When coming into a new accommodation for rent, you have to decide how long you want to live there. There are a lot of elements can help you weigh up whether you should go for a short term or long term rental. The decision mostly depends on your own circumstances and needs. There are, however, pros and cons of each options may have an influence on what type you opt for. Let’s figure out some advantages and disadvantages of both types below before you make up your mind.
Short-term rental pros:
- More flexible
A short-term rental provides the lessees with sheer mobility in order to act on many purposes. It can be perfect for people who will not engage to an area in the future: that maybe a person moves here for a temporary job assignment, or someone just comes to the city and is in progress of seeking a perfect accommodation for settling down or even anybody is unsure whether to live in Hanoi or other cities in Vietnam. In those case, tenants are able to extend contract or move out sooner without any strict commitments than if you sign a long-term lease. See contract template here
- Fully furnished
A short-term apartment for rent in Hanoi is often completely ready to live. It is equipped from furniture, appliance to bedding, tableware. Most of tenants do not want to spend a lot of time and effort on buying bulky and expensive things for somewhere they live in only 6 months or 1 year. And landlords have a mutual thought on investment when they can benefit higher rent. You can get rid of any giant boxes or a stressful headache when taking over the house with only a key.
Short-term rental cons:
- Higher cost
The apartment owners usually charge renters more on a short period contract compared to a long one. Basically, the shorter the lease is, the higher the rent is offered as the landlord has to cover operation costs during vacant months. In some circumstances, cleaning and utilities costs might be included in monthly rent. If the apartment can satisfy you which makes you renew the lease, you may end up paying more for several extensions than 1 long term contract.
- Less consistency
There is always possibilities for property owner to raise monthly rate, especially at the end of the contract. They even have high intension of changing contract terms towards negative impacts on the lessees. From the perspective of a tenant, you have very little saying and power in negotiation if you propose a short term stay.
Long-term rental pros:
- Clear financial plan
A short term lease does not allow you to foresee your living expense in the long future. But it does in the case of a long term one because the rental adjustment only comes (if have) when your contract is renewed. You will have a more exact and clear picture of how much the rental expense is deducted in your savings so that a proper provision is planned.
- Flexible customization
When it comes to longer commitment, the landlord is more willing to give you the right to move things in the apartment, decorate upon your style or even make renovation if you want. When you live in a most-like-your-own house, it is more comfortable and convenient.
Long-term rental cons:
- Uneasy to change
The landlord is more flexible on compromising terms in a long term contract when two parties are in negotiation to make the deal. It also means that once you sign your name on the dotted lines of a long term lease, you are bound to the all terms in the contract and hardly change or terminate prior to contract end date. If you want to move out earlier, some fine is required or your deposit will not be returned.
- Self-handle on utility costs
The landlord will leave utility costs (water, electricity, laundry, etc.) for tenants to pay by themselves. In such cases, you have to remember deadline to make payment and even when you’re away from home for several weeks, you need to find a way to pay, otherwise your supplies could be cut within a short notice.