Moving is stressful. There’s no way around it. Not only do you have to worry about finding a place in a new location and getting all your belongings there, but you have to think about forwarding your mail, closing your utility accounts, changing your driver’s license and other important documents, and more.
If you’re a renter, there’s one more thing you have to consider: having to break your lease.
Most apartments require you to sign at least a one-year lease commitment. If you want to move out sooner than that, you could face a hefty move-out fee or, at the very least, forfeit your deposit. In fact, some apartments won’t even consider renting to those who can’t sign a lease for a full year. But what if flexible leasing is at the top of your priority list?
Flexible leasing hasn’t been around for long. In the past, renters had no choice but to sign a lease for a year, crossing their fingers that they wouldn’t have to move early and lose their deposits. But today, apartments and other housing providers realize that the need for flexibility isn’t going away. Renters may need to move suddenly for a new job, a family emergency, or a number of other reasons. So, temporary housing is more common than ever before.
Let’s take a deep dive into the differences between traditional leases and month-to-month agreements – and talk about how temporary housing could be the solution you’re looking for.
Flexible leasing vs. traditional leasing
You have to move as soon as possible – but your lease isn’t set to expire for several more months. You’ll probably have to forfeit the money you paid for your deposit, and you also have other expenses to worry about, like hiring movers, buying boxes and other moving materials, and more. This situation is becoming more and more common, so if you’re going through an unexpected move, you’re not alone. But you might not know how to handle such a quick move. This scenario can impact working professionals, business travelers, students, and those in professions like:
· Au pairs/nannies
· Cruise ship or airline workers
· Traveling nurses or other health professionals
· Engineers
· International aid workers
· Traveling journalists or writers
· Tour guides
· Student interns
There’s a major common thread between all of these fields: the need for flexibility. It’s not hard to get a long-term rental, but that doesn’t mean it’s an ideal situation for everyone – especially for those who find themselves frequently relocating for work. In these cases, flexible short-term leases could be the solution. Let’s look at the differences.
Traditional leases
Within a traditional lease agreement, a lessor (that’s the landlord or property manager) and a lessee (that’s you!) will sign a legally binding contract outlining the terms of renting the property. Most of the time, the lessee will sign a standard lease, which outlines the conditions for the lessee to rent space from the lessor. These agreements ensure that both parties are guaranteed their respective rights.
Long-term rentals with traditional agreements can be suitable for some, especially if you plan to stay in the same area for years at a time. Traditional leases ensure you’ll pay the same amount in rent for the length of the term, saving you from potential increases. But these binding agreements have their disadvantages as well, particularly if you need to move often.
Downsides of traditional leases
· Limited flexibility: As we’ve mentioned, lots of problems can arise from not being able to move when you need to. Not only can it cause a lot of stress, but it can also impact the job opportunities you can apply for, the career or internship paths you’re interested in, and the living arrangements you have to settle for.
· Negative impact on your credit score: Many people don’t realize that breaking a lease early can hurt their credit scores – especially if you don’t (or can’t) pay any remaining balance after you move out. On top of that, constantly moving around between traditional rentals can hurt your score, since you’ll be having lots of credit checks and hard inquiries during new applications. Damaging your credit score now can have a huge impact in the years to come.
When you break a traditional lease agreement, the negative entries that appear on your credit score stick around for seven years.
Having these negative entries on your credit history can impact your future chances of renting another place, buying a car, or getting a credit card.
· Giving up your deposit: Even if your rental is kept in pristine condition, you’ll likely have to give up your security deposit if you don’t stay for the entirety of your traditional lease. In some cases, landlords will even charge extra fees for damage or repairs that your security deposit doesn’t cover.
· Unexpected expenses: Often, long-term apartments don’t come with furniture, so you have to provide all your furniture yourself. You could spend hundreds or thousands of dollars purchasing furniture alone, not to mention any decorations or appliances you might need. These costs can add up quickly, especially if you’re constantly moving and repurchasing these items.
Don’t want to worry about the restrictive terms of a traditional lease? Find a furnished apartment with flexible leasing today!
Flexible leases
Besides traditional leases, you can also opt for a flexible lease – also known as a month-to-month lease. These rental agreements typically last one month and are normally renewed automatically until the agreement is formally terminated by either the lessor or the lessee. Normally, the lessee has to provide at least 30 days’ notice before vacating.
These leases provide flexibility that’s appealing for lots of reasons, but perhaps the biggest appeal is that tenants don’t have to remain in the property for a set time period. Working professionals can find month-to-month leases particularly useful, especially if their careers demand that they move frequently. But working professionals aren’t the only ones who can benefit. Flexible leases can also help interns who are studying away from home, professionals that require constant travel, individuals who are in-between residences, and people who simply need to move at a moment’s notice.
Advantages of month-to-month leasing
Other than being trapped in an inflexible lease, what are the biggest advantages to short-term leases?
· Convenience and Flexibility: Maybe you’re looking for a place to stay while you renovate your home, or perhaps you’re often traveling for work. Whatever the reason for your relocation may be, flexible leasing offers incredible convenience. You don’t have to worry about strict long-term agreements and can instead enjoy the freedom to move when you need to. Binding contracts and endless paperwork is no longer a concern.
Many month-to-month rentals now feature furnished apartments, saving you the expenses of having to purchase all your own furniture. Lots of short-term rentals also come with features like concierge services and various amenities, letting you settle in right away.
· Stress-Free Lodging: Living somewhere temporarily doesn’t have to cause added stress. It’s perfectly normal and acceptable if you can’t commit to a long-term lease. Flexible leases are becoming more and more popular, so you should be able to find a suitable agreement regardless of your lifestyle. Just remember that not all flexible leasing is created equal. Fully furnished rentals can help you save time and money when moving as opposed to unfurnished living spaces.
· Seamless Housing: No matter why you may be looking for temporary housing, short-term leases are an ideal solution for many. Besides the convenience, short-term leases can also be more affordable, particularly if you choose a furnished apartment that’s move-in ready. You’ll avoid costly moving and storage expenses for those big-ticket items like your couch and mattress.
· No Commitment Necessary: Since flexible leasing is in high demand, it’s also much more accessible than it used to be. You can now secure a short-term lease with flexible terms that won’t penalize you if you have to leave right away. With fully furnished apartments, you can avoid the commitments of long-term rental agreements while also saving time and money over buying, transporting, and storing your own furniture.
Flexible leasing with Anyplace: Living on your terms
Whether you’re a corporate professional, student, intern, a traveling nurse, or anyone else who needs to move quickly and frequently, you shouldn’t have to constantly stress about your living situation. With Anyplace, you can easily find the perfect short-term apartment, designed specifically for productive people.
You’ll have high-end furnishings, cozy bedding, a stocked kitchen, in-unit laundry, and also a fully equipped workspace unlike anything found in other rentals. It includes a height-adjustable standing desk, ergonomic chair, widescreen monitor, and additional office gear that’ll let you hit the ground running with your work.
Just because you’re getting a short-term rental doesn’t mean you have to give up amenities or luxury features. The buildings offer private gyms, rooftop terraces, business centers, resident lounges, outdoor pools and so much more. And best of all, you’ll have the freedom, convenience, and mobility you desire, so you can relocate or move whenever the need or desire arises.
Anyplace has furnished apartments in major cities across the United States, so we can meet you wherever life takes you next.
It’s time to do things on your own terms – discover flexible leasing and start exploring the places you’ve dreamed of living in.
Where to next? Find monthly rentals designed for remote workers on Anyplace.
