s not furnished because then you’ll have to figure out where to put all your stuff. Also, ask yourself specific questions like if you’d like wooden flooring or carpets, if you’d like specific appliances over others, and if you’d prefer certain furniture pieces over others.
Tips For Finding Short Term Rentals
Once you have a list of everything that you want and might need in a short-term rental, it’s time to start looking for one. We give you seven tips that you can keep in mind as you start your search for a short-term rental.
1. Ask Every Person You Know
One of the first things you can do as you start your search for a short-term rental is casting your net wide and asking all your friends and family for recommendations. It is highly likely that you will find at least one landlord or tenant who has lived in a short-term rental before. You can also put out a message on Facebook where a number of acquaintances might get in touch with you if they have any leads.
If you’re traveling for work, you can always contact your HR department and ask for suggestions and recommendations of housing options in the area. You can also ask your co-workers who have traveled to those areas before if they have any leads.
If you’re a student, mailing your university’s accommodation team or student advice team can be the best way to get leads on short-term rentals. These groups usually have pre-made lists of the best options for students, and if you’re lucky, you might get discounts too.
See Also: Moving Out Of Your Parents House?
2. Contact A Broker
Another thing you can do if you’re crunched on time and want a short-term rental quickly is contacting a broker. We don’t need to tell you about the skills brokers have in finding the perfect rental for you from a big host of options. Brokers are also paid by property owners, which means that you will be saving up on that cash!
Your broker will be able to narrow down on short-term rentals based on your choice of location, size, cost, and other preferences. But note that brokers won’t show houses and apartments that are extended-stay hotels or vacation houses. If that’s something you’re looking for, then you might have to do the research yourself.
Also Read: How to Choose a Realtor to Buy a House?
3. Browse Through Your Options
If your network isn’t able to give you any leads and you don’t want to approach a broker, you should consider looking up short-term rentals yourself online. While this might seem like a strenuous task, we assure you that you will be spoilt for choice. All you have to do is type “short-term rentals/housing” with the name of the area in the Google search bar, and then start your search!
Apart from short-term rentals, you should also consider looking for sublets where you take over the lease from someone else who wants to vacate the house or apartment earlier than they intended to. You might require the approval of the landlord for this though, so keep this in mind. You might also want to consider vacation rentals like those provided by Airbnb and HomeAway which also provide rentals that go up to a period of seven months.
4. Listings Without Pictures Are A Big No
We don’t have to tell you this, but listings that don’t have proper pictures of the apartment or the house are a huge red flag. However tempting the offer might seem, and however desperate you might be to find a short-term rental, going ahead with a listing that seems sketchy should never be an option.
Consider this: would you swipe on someone on a dating site that didn’t have pictures? Or would you pay a deposit for a listing that didn’t have any pictures if you had to move in long-term? You definitely wouldn’t, and the same has to apply for short-term rentals as well!
5. Consider Co-living
While this might seem like an inconvenient option, it’s really not. There are a number of people out there who rent a room or two in their houses to tourists and others who visit those areas for work.
Not only will this save you a lot of money because you’re just renting a room, but you don’t have to go through the hassle of looking for a rental that’s already furnished and homely. By co-living, you also get the opportunity to meet interesting people, especially if you’re new to that area and would like to befriend locals. You can look for people who offer co-living options on websites like Roomi, Common, and Craigslist.
6. Be Flexible With Your Options
We know that finding short-term rentals can be tough and this is exactly why you should consider being flexible with your references if you’re not able to find the right place even after multiple tries.
As we mentioned before, you can have a list of non-negotiables that you don’t have to give up on, but try keeping this list as short as possible. Keep essential factors like cleanliness and a pest-free house at the top of your list and remember that you’re only staying there for a while, so you might not require things like updated appliances.
Have a pet and want it to tag along? Specifically, look for short-term rentals that allow pets so that you’re not scrambling to find one at the last minute. You might be charged a monthly fee for the pet, but that’s going to be worth it.
