Short Term Housing
Who is Short Term Housing for?
While looking for housing is never easy, those looking for short term housing—that is for contracts lasting six months or less—the search is often considerably more difficult. The people who typically have this kind of need range from a researcher conducting a short study to a consultant working an open-ended project; from a person interviewing for a new job to one who is anticipating a pending job transfer; from a family that is new to an area and not yet ready to commit to a home to one that has sold their home and not yet found or built a new one.
Leases for short term housing are often ideal for these people whose living situation is fluctuating because they are uncertain of their future. This gives them time to become familiar with a town, build a new home, or just get the job done they came to do without forcing them to experience an extended stay in a hotel. Instead, they have a real home, no matter how temporary.
Advantages to Property Owners for Offering Short Term Housing
Short term housing is not common in the real estate industry because the higher turnover results in higher expenses. However, offering short term leases does have some significant advantages for property owners. For one, because it produces higher costs, you can charge higher monthly rates. Short term leases are often one or two hundred dollars more per month than a year-long lease, but people are willing to pay more since they know they won’t get hit with extra fees for backing out of a longer lease. Offering short term leases also encourages more occupants during times that usually see lower occupancy, like the winter. In addition, similar to lease options, offering the option of short term housing also tends to attract people who might otherwise have overlooked the property because they are interested in a chance to sort of test the waters of the community and the property alike. When they are satisfied, they stay on longer.
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