Considering a new place to rent right here in London, and frantically weighing up your options? Well, you’ve come to the right place.
As part of our dedicated blog category on short term leases, this post compares short term lease apartments and long term rentals to help you decide which best suits your budget, needs, and lifestyle.
After reading you’ll have a good understanding of why a short term lease can often be a much more beneficial option.
Here you’ll find advice and information about both types of rental, along with their pros & cons, and some helpful web pages you might like to consider when making your decision.
Of course, we know that when it comes to renting, everyone has their individual wants and needs – and their own reasons, too – but surprisingly, there’s lots of cross-over between renting for business, pleasure and necessity.
Read on to find out more about these types of rentals, and why it pays to know what your options are.
What is a short term lease?
Many prospective tenants ask us, “how long is a short term lease?” or “what is a short term lease for apartments?”. The answer is, “it varies”!
But typically, a short term lease covers with a timeframe of a couple of weeks to around 6 months. Many average around the 90-day mark (around 3 months).
There are lots of reasons you might be interested in a short term lease apartment. Those looking to scale the property ladder may wish to scope out an area they'd like to buy in before making a commitment, or if they’re already a homeowner, they may need a temporary base to move into while having work done.
Tourists and travellers, on the other hand, may prefer a short term lease over a city hotel, especially as these can feel more homely, and of course, those on business may want a place that can feel like home away from home while working in the area.
What is a long term rental?
Anything over 6 months can be considered a long term rental. Many university students eschew traditional halls accommodation for a rental property, and of course, this can also be an attractive option for young professionals looking to set up home.
For others, long term rentals are preferable over buying a house because there’s no need to save for an expensive deposit, fewer fees involved than with purchasing and selling property, and a slightly easier process for moving in the future.
Short term lease vs long term rental: Pros & cons
First up, let’s take a look at the pros of a short term rental.
The biggest pro for this type of let is the flexibility. With a short term lease, you may be able to extend your let weekly or monthly, but without being tied into a long-term contract that forces you to stay longer than planned, or pay to leave early.
Of course, expense is also a key consideration for any tenant, and with a short term lease, you can benefit from bills being included during your stay, which gives you complete peace of mind (and no worry about hidden extras!).
There’s lots more to love about the price, too – short term leases come furnished right down to the bed linen, and obviously, this also takes a lot of hassle out of your move.
What about the cons of short term leases?
As with any type of let, there can be drawbacks. Some tenants find short term leases to be more expensive, though as outlined, this is often because of what’s included – your bills and furnishings!
Though short term leases can be luxurious in the same way a hotel might be, they can seem impersonal on the surface, and difficult for you to put your own stamp on.
However, many include amenities and facilities as an added bonus and there are ways to cleverly accessorise your let to help it feel homely, without worrying about damaging the walls or needing to repaint afterwards.
Now let’s look at the pros of a long term rental -
If you’re looking for something stable and lasting, then a long term rental is ideal. While you can be tied into a contract with this type of let, there may be some wiggle room, and you may be able to negotiate on the price if in for the long haul.
Long term rentals give you the opportunity to make your house into a home. You’ll also have the freedom to choose exactly which furnishings you want and where.
And finally, long term rentals cons.
On the surface, long term rentals can seem like an attractive prospect, given that many appear cheaper than short term leases; however bills are often an additional concern and with many long term rental properties being unfurnished, you’ll have to part with quite a bit of cash here, too.
While some tenants love the stability of a longer contract, long term apartment rental also locks you in for a longer period – which can be problematic if your needs change and you need to move quickly.
We hope that’s helped!
Here at Dolphin Square we believe the advantages of short term leases outweigh the benefits of long term apartment rentals. Here’s a quick summary of why.
- Flexible terms, from several weeks to 6 months, which can flex round you.
- Bills and furnishings included to save on costs and capitalise on convenience .
- Cheaper and more homely than hotels, lodging, homestays and other rentals.
- Ready to move into, to save you time, money and stress.
Our short term lease apartments in London provide the ultimate in contemporary comfort, giving you a pleasant and memorable stay while in the heart of the capital.
Take advantage of a wide range of amenities and facilities on your doorstep, from our Spa through to our Bar & Grill restaurant, and all while being just minutes from all the action of zone 1.
Find out more about our lets and how they could work for you here, or get an overview of our property types (as well as some stunning photography of what they look like inside) on our short term apartments page.