8. Be Careful About Your Money
We strongly suggest that you don’t pay a deposit for a short-term rental unless you are completely sure about the property’s legitimacy. If you want to transfer the payment, do so over a secure payment getaway so that there is an account of the payment made. Avoid checks, wire transfers, and cash since these are the most common avenues of payment where frauds take place.
We also recommend that you get the contract of your short-term rental signed in writing so that you can avoid sketchy landlords and homeowners.
Read Also: How To Fire Your Realtor?
Is Airbnb Cheaper Than Renting?
Yes, contrary to popular belief, living in an Airbnb can turn out to be cheaper than living in a rental by signing a lease. Living in an Airbnb also comes with a number of perks – you can move out when you want, have an apartment or a house that’s furnished according to your taste, and earn a large number of points!
What’s The Longest You Can Rent An Airbnb?
Under their long-term rental category, Airbnb lets you rent your property for a minimum period of twenty-eight days and a maximum period of six months!
Are Short-term Rentals A Good Investment?
Yes, short-term rentals are a very lucrative way to invest in real estate. It hasn’t been the most common method of earning an income from real estate, but the industry has grown tremendously in the past decade.
What is the best way to find short-term rentals?
The best way to find short-term rentals is by using the services available on Airbnb and Vrbo. These sites allow you to search for specific criteria such as destination, number of bedrooms, etc., making it easy for your perfect temporary housing!
What is considered a short-term rental?
A short-term rental is an apartment, condominium, motel room, house, or other living space that’s rented for fewer than 30 consecutive days.
Can you rent an apartment for just one month?
A one-month lease is a rental agreement to provide an apartment for just that long. The contract can be renewed after each month until the renter or landlord is terminated, and it’s perfect if you need more space than what your current home offers!
What is the 30 percent rule?
If you want to stick to the 30 percent budget rule, take your annual income and multiply it by 30 percent. It would be best if you didn’t spend more than that amount on your rent under the 30 percent rule.
What is the recommended amount of rent a person should pay?
Think about your monthly income and how much you spend. If you spend more than 30% of your monthly earnings, it could be a problem. You should also think about other things like the initial deposit or renter’s insurance.
Are Short-term rentals more expensive?
Renting a short-term place for a week is more expensive than a year’s rent. First, you’re going to need to book the room at the hotel in advance and pay for it in full. You’ll also need to leave some cash behind as a “refundable deposit.”
Are short-term lets legal?
It depends on where you’re located. Every state has different zoning laws and hotel taxes, but all states allow short-term rentals with HOA approval if your apartment complex or gated community allows them. They usually don’t require approval from the city council. However, only hotels can offer this type of stay in some areas like New York City and Chicago; there are no exceptions for rentals. Interestingly, these two cities also happen to be the most in-demand when it comes to vacation rentals or accommodations!
Can you lease a house for 3 months?
Yes, you can lease a house for 3 months. You would need to check with the specific landowner and your state to see the requirements regarding renting a home, but you can make it happen.
Is it OK to spend more than 30% on rent?
Everyone needs to make choices that are best for them, but our advice is if you’re spending more than 30% on rent, then you may want to re-think your budget.
How much is too much for rent?
In the US, monthly rental prices for an apartment fluctuate from city to city and from county to county. In places like New York City or Los Angeles County, you’ll see a lot of variance in rent prices, and you might even see a difference of hundreds or thousands of dollars within a few miles, depending on where you’re looking. However, it is advised against spending anything beyond 30% of your gross income.
As you would do with a long-term rental, start looking for a short-term rental in advance too. Short-term rentals are a little pricier than long-term ones, so starting in advance will give you the opportunity to look at a number of options. We hope the tips we provided gave you some idea of how you can go about the process. In the end, as long as you check the credentials of the place you’ll be renting and you’re careful with your money, you’ll be good to go!