Where it comes to rental properties, both short- and long-term options are available—but long-term rentals offer far more convenience for those seeking a home. Today’s blog post is all about the advantages to renting long-term.
What Is a Short-Term vs. Long-Term Rental?
A short-term rental is a property that’s offered by the day, week, or month. Short-term rentals are often referred to as “short-term vacation rentals” because these locations are furnished and include amenities such as a private kitchen and bedrooms.
Short-term rentals in Los Angeles are often offered from single-family homes, where owners earn rental income by having people stay on the property during times when the family isn’t going to be there.
Long-term rentals are properties that are occupied for several months at a time. Typically, they are offered on a 12-month lease.
Long-term rentals are typically not offered by single-family property owners. One or more individuals occupy a long-term rental, which can be in a condominium or a unit in an apartment building. These types of dwellings are often owned by property management companies, but they can also be privately owned.
Long-Term Rentals Are Free of Many Disadvantages
Renting in smaller blocks of time has few advantages for renters wanting a more permanent residence.
Those who are looking to rent a property for the long term will experience a much higher degree of stability with these rentals. Instead of tenants having to vacate so that the next person can occupy the space, they can remain for far longer.
For property owners, using short-term rentals as investment properties may not have the income potential they were hoping for. This is because a short-term rental can’t bring in consistent rental income like a long-term rental can.
This type of property can also mean that the onus of utility payments rests with the owner, and not the renters. Internet, cable, and water services need to remain on in vacation properties located in family homes, even when that property is unoccupied. Not so with long-term rentals, where individual units can be connected or disconnected as needed.
Short-term rental owners must take on the work of running this business largely by themselves; they have to wear all the hats, including marketing the property and scheduling occupancies. And these duties must be completed frequently throughout the year. Long-term properties typically have marketing and administrative professionals to handle promotion and scheduling. And the long tenancies mean that advertising doesn’t have to occur nearly as frequently.
A person considering offering their property to short-term tenants may also face barriers in terms of local regulations; some areas have strict policies that short-term rental property owners must adhere to. Owners of long-term rentals don’t have this problem, as their locations have already been zoned for their businesses.
Tenants of short-term rentals typically experience significant fluctuations in their costs, as each property owner will charge a different amount. The cost of paying for several short-term rentals can far exceed the costs of renting long-term.
Short-term rentals may not offer tenants much security; a home that isn’t rented consistently may appear unoccupied, rendering it vulnerable to break-ins.
What Long-Term Renters Love About Their Homes
Renters who choose long-term Los Angeles properties love that they can enjoy the same amenities offered by short-term rentals, but without having to share them with anyone else. These renters also can move their own furniture in and choose their paint, decor and other aspects; short-term renters don’t have this luxury; they must stay in a room that’s been decorated and furnished according to the preferences of the property owner.
Should anything go awry with a rental property, the long-term tenant has the freedom to make minor repairs as needed, and the convenience of having contact with the property management company or landlord when there are bigger repairs to be done. This “best of both worlds” scenario is another reason that renters love the long-term option.
Cost is another big reason that so many choose the long-term rental. Tenants have the opportunity to have a home without the obligation of a mortgage or the other costs associated with home ownership. And, because a 12-month lease locks in the monthly rental cost, a tenant can know what they’ll be paying over several months, and budget for this.
Security is yet another advantage that long-term tenants enjoy. Unlike some single-family homes, an apartment building will typically have some form of controlled entry to ensure property and tenant security.
What Long-Term Property Owners Love
Long-term rentals also offer property owners many advantages. Because their units are occupied for longer periods of time, the costs to property owners for utilities are often less than with short-term rentals.
A property owner can choose to roll utility costs into the monthly rental amount or request that tenants cover these costs themselves.
Long-term rentals can yield more consistent income due to lower tenant turnover, and their units will experience less wear and tear than short-term rentals may. Finally, property owners can realize better cash flow with longer-term rentals, which can save them on property management fees.
Which Long-Term Rental Will You Choose?
Now that you have all the benefits of choosing a long-term rental, you’ll have to view apartments in different neighborhoods and figure out their pros and cons.
The location of a rental will be very important, as you want to ensure you have easy access to shopping, dining, and entertainment, but also to alternative transportation, medical facilities, and other services.
Long-term renting gives you the opportunity to live in a location that reflects your unique personality. It also affords you the time to fill your sanctuary with fresh furniture, window coverings, bedding and other accessories.
Luxurious Apartments Available Now in Carthay Circle
Are you looking to rent in a friendly, walkable, and unique neighborhood? You can’t get more unique than Carthay! Thanks to its three Los Angeles Historic Preservation Overlay Zones, Carthay is home to many buildings in the futuristic and flashy Googie1 architectural style of the 1950s and 60s.
Located in the heart of this historic and vibrant neighborhood are Carthay Pacific Apartments. From the outside, the controlled-access building is gloriously vintage-inspired and attached to the historical LA Burger. Inside are modern and luxurious apartments with all the amenities, including spacious walk-in closets, central air, washer and dryer, kitchen with stainless steel appliances, and balconies.
Looking for more? There’s also secured parking with bicycle storage, a common area with sundeck and BBQs, and a pet-friendly neighborhood so you can bring your best friend with you!