Short-term and long-term are relative terms. When it comes to finding an apartment for rent in New York City, a short term lease is anything less than a year. Long-term is a 1-year lease, although sometimes you can lock in for 2 years. For many people who are new to New York, and new to renting in general, the idea of committing for too little or too much time can be a major stressor.
Here’s some pro’s and con’s of short and long-term apartment renting to help you figure out what’s right for you.
- Pre-payment – Long-term leases are paid monthly, whereas short-term leases are generally pre-paid. Coming up with this much cash up front may not be an issue if your short-term is for a few months, like one semester or a summer. We are thinking undergrads and graduate students taking a semester at NYU or doing a summer internship in NYC, or young professionals or families doing a short stint in Manhattan. On the other hand, if your short-term is closer to 9 months, like just the fall and spring terms, the pre-paid sum can add up. Your bank account may dictate whether short-term can be viable option.
- Commitment – If the “C” word makes you shaky, then a short-term commitment may be for you. Why would you want short-term rental apartment? You may only want your rental for the school term and be commitment-free over the summer. Or you are new to NYC, and want to test out a neighborhood before committing to a long-term lease. You have another apartment or roommates lined up, but it’s still a few months out, and you need a place in the interim. There’s lots of reason why tenants may not want or need to commit to a 1-year lease.
- Extension – Speaking of commitment, tenants usually love their rental apartments. If you are in a long-term apartment, no prob renewing and extending your lease for another year. But, if you are in a short-term rental apartment, you may not be able to extend your lease. Rental leases reflect the market and interest at the time of lease renewal.
- The long-term edge – If two potential tenants are interested in a particular apartment for rent – let’s say there’s a fabulous one-bedroom in the East Village — and one wants a short-term lease and the other a long-term lease, who generally wins? Economics 101 says long-lease tenant.
A short-term apartment rental may be best for you, while a long-term lease could be the right choice for your next door neighbor. MetroNest offers a wide range of short-term and long-term apartments for rent all across Manhattan – from Greenwich Village and the Washington Square Park area to Murray Hill to the Upper East Side. Timing is everything and we’ve got the lease and the apartments to match your time frame.