What are Short Term Rentals and Where are They?

Looking for a little bit of flexibility in your life? If so, then flexibility might just be the answer you’re looking for. Life isn’t always going to fit into nice, 12-month increments that you can count on. Whatever your reason may be, short term rentals will give you the flexibility you’ve been craving. Just remember that short term rentals don’t always work the way traditional rentals work – here’s what you need to know when it comes to short term rentals.

What is a short term rental?

Long story short, a short term rental is an apartment or another type of rental property with a lease that is short than the normal 12-month lease. Sometimes, a short term rental can be six months or under.

How to Find a Short Term Rental

While Myanmar Real Estate Exchange can help you get started, here’s what you need to do in order to find a short term rental:

1. Filter Your Rental Search

When you’re online looking for an apartment, you can choose to specifically search for short term rentals, and skip past all of the other rentals. Search terms that are helpful include “corporate housing,” furnished apartments,” “month-to-month lease,” and of course “short term rentals.”

You can find a licensed real estate agent through MRX that specializes in short-term rentals.

2. Decide Which Amenities Matter

Choosing to live in apartment for only three months is different than living in one for a year or more.  This means that the calculations on how much money you are willing to spend on amenities are going to be different. Instead of paying to have a lot of furniture moved in and out again, it may be smarter to find a place that is already furnished and has everything you need. If you plan on living somewhere month-to-month while you’re looking for a new home that is right for you, paying for a place that has utilities included and is near work is a good idea.

3. The Legal Status of the Place

In some communities, due to the increase of online vacation rental sizes, that has been a pushback from residents. There are some areas that have ordinances that regulate short term rentals. In some areas, the rules are more restrictive than others. Take New York as an example, renting out a whole apartment for less than 30 years is considered illegal, and many of the apartments are co-ops, which aren’t permitted for short-term leases.

Before you rent, do a little bit of research and look into the local rules on short term rentals. Make sure the place you would like to live complies with those rules. By knowing the local laws, you can avoid a rental scam.

4. Adjust Your Budget

Like any other type of rental out there, you need to prepare yourself for a credit check, pay a security deposit, provide references, and give first and last month’s rent up-front. These are typical apartment renting experiences, and doing them all every month, three months, or six months can add up. Just make sure your budget is ready for this.

Also, make sure you are prepared for higher monthly rents than you would be if you were to go for longer-term rentals. Short term rentals may include additional fees. This is something you need to consider when you’re trying to figure out how much you can afford on rent.

One more thing you should work into your budget would be flexibility. When you have a lease on a short term rental expiring, the landlord will be allowed to change the terms on that lease. So, this means if you were to decide to stay, you need to check the lease and make sure there are no changes, like an increase in the rent.