What Exactly Are Short-Term Apartment Leases?
Short-term apartment leases offer flexible living arrangements for those who need to have options in future home preparation and relocation, such as students, business executives and passing residents who reside in more than one city throughout the year. Assuming occupancy of another’s leased apartment offers anybody from the weekend tourist or the between-jobs actor to secure lodging temporarily.
Vacation Rentals
San Francisco residents Joe Gebbia and Brian Chesky rented their apartment into attendees of a local design convention which had practically eliminated the city’s resort options in October, 2007. The 1,000 the pair made inspired a company thought, Airbnb, which grew to 12,000 registered users and over 3,000 properties by April 2009. Hosts can lease their flat for days or weeks at one time. The website gathers a fee of 10 percent from flat guests at reserving and 3% from flat hosts upon payment. At August 2010, Airbnb had flat rentals available in 156 countries worldwide. Other similar sites have developed following the Airbnb launching.
Corporate Rentals
Business apartment rentals, frequently situated in routine market-rate flat buildings with long term residents, generally operate under separate lease agreements with a corporate home broker. A corporate rental offers rental prices around 20% less than the average upscale extended stay hotel, with a few prearranged services in the rental service including routine cleaning service and a rental rate including furnishings, kitchen ware, utilities, cable, Internet and phone. This type of short-term rental offers the benefits of community using the flexibility of a longterm resort, typically bigger space and availability of amenities including a fitness area.
Short-Term Lease
Many property owners and management companies of multiunit apartment communities offer short-term leasing options shorter compared to normal 12-month lease. Often, longer lease periods push the leasing cost, and in some instances, owners bill an additional monthly assessment when leases last less than 12 weeks in length. Short-term leases offer flexibilitynonetheless, short-term tenants run the possibility of leasing rate increases at renewal period.
Sub-Lease
Sub-leasing offers a temporary apartment leasing alternative which involves assuming the lease responsibilities of another individual for the length of the lease or for a predetermined period of time. The Apartment Guide recommends that tenants who want to sub-lease an apartment personally contact the property manager or owner to confirm permission for the sub-lease and, if you can, put it in writing. Just as in a long-term lease arrangement, conducting a pre-move walk to document damage eradicates the chance of confusion in move-out over the house’s condition.
Legislation
Back in August 2010, New York’s Governor David Paterson signed a law to take effect in May 2011, which prohibits temporary flat rentals for extended periods of 30 days or less. Although Paterson states he implemented the ban to curtail illegal resorts which don’t abide by fire rules or best practices, travelers complained that cutting out alternative rentals may create lodging costs out of reach for the ordinary tourist’s budget.